Syracuse, NY Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q2 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Syracuse, NY Housing Market Trends

With a population of 142,327, 55,275 total housing units (homes and apartments), and a median house value of $112,412, house prices in Syracuse are some of the most affordable in New York as well as the nation.

Single-family detached homes are the single most common housing type in Syracuse, accounting for 39.85% of the city's housing units. Other types of housing that are prevalent in Syracuse include large apartment complexes or high rise apartments ( 28.57%), duplexes, homes converted to apartments or other small apartment buildings ( 26.91%), and a few row houses and other attached homes ( 4.31%).

Syracuse is dominated by renter-occupied one, two, or no bedrooms apartments. 65.18% of Syracuse's dwellings are rentals.

The housing in Syracuse was primarily built before 1939 ( 44.52%), making the housing stock in Syracuse some of the oldest overall in America, although there is a range of ages of homes in Syracuse. The next most important housing age is between 1940-1969 ( 38.95%), followed by between 1970-1999 ( 13.74%). There's also some housing in Syracuse built between 2000 and later ( 2.79%).

Vacant housing appears to be an issue in Syracuse. Fully 18.49% of the housing stock is classified as vacant. Left unchecked, vacant Syracuse homes and apartments can be a drag on the real estate market, holding Syracuse real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Syracuse Home Appreciation Rates

Real estate appreciation rates in Syracuse's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 3.38% during the period.

Appreciation rates are so strong in Syracuse that despite a nationwide downturn in the housing market, Syracuse real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Syracuse appreciation rates continue to be some of the highest in America, at 13.26%, which is higher than appreciation rates in 90.23% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Syracuse. Syracuse appreciation rates in the latest quarter were at 2.75%, which equates to an annual appreciation rate of 11.44%.

Relative to New York, our data show that Syracuse's latest annual appreciation rate is higher than 80% of the other cities and towns in New York.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Syracuse differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Syracuse - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Syracuse real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$112,412

Syracuse, NY HOME PRICES

> $1,281,000
0.2%
0.2%
$960,001 - $1,281,000
1.1%
1.1%
$641,001 - $960,000
1.5%
1.5%
$512,001 - $641,000
2.1%
2.1%
$384,001 - $512,000
2.3%
2.3%
$256,001 - $384,000
4.7%
4.7%
$128,001 - $256,000
25.6%
25.6%
$64,001 - $128,000
49.4%
49.4%
$0 - $64,000
13.1%
13.1%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very Low for Nation

Very Low for NY

Value Relative To Nation

Number Of Homes And Apartments:
55,275

Syracuse Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NY*
Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
93.27% 3.11%
4
7
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,075 / per month

Homeownership Rate

Owners
34.8%
34.8%
Renters
65.2%
65.2%
Vacant
18.5%
18.5%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
2.8%
2.8%
1970 - 1999
13.7%
13.7%
1940 - 1969
39.0%
39.0%
1939 or Older
44.5%
44.5%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
39.9%
39.9%
Townhomes
4.3%
4.3%
Small Apt. Buildings
26.9%
26.9%
Apt. Complexes
28.6%
28.6%
Mobile Homes
0.3%
0.3%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
5.1%
5.1%
1 Bedroom
19.1%
19.1%
2 Bedrooms
27.6%
27.6%
3 Bedrooms
33.0%
33.0%
4 Bedrooms
12.1%
12.1%
5 or more bedrooms
3.1%
3.1%
0.0% 100.0%
% OF HOMES