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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 Q3 2022. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2020 (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 146,103 people, 56,384 houses or apartments, and a median cost of homes of $134,027, 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 39.39% of the city's housing units. Other types of housing that are prevalent in Syracuse include large apartment complexes or high rise apartments ( 28.35%), duplexes, homes converted to apartments or other small apartment buildings ( 27.51%), and a few row houses and other attached homes ( 4.21%).

Syracuse is dominated by renter-occupied one, two, or no bedrooms apartments. 65.09% of Syracuse's dwellings are rentals.

The housing in Syracuse was primarily built before 1939 ( 43.22%), 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 ( 38.20%), followed by between 1970-1999 ( 15.05%). There's also some housing in Syracuse built between 2000 and later ( 3.53%).

Vacant housing appears to be an issue in Syracuse. Fully 17.03% 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 5.12% during the period.

Over the last year, Syracuse appreciation rates have trailed the rest of the nation. In the last twelve months, Syracuse's appreciation rate has been 11.00%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Syracuse were at 4.24%, which equates to an annual appreciation rate of 18.08%.

Relative to New York, our data show that Syracuse's latest annual appreciation rate is higher than 60% 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:
$134,027

Syracuse, NY HOME PRICES

> $1,401,000
$1,051,001 - $1,401,000
$701,001 - $1,051,000
$560,001 - $701,000
$420,001 - $560,000
$281,001 - $420,000
$140,001 - $281,000
$70,001 - $140,000
$0 - $70,000
0.5%
0.5%
1.8%
1.8%
1.0%
1.0%
1.7%
1.7%
2.6%
2.6%
6.9%
6.9%
28.8%
28.8%
46.3%
46.3%
10.3%
10.3%
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:
56,384

Syracuse Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NY*
Compared To
America*
Latest Quarter:
2022 Q2 - 2022 Q3
Last 12 Months:
2021 Q3 - 2022 Q3
Last 2 Years:
2020 Q3 - 2022 Q3
Last 5 Years:
2017 Q3 - 2022 Q3
Last 10 Years:
2012 Q3 - 2022 Q3
Since 2000:
2000 Q1 - 2022 Q3
125.70% 3.64%
5
6
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,254 / per month

Homeownership Rate

Owners
Renters
Vacant
34.9%
34.9%
65.1%
65.1%
17.0%
17.0%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
3.5%
3.5%
15.0%
15.0%
38.2%
38.2%
43.2%
43.2%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
39.4%
39.4%
4.2%
4.2%
27.5%
27.5%
28.3%
28.3%
0.4%
0.4%
0.2%
0.2%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
5.1%
5.1%
18.9%
18.9%
27.7%
27.7%
33.0%
33.0%
12.0%
12.0%
3.2%
3.2%
0.0% 100.0%
% OF HOMES