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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



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 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2021 (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 144,451, 57,153 total housing units (homes and apartments), and a median house value of $143,843, 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 40.11% of the city's housing units. Other types of housing that are prevalent in Syracuse include duplexes, homes converted to apartments or other small apartment buildings ( 27.90%), large apartment complexes or high rise apartments ( 27.65%), and a few row houses and other attached homes ( 3.91%).

People in Syracuse primarily live in small (one, two or no bedroom) single-family detached homes. Syracuse has a mixture of owner-occupied and renter-occupied housing.

The housing in Syracuse was primarily built before 1939 ( 43.66%), 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 ( 37.76%), followed by between 1970-1999 ( 14.39%). There's also some housing in Syracuse built between 2000 and later ( 4.19%).

Vacant housing appears to be an issue in Syracuse. Fully 16.26% 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

Appreciation rates for homes in Syracuse have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 86.60%, which ranks in the top 50% nationwide. This equates to an annual average Syracuse house appreciation rate of 6.44%.

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 11.94%, which is higher than appreciation rates in 97.31% 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 5.92%, which equates to an annual appreciation rate of 25.86%.

Importantly, this makes Syracuse one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

Relative to New York, our data show that Syracuse's latest annual appreciation rate is higher than 90% 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

$143,843

Syracuse, NY Home Prices
> $1,520,000
$1,140,001 - $1,520,000
$760,001 - $1,140,000
$608,001 - $760,000
$456,001 - $608,000
$304,001 - $456,000
$152,001 - $304,000
$76,001 - $152,000
$0 - $76,000
0.3%
0.3%
1.1%
1.1%
0.8%
0.8%
1.8%
1.8%
2.8%
2.8%
8.5%
8.5%
29.0%
29.0%
44.7%
44.7%
11.0%
11.0%
0% 100.0%
% of Homes
Very Low

for New york

Very Low

for nation

Number of Homes And Apartments:

57,153

Syracuse Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,584 / per month

Homeownership Rate

Owners
Renters
Vacant
35.3%
35.3%
64.7%
64.7%
16.3%
16.3%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
4.2%
4.2%
14.4%
14.4%
37.8%
37.8%
43.7%
43.7%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
40.1%
40.1%
3.9%
3.9%
27.9%
27.9%
27.6%
27.6%
0.4%
0.4%
0.0%
0.0%
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%
18.7%
18.7%
27.9%
27.9%
32.9%
32.9%
12.2%
12.2%
3.2%
3.2%
0% 100.0%
% of Homes