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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more
With 142,749 people, 55,633 houses or apartments, and a median cost of homes of $95,208, 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 38.77% 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 ( 28.98%), large apartment complexes or high rise apartments ( 27.66%), and a few row houses and other attached homes ( 4.31%).
Syracuse is dominated by renter-occupied one, two, or no bedrooms apartments. 65.53% of Syracuse's dwellings are rentals.
The housing in Syracuse was primarily built before 1939 ( 43.81%), 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 ( 38.47%), followed by between 1970-1999 ( 15.25%). There's also some housing in Syracuse built between 2000 and later ( 2.46%).
Vacant housing appears to be an issue in Syracuse. Fully 16.62% 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's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Syracuse during the period has been just 0.94%, which is lower than 70% of US communities.
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 0.53%, 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 2.88%, which equates to an annual appreciation rate of 12.04%.
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 lower 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.
|$831,001 - $1,108,000||0.6|
|$554,001 - $831,000||0.9|
|$443,001 - $554,000||1.3|
|$333,001 - $443,000||2.0|
|$222,001 - $333,000||5.5|
|$111,001 - $222,000||24.7|
|$55,001 - $111,000||48.4|
|$0 - $55,000||16.0|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
2019 Q2 - 2019 Q3
Last 12 Months:
2018 Q3 - 2019 Q3
Last 2 Years:
2017 Q3 - 2019 Q3
Last 5 Years:
2014 Q3 - 2019 Q3
Last 10 Years:
2009 Q3 - 2019 Q3
2000 Q1 - 2019 Q3
|* 10 is highest|
|AGE OF Syracuse HOMES|
|2000 or Newer||2.5|
|1970 - 1999||15.3|
|1940 - 1969||38.5|
|1939 or Older||43.8|
|TYPE OF Syracuse HOMES|
|Small Apt. Buildings||29.0|
|SIZE OF Syracuse HOMES|
|5 or more bedrooms||3.10|