Syracuse, UT 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, UT Housing Market Trends

With 31,458 people, 7,799 houses or apartments, and a median cost of homes of $432,614, real estate costs in Syracuse are among some of the highest in the nation, although house prices here don't compare to real estate prices in the most expensive Utah communities.

Syracuse is a city of large, single-family homes. In fact, there is a higher proportion of four, five or more bedroom homes in Syracuse than is found in 98% of the communities in America.

The large homes that make up Syracuse are primarily owner-occupied ( 92.61%).

Syracuse homes and real estate are some of the newest in America. 66.83% of Syracuse's housing was built since 2000, making the city have a very new look and feel. If you like the amenities of newer homes and subdivisions, then you will probably like what the Syracuse real estate market has to offer. Quite a bit of the housing here was also built between 1970-1999 ( 26.73%), and between 1940-1969 ( 5.67%).

Syracuse Home Appreciation Rates

In the last 10 years, Syracuse has experienced some of the highest home appreciation rates of any community in the nation. Syracuse real estate appreciated 86.66% over the last ten years, which is an average annual home appreciation rate of 6.44%, putting Syracuse in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Syracuse definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

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 14.64%, which is higher than appreciation rates in 94.80% 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 5.08%, which equates to an annual appreciation rate of 21.90%.

Importantly, NeighborhoodScout’s exclusive research found that Syracuse's housing market shows one of the <a href="/blog/highest-appreciating-cities">top real estate appreciation rates in the U.S.A.</a> in the latest quarter, which may signal the city’s near-future real estate investment strength.

Relative to Utah, our data show that Syracuse's latest annual appreciation rate is higher than 50% of the other cities and towns in Utah.

Average Home Values

 

Median Home Value:
$432,614

Syracuse, UT HOME PRICES

> $1,388,000
0.6%
0.6%
$1,041,001 - $1,388,000
0.7%
0.7%
$694,001 - $1,041,000
3.7%
3.7%
$555,001 - $694,000
13.3%
13.3%
$416,001 - $555,000
31.1%
31.1%
$278,001 - $416,000
33.9%
33.9%
$139,001 - $278,000
14.7%
14.7%
$69,001 - $139,000
0.1%
0.1%
$0 - $69,000
1.9%
1.9%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

High for UT

Value Relative To Nation

Number Of Homes And Apartments:
7,799

Syracuse Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
UT*
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
110.70% 3.53%
2
8
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,300 / per month

Homeownership Rate

Owners
92.6%
92.6%
Renters
7.4%
7.4%
Vacant
3.6%
3.6%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
66.8%
66.8%
1970 - 1999
26.7%
26.7%
1940 - 1969
5.7%
5.7%
1939 or Older
0.8%
0.8%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
93.9%
93.9%
Townhomes
3.5%
3.5%
Small Apt. Buildings
2.1%
2.1%
Apt. Complexes
0.5%
0.5%
Mobile Homes
0.0%
0.0%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
0.4%
0.4%
1 Bedroom
0.3%
0.3%
2 Bedrooms
6.6%
6.6%
3 Bedrooms
27.1%
27.1%
4 Bedrooms
23.2%
23.2%
5 or more bedrooms
42.6%
42.6%
0.0% 100.0%
% OF HOMES

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Zip Codes in Syracuse, UT