Syracuse NY Real Estate Market In Q4 2022 What’s Hot And What’s Not
The housing market in Syracuse is as competitive as it gets, but what does this mean for buyers and sellers? Whether you’re looking to purchase Syracuse property or sell to eager buyers, it pays to be updated on the latest real estate trends in the Syracuse market for Q4 this 2021.
Read on to discover some trends of note we discovered, and see how these can help you navigate the Syracuse housing market.
Expect A Quick Turnover On Syracuse Homes
If you’re looking to buy or sell quickly, Syracuse is the ideal location for quick property turnovers. The average amount of days it takes to turnover a home in the city takes only 17 days, which is quick considering that most homes in the United States could be turned over in the span of a month.
In September of this year alone, 204 houses have been sold compared to last year’s 190 homes.
Syracuse Homes Are Continuing To Increase In Value
This is great news for property owners who are looking to sell in Syracuse, or sellers who are into flipping houses for profit. Through the years, property value continues to increase, and we are currently looking at a typical home value of $150,641 for most Syracuse homes.
Renter Growth May Increase Significantly
Because property value is steadily increasing in Syracuse, buyers who don’t have a lot of capital or who can’t qualify for high value loans may not be able to afford to own their own homes in the city.
This bodes well for property owners who are looking to rent out their properties instead of sell them, however. Renter growth in Syracuse and surrounding cities might be at twice the pace of home ownership in the next 20 years. If you’re looking to rent out properties for the first time, consider marketing more affordable packages to potential clients.
Properties Can Safely Be Sold Above Listing Price
While increasing property value bodes well for renters, this doesn’t mean that sellers immediately need to pivot to putting their properties up for rent instead.
More high profile buyers are still looking to settle down in Syracuse and buy their own properties, and 61.3% of homes were still able to be sold for well above listing price. Syracuse is also at a Redfin Compete Score of 75, putting their housing market at the Very Competitive classification. Just because your Syracuse property might be quite pricey, this doesn’t mean that you will have a hard time looking for reputable customers.
Make Sure Your Properties Are Flood-Proof
This is equally important for buyers and sellers. Despite the high demand in Syracuse homes, this doesn’t guarantee that all the properties listed are safe from calamities.
19% of Syracuse homes are deemed at risk for flooding, and this is expected to increase to 20% in the next 30 years. Although flood risk in Syracuse is still increasing at less than the national average, it still pays to check properties of interest to you to find out if they’re as calamity-proof as they first appear to be.
Even With Increased Flood Risk, Other Calamities Are Less Likely To Occur In Syracuse
Although flood risk is definitely something to consider if you’re marketing properties to families or are part of a family yourself looking to buy property, settling down in the city of Syracuse is not necessarily a risky investment if safety is your primary concern.
As long as your home is relatively flood-proof, you won’t necessarily have to worry about being too affected by other forms of calamity. According to Redfin, although storm risk is considered very high, heat risk is moderate, drought risk is low, and fire risk is very low for Syracuse properties.
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