The Latest Trends In Syracuse’s Real Estate Market

We at Procopio Team at Hunt Real Estate pride ourselves of being experts in real estate trends, and our extensive knowledge of market movements is proving beneficial for us and our clients. According to research, a combination of low mortgage rates, a high demand, previously limited supply, and a steadily improving post-pandemic economy has been helping the Syracuse real estate market wake up after a sluggish 1st quarter.

Real estate market trends in Syracuse have realtors from all over the country taking notice, with realty experts predicting this to be more of a long-term shift rather than a short-term run. Here’s what you need to know about the latest real estate trends in Syracuse.

Rising Appreciation Rates

Real estate in Syracuse has seen a healthy 22.9% year-on-year increase of value, with the market closing June of 2021 with $5.86 million in total existing-home sales. Remarkable on its own, but it’s a feat made even more impressive by the fact that Q1 2021 saw a Syracuse housing market that was sluggish, thanks to a high demand for property but a limited supply of houses.

Despite the slow-down of sales, however, real estate trends in Syracuse pointed to it remaining a seller’s market. This is because appreciation rates, which were already higher compared to last year’s, continued to climb, thanks specifically to the tight inventory conditions.

With fewer homes for sale, current sellers are seeing buyers purchasing various types of property in and around Syracuse with an average markup of around $100,000 above selling price.

Supply Is Catching Up To Demand

Thankfully, most of the supply is coming from sellers who are looking to sell their primary residence to purchase a second-home, indicating a positive wealth gain that is seemingly affecting all types of property owners.

Of course, that doesn’t mean that market prices are going to soar exponentially; a slow-down in growth is to be expected until around mid-2022, when income growth starts affecting the overall economy, but for now, even with supply catching up to demand, growth rate remains positive.

The Economy Is Helping

2020 was a rough year for everyone, with the real estate market being dealt a huge blow thanks to city-wide lockdowns and the ongoing pandemic. However, thanks to aggressive fiscal stimuli by the U.S. Federal government and efficient vaccine rollouts, the country is experiencing an economic growth of 7%, the strongest performance of the American economy since 1984.

This is reflected by the fact that most of the buyers in the Syracuse real estate market are first time homebuyers, with this group accounting for 31% of the total home sales in June alone. Meanwhile, individual investors (i.e. second-home buyers, real estate investors, etc.) accounted for most of this year’s cash sales so far. In fact, all-cash sales accounted for around 23% of all real estate transactions in June as well, an 8% increase from June of 2020.

Experts believe that many individuals are making strong wealth gains from both housing equity and a stabilizing stock market, allowing nationwide real estate markets –including Syracuse –to remain competitive enough to turn a profit for sellers, but not too exorbitant that it prevents buyers from making solid purchases. Ideally, this turns into a positive feedback loop, where the economy improves and allows people to be more financially stable, which in turn leads to a healthy real estate market, which in turn helps improve the economy further, and so on and so forth.

Here at Procopio Team at Hunt Real Estate, we keep ourselves informed of the latest trends and market movements in the real estate market in Syracuse and across New York because we firmly believe that this is the best way we can render high-quality service to our clients. Our real estate agents are some of the best in the game, specifically because they keep themselves sharp by staying informed about all the factors that can affect housing prices.

Whether you’re a buyer looking for a new home, or a seller looking to turn a profit from your property, Procopio Team at Hunt Real Estate has the best resources to help you get the most out of your budget. Get in touch with us ASAP so we can set up a conversation with you and one of our expert real estate agents.

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