Central New York Real Estate Update

Central New York – or Syracuse metro area – has always been a popular destination for home buyers and is a highly desired area to move to. 

If you are thinking about moving to central New York, or already live there but are wanting to move to a new home, you might want to find out more about the current real estate market of the area! 

Current Market Health & Predictions

Homes in central New York are currently valued at $146,500 on average. 

  • Over the course of 2019, this value has increased by 4.5%. 
  • The average value of homes is predicted to rise by another 4.4% throughout 2020.
  • The median list price of homes in central New York is by square footage, and comes in at about $98 per sqft. 
  • However, this is lower than the average for the state as a whole, which is $200 per square foot. 

The Syracuse Metro area is a great place to move to if you want to live in New York, but don’t want to pay the higher cost of living that is inevitable in areas such as New York City. 

Buying a Home in Central New York

This area in New York – much like the rest of New York state as a whole – has historically been a hot market. This holds true today, as the market is a seller’s market – with many more people wanting to buy homes than the amount of homes that are available. 

If you are looking to purchase a home in central NY, it is important to not wait when you find a home that you like, because there are plenty of other buyers who could outbid you. 

However, the average days that a home spends on the market before being purchased is about 104 days, so you may have more time depending on the property. Homes have been trending towards spending less time on the market over the past few years, so it is something to keep in mind when looking at home. 

That being said, it is important to not rush into purchasing a home too quickly, and skipping a home inspection is highly discouraged. Many homes in New York have been around for a long time, and have been renovated over the years. 

Getting a home inspection on a home in central New York is essential when purchasing a home, because older homes that have been remodeled can have a lot of hidden problems. Especially if the home was flipped quickly – there could be underlying problems.