The Syracuse NY & Onondaga County Real Estate Market
As of November 2024, the Syracuse, NY real estate market, and by extension the Onondaga County real estate markets have continued to exhibit a robust performance marked by rising home values, fast-moving properties, and competitive conditions.
For prospective buyers, sellers, and real estate enthusiasts, understanding the nuances of this market is a must in today’s market. Here is a look at the latest market data as of November 2024, with differentiations between Syracuse’s city neighborhoods and many of its immediately surrounding suburbs.
Syracuse Real Estate Market Trends and Neighborhood Insights
In Syracuse, the median home value is approximately $193,723, reflecting a notable 10.8% year-over-year increase. Homes in the city sell for a median price of $170,000 and typically go pending in about 19 days. This rapid pace signals high demand for city properties, driven by factors such as affordability, proximity to employment hubs, and amenities.
Eastwood: “The Village Within the City”
Eastwood is one of Syracuse’s most sought-after neighborhoods, known for its walkability, charming early 20th-century homes, and vibrant community feel. Median home prices here trend slightly above the city average, with many homes listed around $200,000. The neighborhood’s appeal lies in its mix of urban and suburban characteristics.
Strathmore: Historic Elegance
Strathmore is famous for its stately homes and tree-lined streets. This area attracts buyers seeking historic properties with character. Median home values in Strathmore are often higher than the citywide median, reflecting the neighborhood’s prestige.
Downtown Syracuse: Modern and Trendy
Downtown Syracuse offers a mix of loft apartments, condominiums, and new developments, catering primarily to young professionals and empty nesters. Properties here can command premium prices due to their location and amenities. While homeownership options are limited, rental units and converted spaces are popular.
Syracuse Suburban Dynamics
The suburbs of Syracuse provide a contrasting real estate experience, with higher median prices and a blend of traditional family homes and new developments. The median home price in Onondaga County is $242,000, up 9.8% from the previous year. Homes typically go pending in just 9 days, showcasing a competitive suburban market.
North Syracuse: Accessibility and Value
Located just north of the city, North Syracuse offers affordability and convenience, making it a popular choice for first-time homebuyers. The area boasts a mix of older ranch-style homes and newer constructions, with prices generally falling below the county’s median.
Camillus: Family-Friendly Suburb
Camillus is known for its excellent schools, shopping centers, and parks. The real estate market here often trends above the county median, with many homes priced between $250,000 and $300,000. Its suburban charm and family-friendly atmosphere make it a hot market.
Dewitt: Upscale Living
Dewitt is one of the most affluent areas in the Syracuse region. It features larger homes, many with sprawling lots and high-end finishes. Properties here often exceed $300,000, appealing to buyers seeking a luxurious suburban lifestyle.
East Syracuse: A Mix of Old and New
East Syracuse offers a blend of historic homes and newer developments. Its proximity to commercial areas and highways makes it attractive for commuters. Median prices here are competitive, often sitting close to the county average.
Salina: Centrally Located Convenience
The town of Salina, located just north of the Destiny USA Shopping Mall in Syracuse, offers a mix of suburban and semi-urban living. Known for its accessibility and central location, the town of Salina, which includes the Mattydale NY area, is a favorite for commuters and families alike. The area boasts diverse housing options, including mid-century homes and newer developments. Median home prices here are competitive, often sitting slightly below the county average, making it an affordable yet convenient choice for buyers.
Nedrow and Lafayette: Rural Charm
Nedrow and Lafayette provide a more rural living experience while still being close to Syracuse. These areas are perfect for buyers seeking larger lots, farmland, or a quieter lifestyle. Home prices are generally lower than in other suburbs, with many properties falling below $200,000.
Syracuse Real Estate Market Trends
Several factors contribute to the rising home values and fast-moving market in Syracuse and Onondaga County:
- Demand Outpacing Supply: Both the city and suburbs face limited inventory, driving up competition and prices.
- Affordability Relative to National Markets: Syracuse remains an affordable alternative to many larger cities, attracting both local and out-of-state buyers.
- Economic Development: Investments in infrastructure and business growth are boosting the area’s attractiveness.
- Diverse Offerings: The region’s variety of urban, suburban, and rural properties ensures broad appeal.
Key Takeaways for Buyers and Sellers
- For Buyers: Expect competitive conditions, especially in high-demand neighborhoods like Eastwood, Strathmore, and Camillus. For sellers looking to sell their house fast, quick decision-making is the order of the day and pre-approval is a must.
- For Sellers: Rising prices and limited inventory mean now is a great time to list, particularly for well-maintained properties in desirable areas.
The Syracuse Real Estate Market: Opportunities for Every Seller
The Syracuse and Onondaga County real estate markets continue to thrive, with distinct characteristics across neighborhoods and suburbs. While Syracuse city offers affordability and vibrant urban living, surrounding areas like Dewitt and Camillus provide upscale and family-friendly environments. Whether you’re considering a historic home in Strathmore, a starter property in North Syracuse, or rural charm in Lafayette, there’s something for everyone in this dynamic market.
