Here’s what’s going on in our Syracuse and Central New York market.
What is the real estate market like right now? I’m constantly asked what’s happening in the Syracuse and Central New York market, so today I’m providing a quick update. In our area, we’re experiencing the same things people all across the country are: We’re in a seller’s market. I’ve been in the real estate business for over 30 years, and this is the strongest seller’s market I’ve ever seen.
We have about 1.7 months of inventory, meaning that if nothing else came on the market, our entire housing inventory would be absorbed in that time. The market is still providing many opportunities for buyers, and it’s also an excellent time to sell. You can call it supply and demand or economics 101: Low supply levels are causing prices to increase. We’ve had a 17.2% rise in our average sale price compared to this time last year.
The cost of money is very low; interest rates are currently fairly stable right around 3%, depending on the type of mortgage you’re getting. Our area’s affordability index is high, so people have quite a bit of purchasing power. We’re in an exciting market these days.
No one has a crystal ball, but we’re expecting more of the same from our market, at least for the next few months. Again, it’s a fantastic time to sell—especially if you have a home to move into, you’ll get an awesome price for your house. If you’re looking to buy, great properties are coming onto the market all the time.
I’ll keep you updated regularly about our market. If there’s a specific topic you’d like me to cover, let me know, and I’ll make a video about it. If you have any questions you’d like to ask me about the market or real estate in general, call or email me. I’d love to help you.