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Housing Prices on the Rise in Onondaga County Housing Prices on the Rise in Onondaga County

By Ian Unsworth

House in Manlius
© 2021 Ian Unsworth

IAN UNSWORTH: Great value – something tough to find when house hunting in Onondaga County. This five-bedroom, five bathroom home in Manlius sold for four hundred 38-thousand in 2019. It’s now on the market again for almost one hundred 50 thousand more. Realtors like Deana Ingram of the Weichert Realty Bollinger Group are seeing prices increase by the day.

DEANA INGRAM: We’re making time adjustments now. If a house sold eight months ago, you’re taking that sale price and adding eight percent to that sale price to arrive at what it would sell for today.

UNSWORTH: This is a rise seen across the three-one-five. Sale prices are up on average 17 percent, which equates to 20 thousand dollars, bumping the average home price from two hundred 40 thousand to two hundred 60 thousand. According to Hunt realtor and team leader Chip Hodgkins, the upcharge comes from lack of supply.

CHIP HODGKINS: Usually we’d have seven or eight houses coming on every week, we were having one come on every week, It made seven people bid on that one house, and it just kept going up and up and up

UNSWORTH: There’s a chance prices could flatline, but they won’t decrease. So the message is simple: sell now.

INGRAM: People that are saying, ‘you know what, I’m just going to dip out now, I’m gonna sit back and wait.’ Don’t wait, because the interest rates are going to keep going up and housing values are still continuing to increase.

UNSWORTH: So if you’ve ever thought about moving out of Central New York, now is the time to put your house on the market. These homes are going like hotcakes. Ian Unsworth, N-C-C News

SYRACUSE,  N.Y.  — Houses in Onondaga County are becoming more difficult to purchase. According to the Greater Syracuse Association of Realtors, the average home sale price in Onondaga County increased by 17% from 2020 to 2021. 

 

As seen in the graphic, home sale prices have shot up in 2021, the highest at almost a 50% average from the year before in Otisco. The City of Syracuse saw a 22.6% price increase, while nearby suburbs Manlius (18%), Dewitt (11.4%) and Salina (6.6%) also experienced an uptick. The Bollinger Group realtor Deana Ingram noted some appraisals are adding one percentage  of the sale price every month to estimate value: for example, a Onondaga County home sold three months ago would increase in value by three percent. 

According to Chip Hodgkins, the leader of the Chip Hodgkins TEAM, a realty firm which partners with Syracuse University athletics, housing prices are on the rise because of a lack of supply caused by the pandemic. Hodgkins said, “Usually we list seven or eight houses per week on the market. Now, we’re listing one per week. Seven or eight people are now bidding on that one house, and the price goes up and up and up.”

The demand is high for housing because many people want more space, as public spaces aren’t seen as safe as they were prior. Hodgkins referenced a new kitchen, a home office and a spacious yard as things home buyers were looking for; eating out, going into the office for work and going to the park aren’t always possible.

The market isn’t looking like it’s going to change. Ingram expects the housing market to stay in this current pattern of increase until at least 2022. So her advice to buyers and sellers is to stay in the market. Hodgkins said this period is a gold mine for sellers. He said, “if it’s listed, it’ll sell.”

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