SYRACUSE, N.Y. (NCC News) — Housing prices in Central New York have increased 12.3% since June 2023. Housing prices across the country have only increased by 7%. Mark Re, vice president and regional manager at Howard Hanna Real Estate Services, believes that Micron Technology’s move to the area is one of many reasons for the price increase.
Re said the many projects happening like the I-81 Viaduct Project, Micron Technology’s arrival and other businesses coming to Syracuse is causing this shift in the local housing market.
Re has already spoken to people from South Carolina, Florida and Texas that are moving to Syracuse. But it isn’t just Micron employees.
“They’re specifically coming here because of Micron,” Re said. “They have nothing to do with Micron. But they see an explosion of our population and as a result they’re telling me they want to be here.”
Re also believes that people are beginning to understand that the water around us makes Central New York an attractive place to live. When Micron Technology was deciding between Syracuse and Austin, Texas, Re said they chose Syracuse because of the bodies of water around us as well as the hospitals and diversity in the city.
Re believes that in 10 years Syracuse will be bigger than Rochester and Buffalo.
According to Re, houses on the north side of Syracuse that were never able to sell, are now flying off the market.
“I think we’re going to see more skinny homes like they have in Nashville, Tennessee where you can build houses in smaller lots,” said Re.
Re believes that people should buy homes in Central New York as quickly as possible and then wait for the Micron Technology employees to move here. When they do, Re believes people will be able to sell higher than what they bought the house for.
