When the economy took one of the biggest downfalls since the 08 crash the Housing Market here in Syracuse NY went the other direction. Since the pandemic struck the Syracuse real estate market has been on the incline. According to experts within the area, there are many causes for this. Patrick O’Connor has worked in the Syracuse real estate market for twenty years and says there are different variables that have caused the boom. “Affordability. I mean you can buy a very nice home for $150,000; folks are staying in their house longer. So, the available product is shrinking,” O’Connor said.
Once the pandemic hit, interest rates became the lowest they ever were. This made home buying easier for Americans, especially here in the Syracuse area. According to Zillow.com Syracuse is ranked 9th out of 12 for mid-size cities to live in. Many are escaping NYC due to the pandemic and wanting to live in more spread out areas.
The market has seen prices increase on homes as well. Low supply and high demand have been created because houses are selling so fast. A prime example of this is Syracuse resident Aileen Brown who just sold her house in less than a week. “It sold the first weekend. A lot of people went through the house. And I accepted the purchase offer in five days and the most amazing thing was that I received more money than I was asking,” Said Brown.
The real estate market here in Syracuse has also adapted very smoothly. Making transitions into virtual house tours due to the pandemic. This has kept home buying and selling to continue to rise and the easiest it’s ever been. With continued low-interest rates Syracuse real estate experts don’t see this trend going away any time soon.
