SYRACUSE, NY (WSYR-TV) — The median selling price for a house in the Central New York Housing market has continued to increase in the month of October, according to the housing market report released on November 22 by the Greater Syracuse Association of REALTORS® (GSAR).
The three-year-long trend of house selling price gains for the market has continued with the median selling price increasing by more than eight percent compared to October 2021. According to the GSAR, October home sales have decreased by more than 20 percent compared to a year ago.
“While the total number of homes available is starting to increase, competition for newly listed homes continues to drive selling price gains throughout Central New York,” said Andy Azzarello, GSAR president. “While the increase in mortgage rates has moved some buyers to the sidelines, our active buyers are keeping a watchful eye on the market and moving quickly when their ‘dream’ home comes to the market. Homes were on the market an average of 19 days in October.”
The report says that there were 829 closed sales in the month of October in Central New York, which was a decrease of 20.6 percent compared to September 2021.
“We expect the current housing trends to continue through the balance of the year and into early 2023,” said Lynnore Fetyko, GSAR CEO. “There is no question that evolving economic conditions and prevailing mortgage rates will make the housing market challenging to navigate for both buyers and sellers in the months ahead. In times like these, working REALTORS® who understand our market and can provide expert guidance can be the difference-maker for consumers who want to successfully buy or sell a home.”
The median sales price in Central New York was $195,000 in October 2022, which was an increase of 8.3 percent compared to October 2021.
The GSAR says that the year to date, from January 1 to October 31, sales total of 7,758 was 6.2 percent below the same period in 2021 and the median sales price of $189,900 was 9.2 percent above a year ago.
There was also an increase of 13.3 percent of homes listed for sale in the area from October 2021, which is 1,758 homes.