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High demand, low inventory raising home prices in Syracuse area

A green-painted Syracuse graffiti on a brick wall.
Scott Willis
Downtown Syracuse graffiti dedicates Syracuse as "the mighty Salt City."

The price of homes in Central New York continues to rise. This is due to a high number of buyers competing for a small number of homes.

According to data from the Greater Syracuse Association of Realtors, the median price of a home in CNY increased by 7% in November compared to the same time frame last year. The median price is now almost $192,000.

Lynne Fetyko, the CEO of the Greater Syracuse Association of Realtors, said in a news release that even though there were more homes on the market last month, buyers are competing for new listings.

The number of closed sales dipped 20 percent in November compared to 2021. However, the number of homes put up for sale increased by 19 percent.