Home prices are up just slightly from a year ago but sale closures are down the first quarter of this year compared to last year.
The median sale price increased by about 2% compared to the first quarter of last year, according to a recent report from the Greater Syracuse Association of REALTORS, or GSAR. However, completed sales dropped by 30% from the same time last year.
Part of the issue is housing inventory in Syracuse is low.
Home Headquarters spokeswoman Karen Schroeder said there aren't a lot of homes that people want to buy because many have significant renovation needs, like risks of lead poisoning.
"A lot of younger first time homebuyers don't wanna buy an old house they have to put a lot of money into," Schroeder said.
Acropolis Realtor Jeremy Allen said this tight market is pushing buyers to offer over asking price, something he said is nearly required if clients want to win the house.
"If you don't offer like 30 over the asking price you almost might as well not even try," Allen said. "Unless it's a less desirable home."
Allen said he doesn't see the housing rates taking a big dip anytime because the inventory in Syracuse is so limited.
But Schroeder said buyers can take steps to make them a more desirable candidate for a loan when they do see a house they want. She said buyers should have a consistent income and maintain a credit score 640 of above.
Allen said first-time buyers should also examine multiple lending options. He said while some may think Federal Housing Administration loan is the best deal, that may not always be true.
"Because with an FHA loan you have to put down 3.5%," Allen said. "A lot of conventional loans you can put down only 3%," Allen said.
The median home price in Syracuse is $175,000, according to sales from the first quarter of this year, GSAR said.