Home prices continue to rise in Central New York in May as home sales plunged compared to the same time last year. The median home price in Central New York rose to $240,000 in May, up 8.6% from the same time last year, according to the Greater Syracuse Association of REALTORS.
Meanwhile, the number of closings fell by 27% despite far more inventory on the market. The number of homes listed for sale at the end of May was up 54% compared to a year ago.
So far this year, 2,727 homes have been sold in the region, down nearly 10% from the same period in 2024. The year-to-date median price is $229,500, up 12% from last year.