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CNY Housing Market Report Shows Increasing Prices, Diminished Offerings

Scott Willis
/
WAER News

Central New York’s housing market is starting to bounce back after the pandemic slowed down real estate transactions for most of the spring.  The lack of inventory combined with historically low interest rates have fueled buyer competition and price gains.

Lynnore Fetyko is CEO of the Greater Syracuse Association of Realtors.

“There’s a little bit of a pent up demand catching up from what may have been delayed due to the pandemic and is now coming back to life,” she said.

Their recent housing market report shows the July median sales price of a home increased by 3.8% compared to July of last year, to $154,700.  But the number of homes listed for sale in that same period was down by almost 25%. Fetyko says the shortage is not unique to the region, and is partly due to ongoing concerns about the pandemic.  She says the area is well positioned for continued demand and strong selling prices.

“With the companies that are expanding, and that we have Amazon coming in to two locations employing so many, that is all positive for our community and the affordability factor. Especially for those folks that may be in the busier cities that may now consider moving to Central New York because they’re working from home now,” Fetyko said.

She says realtors have a lot more on their plate when it comes to new protocols around showing properties, but they’ve adjusted well.

 “Sanitizing homes and making sure everyone is safe, making sure only a certain number of people go into a home at a time; a lot of what realtors do now is virtual showing and making sure that everyone feels as though they are being services in every way but still keeping everyone healthy.”

She says the housing market is an economic driver, and increased activity can help the region’s economy recover.  The full report is available here.