Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With 144,451 people, 58,424 houses or apartments, and a median cost of homes of $157,727, house prices in Syracuse are some of the most affordable in New York as well as the nation.
Single-family detached homes are the single most common housing type in Syracuse, accounting for 40.70% of the city's housing units. Other types of housing that are prevalent in Syracuse include large apartment complexes or high rise apartments ( 27.76%), duplexes, homes converted to apartments or other small apartment buildings ( 27.68%), and a few row houses and other attached homes ( 3.44%).
People in Syracuse primarily live in small (one, two or no bedroom) single-family detached homes. Syracuse has a mixture of owner-occupied and renter-occupied housing.
The housing in Syracuse was primarily built before 1939 ( 42.37%), making the housing stock in Syracuse some of the oldest overall in America, although there is a range of ages of homes in Syracuse. The next most important housing age is between 1940-1969 ( 37.31%), followed by between 1970-1999 ( 15.67%). There's also some housing in Syracuse built between 2000 and later ( 4.65%).
Vacant housing appears to be an issue in Syracuse. Fully 14.54% of the housing stock is classified as vacant. Left unchecked, vacant Syracuse homes and apartments can be a drag on the real estate market, holding Syracuse real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
Appreciation rates for homes in Syracuse have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 89.47%, which ranks in the top 50% nationwide. This equates to an annual average Syracuse house appreciation rate of 6.60%.
NeighborhoodScout's data show that during the latest twelve months, Syracuse's appreciation rate, at 6.06%, has been at or slightly above the national average. In the latest quarter, Syracuse's appreciation rate has been 1.77%, which annualizes to a rate of 7.28%.
Relative to New York, our data show that Syracuse's latest annual appreciation rate is lower than 50% of the other cities and towns in New York.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Syracuse differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Syracuse - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Syracuse real estate investment or home purchase decisions.
$157,727
for New york
for nation
58,424
$1,544 / per month