NEW YORK - If you've been looking for a home in Syracuse, New York, you might be surprised to learn that the city is seeing some significant changes. For example, the area around Kennedy Square is being transformed. This sprawling complex of high-rise buildings and low-rise apartments houses low- and moderate-income residents. The government promised to rebuild the area when the highway was no longer necessary. The city and the Syracuse Housing Authority have teamed up to build a new neighborhood. And in the future, these communities will be more walkable, with parks on every street. The city also plans to add a grocery store and community gardens and improve schools.
As the housing market continues to climb, the prices of homes in Syracuse will likely stabilize or increase modestly. This will help buyers with down payments and investors who plan to flip houses. However, higher interest rates will likely push many homebuyers out of the market. As a result, a more moderate market could help the region avoid the inevitable 2023 real estate crash.
With job growth slowly increasing, the housing market in Syracuse is likely to see stable prices over the next several years. While the city's population is less than half that of the nation's, it is still better than other major metros and is experiencing a slow trickle of people moving into the city. Despite the high cost of living, many people find it a great place to live. This is good news for buyers looking to invest in real estate in Syracuse.
The City of Syracuse has some unique neighborhoods. Eastwood, for example, is a neighborhood that features early to mid-century bungalow-style houses. The neighborhood is also a popular place for people who love to enjoy outdoor activities. There is a running track and hiking trails here. The area also boasts a variety of shopping, dining, and entertainment options.
The trend is likely to stay positive as the market begins to pick up in the summer months. By August 2023, the national housing market will favor buyers over sellers. Although some markets will continue to be seller-friendly, others will remain neutral. The best months to sell your home are March and July. The rest of the year will be neutral.
The New York Metro housing market will remain strong in the next few years. According to Zillow's index, home prices are expected to rise by 4.8% by 2023. The median price of a home in the city will be higher in the second quarter of 2023 than in the second quarter of 2022.
While Zillow has predicted a 3% increase in home prices between May 2023, others are less optimistic. Goldman Sachs projects a 9.7% increase in home prices between 2022 and 2023, compared to the 10.5% growth in the previous year. Although this would be a notable slowdown from the 20.4% year-over-year growth in home prices, it is still well above the ten-year average for the past two decades.