Syracuse, NY housing market

Syracuse has very little for sale right now, and that shortage is doing most of the talking in this market. As of June first, there were just 206 homes on the market across the city, and only about 200 new listings came on during the month. When supply runs that thin, well priced homes move fast, and they are. The median home here sold in about 27 days. Buyers are not winning many negotiations either. Only about 5 percent of listings have taken a price cut, which tells you most sellers are getting close to what they ask. All of that pressure is showing up in values. The typical Syracuse home is now worth about two hundred forty-three thousand dollars, up 6.3 percent over the past year, and the median asking price sits at two hundred fifty thousand dollars. If you are thinking about selling, this is a market that rewards you for showing up, because buyers have almost nothing else to choose from. Just price honestly from day one, because even in a fast market, the homes that sit are the ones that overshoot.