Home prices appear to be leveling off as the pace of the housing market has slowed since for the start of 2022, according to data from the Greater Syracuse Association of Realtors.
The median price for a home in Central New York is just over $165,000, the lowest since March 2021, the association said, with home sales declining by more than 15% compared with last year. However, real estate agents say they anticipate a more active market in the spring and summer.
“The pace of the housing market has slowed in recent weeks with fewer multiple offers,” said Mark Re, president of the Central New York Information Service, a multiple listing service company. “Those offers, while generally above asking, have not been as high.”
The data were compiled from sales in Cayuga, Madison, Oneida, Onondaga, Oswego and Seneca counties.
RJ Long, a partner with Coldwell Banker Prime Properties in Central New York and a 20-year veteran of real estate attributes that dip and anticipated rise to the normal ebbs and flows he regularly sees in the housing market. Long pointed to seasonal consumerism, an increasing attraction to the region during the COVID-19 pandemic and, in turn, a decline in the number of homes for sale.
In February 2019, the average sales price in Onondaga County was $147,000, a number that has risen closer to $180,000 last month, Long said.
“It’s a bit more in the heart of the [Central New York] area, but still significant everywhere,” said Long.
Long says concerns regarding the effects of the war in Ukraine, the Federal Reserve increasing interest rates and a bubble burst have not led to consumer hesitancy.
“As a whole, the Ukraine conflict, it rattles the confidence of Wall Street, and that trickles down to homeowners, buyers and sellers. It’s just the fear of the unknown. It puts turmoil on the market and that compounds things,” said Long. “So month’s supply has gone down. But the average number of showings continues to increase. The activity, even though there’s less inventory, shows there’s still more buyers.”
Interest rates, now around 4.7%, isn’t deterring buyers from entering the market, according to Long.
“It’s still largely a seller’s market,” he said. “It’s not just one price point or property. The common thread is all locations and values have increased. We’re seeing double the buyers in the $200-300,000 range and double the buyers in the $800,000 range.”