Key facts
- Upstate New York markets are outperforming the national housing trend.
- Rochester leads the Northeast with 1.1 months of housing supply and a median 21-day time to contract.
- Syracuse has 1.6 months of supply and a median list price of $325,000, with homes selling in 42 days.
- Micron's planned semiconductor plant in Clay, NY, is expected to create 50,000 jobs and significantly boost the local population.
- National pending home sales are down approximately 10% year-over-year.
Upstate New York's housing market is defying a national slowdown, with several areas showing strong performance characterized by tight inventory and quick sales, according to HousingWire Data. Rochester and Syracuse are highlighted as particularly robust markets within the Northeast.
Rochester boasts just 1.1 months of housing supply and homes go under contract in a median of 21 days, with a median list price of $289,000. Only 21% of its listings have seen price cuts, significantly lower than the national average of 43%.
Syracuse has 928 active listings, 1.6 months of supply, and a median list price of $325,000, with homes selling in a median of 42 days. However, 31.9% of Syracuse listings have experienced price cuts, indicating sellers are adjusting expectations.
Eric O’Mara, broker-owner of Integrated Real Estate in Syracuse, noted that while some properties are overpriced and sit on the market, well-priced homes attract immediate attention. He believes the market is steady and poised for consistent, gradual increases over the next two decades, rather than a repeat of the pandemic-era spike.
Broader Northeast markets also show competitive conditions, with Hartford at 1.4 months of supply and Boston at 1.8 months. Nationally, pending home sales are down about 10% year-over-year.
Factors supporting upstate New York's market include expected population growth, partly driven by Micron's planned semiconductor manufacturing development in Clay, New York. This project is projected to create 50,000 jobs in the state, including 9,000 direct high-tech roles, potentially leading to a significant population increase over the next 15 to 20 years. A lack of new housing construction is also contributing to scarce inventory.