Housing market experts say many Central New Yorkers decided last year was the right time to purchase a home. In fact, 2021 saw the highest number of closed home sales in four years, according to the Greater Syracuse Association of Realtors.
So, what does that mean if you're in the market to buy right now? While there are more than enough options out there, you may find prices are quite a bit higher than they were just a year or two ago.
The Greater Syracuse Association of Realtors recently released their annual housing market report. Experts said remote work, more time at home and low mortgage rates help drive sales up in 2021.
However, those sales drove the median selling price of a Central New York home to rise to $174,000.
That's about an 11% increase from 2020. As for this year, if you're looking to buy, experts said you can expect prices to remain steady.
"We don't see the prices dropping. Interest rates may go up a little, but we don't see them going up considerably. Essentially, bringing it down, 2022 seems like it's going to be another 2021. Nothing drastic is going to change. It may slow down a little. You might get a little more inventory, but nothing that is going to shift the market from a sellers market to a buyers market," said Greater Syracuse Association of Realtors President Andrew Azzarello.
The GSAR Report shows there were 10,124 closed home sales in 2021. That number is up by about 7% from 2020. Right now, interest rates are a bit higher than they were this time last year.
Azzarello said despite the higher prices you can still find a great home. And, if you're looking to sell it's a great time to do that. He strongly recommended getting a real estate agent who can help.
The Greater Syracuse Association of Realtors is Central New York's leading real estate organization. It represents a good portion of the region including Onondaga, Oswego and Madison counties.