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Near Northeast Syracuse: Home Values Double Amid Shifting Ownership Trends
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Near Northeast, a neighborhood in Syracuse, New York, has experienced significant changes in its housing market over the past decade. Characterized by dense urban living, the area has seen a notable increase in homeownership rates and a substantial rise in average home prices, reflecting broader economic trends and local market dynamics.
From 2013 to 2022, Near Northeast witnessed a gradual increase in homeownership rates, rising from 9% to 18%. This upward trend coincided with a remarkable increase in average home prices. In 2013, the average home price in the neighborhood was $46,148. By 2022, this figure had more than doubled to $102,125, representing a 121% increase over nine years. The substantial appreciation in home values likely contributed to the growing appeal of homeownership in the area.
Federal interest rates played a crucial role in shaping homeownership trends in Near Northeast. From 2013 to 2020, interest rates remained historically low, ranging between 0.08% and 0.40%. This period of low rates corresponded with the steady increase in homeownership, as more affordable financing options made purchasing a home more attainable for residents. The ownership rate grew from 9% to 16% during this timeframe, suggesting that low interest rates encouraged more renters to transition into homeownership.
Despite the increase in homeownership, Near Northeast remains predominantly a renter's market. The percentage of renters decreased from 91% in 2013 to 82% in 2022, but still represents a significant majority of the housing market. Average rent prices have shown a consistent upward trend, rising from $689 in 2013 to $870 in 2022, an increase of 26.3% over nine years. This rise in rent prices has outpaced inflation, potentially making renting less affordable for some residents and contributing to the slight shift towards homeownership.
In 2023 and 2024, Near Northeast experienced continued growth in average home prices. The average home price in 2023 was $102,214, showing a slight increase from 2022. In 2024, there was a more substantial jump to $115,669, representing a 13.2% increase from the previous year. This coincides with higher federal interest rates, which reached 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions in the neighborhood.
Looking ahead, predictive models suggest that both average home prices and rent prices in Near Northeast are likely to continue their upward trajectory over the next five years. Average home prices are projected to increase by approximately 5-7% annually, potentially reaching around $150,000 by 2029. Average rent prices are expected to rise at a slightly slower rate of 3-4% per year, potentially approaching $1,000 per month by 2029.
In summary, Near Northeast has experienced a notable increase in homeownership rates and substantial growth in average home prices over the past decade. While still predominantly a renter's market, the neighborhood has seen a gradual shift towards homeownership, likely influenced by low interest rates and rising rent prices. The recent spike in home prices and interest rates in 2023 and 2024 suggests a dynamic and evolving housing market in the area, with continued growth expected in both home values and rent prices in the coming years.
