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Salt Springs' Housing Market: Rising Values Amidst Stable Ownership
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Salt Springs, a vibrant neighborhood in Syracuse, New York, has experienced notable changes in its housing market over the past decade. This analysis focuses on the area's average home values, ownership rates, and unique market dynamics from 2013 to 2024. The homeownership rate in Salt Springs has remained remarkably stable, standing at 42% in both 2013 and 2022. During this period, average home prices in the neighborhood saw substantial growth, rising from $71,466 in 2013 to $136,625 in 2022, marking a significant 91% increase over nine years. This trend suggests a resilient housing market where rising property values have not significantly altered the proportion of homeowners in the area.
Federal interest rates have played a role in shaping homeownership trends. From 2013 to 2016, interest rates remained very low, ranging from 0.11% to 0.40%, coinciding with a slight increase in the homeownership rate from 42% to 43%. As interest rates rose more significantly from 2017 (1.00%) to 2019 (2.16%), homeownership fluctuated between 42% and 44%. The sudden drop in interest rates in 2020 (0.38%) and 2021 (0.08%) corresponded with a slight increase in homeownership to 44%.
The rental market in Salt Springs has also shown interesting trends. The percentage of renters remained constant at 58% from 2013 to 2022. However, average rent prices demonstrated a general upward trend, increasing from $639 in 2013 to $893 in 2022, representing a 40% rise. The population growth from 6,801 in 2013 to 8,101 in 2022 likely contributed to increased demand for rental properties and the subsequent rise in rent prices.
Recent data shows continuing growth in the housing market. In 2023, the average home price in Salt Springs reached $145,146, with the federal interest rate at 5.02%. By 2024, the average home price further increased to $156,894, while the federal interest rate rose slightly to 5.33%. These figures indicate a continuing upward trend in home values despite higher interest rates, suggesting strong demand in the local housing market.
Based on historical data and current trends, projections suggest that average home prices in Salt Springs may continue to rise over the next five years, potentially reaching around $200,000 by 2029. Average rent prices are also likely to increase, possibly surpassing $1,100 per month within the same timeframe. However, the rate of increase may slow if interest rates remain elevated, potentially affecting affordability and demand.
In conclusion, Salt Springs has demonstrated resilience in its housing market, maintaining stable homeownership rates despite significant increases in average home prices. The rental market has also shown steady growth, both in terms of population and average rent prices. The neighborhood's ability to maintain a balanced mix of owners and renters while experiencing property value appreciation suggests a dynamic and attractive residential area within Syracuse.
