SYRACUSE, N.Y. (WSYR-TV) — Home sales in Central New York have declined after the red-hot 2021 housing market.

Still, the 9,192 home sales from last year show the market is getting stronger, based on historical annual totals in a housing market report released on January 23 by the Greater Syracuse Association of REALTORS® (GSAR).

The report showed that the median sales price in 2022 continued the multi-year growth trend, finishing 8.6 percent above 2021 with $189,900.

(Report provided by GSAR)

“After a strong start to 2022, the housing market faced multiple headwinds as the year progressed including rising mortgage rates, a changing economy and constrained inventory,” said Nancy Quigg, GSAR president. “Home sales slowed from 2021’s frenetic pace, but still finished the year at a high level as REALTORS® helped buyers navigate the changing market. Buyer demand continued to combine with a reduced number of homes for sale to drive price gains.”

With 9,292 closed sales in 2022, that represents a decrease of 8.9 percent compared to 2021. December sales fell 32 percent compared to December 2021 finishing at 681, the report showed.

“Looking ahead to 2023, we expect the market to move at a more measured pace with increasing choices for buyers who will continue to look for homes to meet their life needs,” said Lynnore Fetyko, GSAR CEO. “The number of homes available will improve from historic lows, but still lag behind market norms. We anticipate price growth will moderate during the year as a result of more inventory and buyer competition slowing to a more normal level compared to the past two years.”

(Report provided by GSAR)

$189,900 was the 2022 median sales price, making it 8.6 percent above the 2021 median of $174,900.

The median price in December was $187,250, making it 5.2 percent up from last December.

(Report provided by GSAR)

According to GSAR, the number of homes listed for sale was 1,336 at the end of December, an increase of 16 percent from December 2021.