SYRACUSE, N.Y. (WSYR-TV) — The housing market in Syracuse continues to be hot.
The Greater Syracuse Association of Realtors reports that closed home sales in February 2021 were 26.3% higher than the same month a year ago, just before the pandemic hit. Closed sales climbed to 591 for February 2021 compared to 468 one year earlier.
The supply of new houses on the market remains tight. The number of new listings dropped from 713 to 514 or a drop of 23.5%.
That shortage of new home listings has sent the median price of a new home up by 12.4% from one year ago to $155,000.
And that lack of new listings means the homes that are for sale are selling faster.
According to the Realtors the average time a house is on the market in the Syracuse area dropped from 53 days in February of 2020 to 38 days last month, a 35.8% drop.
And if you are looking to build a new home, a sharp increase in the cost of building materials is blamed for an increase in the cost of new construction.
The National Association of Homebuilders says the hike in materials has added $28,000 to the cost of a new home.