Housing market boom in Central New York

Local News

CENTRAL NEW YORK (WSYR-TV) — As quickly ‘for sale’ signs go up, they have to come down. That’s just how hot the housing market is in the Syracuse area.

“Homes that are what we refer to as shiny pennies, that are well maintained, clean and present well, are seeing multiple offers literally in days,” said John Arquette.

He is the Owner/Broker for Arquette and Associates, Realtors. He said it’s unlike anything he’s seen in his nearly 40-year career. He compared the numbers from March 2011 in Onondaga County.

“It’s taken a decade to go from 1,900 homes available to 350 and during that time, the number of buyers has gone from about 230 a month to 410,” Arquette explained.

So what’s making the market so hot? Arquette said it’s a combination of three things. The first, COVID-19 brought more people into the market, particularly those in the millennial generation.

“They realize homeownership is a very smart financial move,” Arquette said. “I know the Downtown apartments are sexy, but financially, they’re not the best move.”

Arquette said secondly, historically low interest rates play a role. Third, he attributes the investments being made around Central New York.

“We’ve got a lot of money pouring into the market from the outside, from the Amazon facility being built up in Clay, the Microsoft facility,” Arquette added.

Here’s some advice from Arquette: If you’re a seller, make sure you have a strategy and make sure your home stands out. For buyers, it’s a competition, so be emotionally and financially ready and know what you want and where you want it.

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