CENTRAL NEW YORK, N.Y. (WSYR-TV)- The Central New York housing market has posted a median selling price increase of more than 8% through the 2022 third quarter compared to a year ago.

According to the Greater Syracuse Association of REALTORS® (GSAR), the third-quarter home sales have increased by 5% compared to a year ago.

“REALTORS® are seeing our housing market move closer to ‘normal’ activity with typical buyer competition and a return of common practices such as conducting home inspections, ” says Mark Re, Central New York Information System president. “However, as inventory is still below historical levels, multiple offers are still fairly common and a driver of ongoing price growth.”

Re also says, “The recent Micron announcement and the jobs they will bring to our area will boost demand for housing as the project moves forward. In order to meet this anticipated demand, our current housing stock and housing developments in the pipeline will need to be supplemented by additional home construction to meet the anticipated population growth. REALTORS® look forward to working with our local communities and builders to ensure our communities are positioned to benefit the regional economic growth the Micron project will drive.”

FILE – A “for sale” sign stands in front of a house in Pennsylvania, near Philadelphia, on June 8, 2018. A Pennsylvania mortgage company owned by billionaire businessman Warren Buffett discriminated against potential Black and Latino homebuyers in Philadelphia, New Jersey and Delaware, the Department of Justice said Wednesday, July 27, 2022, in what they are calling the second-largest redlining settlement in history. (AP Photo/Matt Rourke, File)

Here are the following statistics for the third quarter provided by GSAR:

  • The year-to-date (Jan. 1 to Sept. 30) sales total of 6,876 is 5.1% below the same period in 2021.
  • There were 867 closed sales in September, representing a decrease of 12.3% compared to September 2021.
  • The year-to-date  (Jan. 1 to Sept. 30) median sales price of $186,135 was 8.2% above a year ago.
  • The September 2022 median sales price was $193,750, an increase of 7.6% compared to September 2021.
  • The number of homes listed for sale was 1,868 at the end of September, an increase of 13.2% from September 2021.

GSAR represents more than 2,000  REALTORS® in the Central New York region. The mission of the organization is to advocate for private property rights and to help members with the proper resources to help their establishments.