Syracuse Property Market Predicted to Boom by 2026, Says Redfin
According to a new report from Redfin, Syracuse’s property market is expected to experience significant growth by 2026. The national real estate brokerage identified Syracuse as one of the markets likely to see a boom, alongside cities such as Cleveland, St. Louis, and Minneapolis.
Syracuse Real Estate Growth Forecast
Redfin’s predictions highlight Syracuse’s affordability as a major factor attracting homebuyers. Despite recent increases in home prices following the Covid-19 pandemic, the area remains more accessible compared to larger metropolitan regions.
Key Insights from Redfin’s Report
- Projected Price Increase: Realtor.com forecasts a 12.4% rise in housing prices in Syracuse for the coming year.
- Midwest Appeal: The Midwest, including Syracuse, offers affordability and protection from climate-related risks.
- Market Growth: Redfin anticipates a 3% increase in home sales in 2026.
- Mortgage Rates: Predictions indicate mortgage rates may fall to around 6% next year.
- Aging Trends: Younger generations might continue facing challenges in homeownership, with rents remaining high.
Markets Expected to Cool Down
While Syracuse is on the rise, other markets may experience a slowdown. Cities such as Nashville, Austin, and Miami are projected to cool due to rising insurance costs and the impact of remote workers returning to office locations.
In conclusion, Syracuse’s property market is on track for a substantial boom by 2026, driven by affordability and favorable trends in mortgage rates. As the landscape shifts, prospective homebuyers are encouraged to consider Syracuse as an attractive option in the evolving real estate market.
