SYRACUSE, NY – Active home listings continue to decline almost everywhere in central New York, according to data from Redfin, a national real estate company.
Active listings were down in late November in 47 ZIP codes in a six-county region of central New York, Redfin said. Entries were only offered in 29 postcodes and in another four postcodes.
Four of the five ZIP codes with the steepest entries were in Onondaga County. These included 13211 in Mattydale, 13212 in North Syracuse, 13209 in Solvay, and 13057 in East Syracuse.
All of the top five ZIP Codes with the largest drops in listings saw a drop of at least 54%. The 13211 ZIP code had the largest drop in listings in the region, at over 76%.
The data includes residential listings in Cayuga, Cortland, Madison, Oneida, Onondaga and Oswego counties as of late November, the most recent month for which Redfin had numbers. Only postal codes with at least five entries and with data for November 2022 and November 2021 were included in the analysis.
For the full postcode breakdown, see the table below. If you can’t see the table, click here to open this story in a web browser.
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Among the ZIP Codes where entries increased, the largest jumps were 13082 in Kirkville, 13028 in Bernhards Bay, 13074 in Hannibal, 13476 in Vernon and 13354 in Holland Patent. The 13354 ZIP code has seen a 500% increase in listings since November 2021, Redfin said.
The larger number of postcodes with falling entries follows recent comments from real estate agents that the regional market is cooling off after a prolonged heatwave.
“Home sales in Central New York, similar to the rest of the country, continue to slow due to the 2021 pandemic-driven housing market driven by higher mortgage rates, economic concerns and low inventories,” Lynnore Fetyko, CEO of the Greater Syracuse Association of Real Estate Agents, said in a press release in December. “Mortgage rates topped 7% in late October for the first time since 2002 and stayed there for most of November before ticking down. This has undoubtedly caused buyers to wait out their home buying plans.”
But even the low number of offers contributes to price increases as buyers continue to compete in the market for supply. In Onondaga County, the median price for a home is now $256,200, up about 10% from this point last year.
Real estate agents expect the tight market to continue, Fetyko said.
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