Home price trends in Syracuse, N.Y.

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City-by-city price comps
Syracuse, N.Y.

This city is an “innocent” party in the housing market collapse, says Bernard Markstein of the National Association of Home Builders. It didn’t overbuild, and prices didn’t go out of line. “When the economy was booming, they didn’t tend to do as well, but now that we’re going down, they don’t get hit quite as hard,” he says. The growth in foreclosures shows how woes in the national economy are hurting the former industrial city.

Median price end of 2008: $114,100
Median price end of 2007: $126,300
Percent change: -9.7%
Projected change through Q3 2009: +1.0%
Affordability rating: 2.0
Foreclosures in 2008:
(1 for every 277 households)
Foreclosures in 2007:
(1 for every 779 households)
Change in foreclosures: 182.4%
Expected to hit bottom: Q2 2008
Percent drop needed to reach bottom: -1.3%
Current rate comparison
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Price trends
Q1 2008 national median price: $196,100
Q2 2008 national median price: $206,400
Q3 2008 national median price: $200,400
Q4 2008 national median price: $180,100
Q1 2008 local median price: $110,300
Q2 2008 local median price: $123,600
Q3 2008 local median price: $127,300
Q4 2008 local median price: $114,100

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