Syracuse area housing market among slowest in America

New data from shows the Syracuse housing market is as slow as just about anywhere in the country. Only eight markets in the country with longer median age of inventory. In other words, houses are sitting on the market in the Syracuse area longer than virtually anywhere else in America. The median time on the market is 132 days in Central New York.

The number of houses being listed compared to last year has dropped by some 15% which could be an indication that home owners are reluctant to put their house on the market. There is some moderately good news. The median price for houses sold has inched up in the Syracuse area by 1.38% to $146,900.

By contrast, homes in Sacramento and San Francisco, California are seeing year to year price increases of in the range of 25%. Houses in some of the faster moving markets in warmer climates are on the market for two months or less as compared to four and a half months in the Syracuse area.