Real Estate Market in Syracuse, NY
The economy in Syracuse was graded as one of the worst cities for economic growth according by the Brookings institute this year. This is reflected in the city’s real estate market and according to Zillow’s home value index which has remained in the negative for quite some time.
This may be looked at as an opportunity for real estate investors but the future economy for Syracuse looks grim as well with more and more people choosing other upstate New York cities to develop commercial and home real estate due to better economic conditions.
Syracuse has had problems for years with extreme poverty levels namely among blacks and hispanics. Of course, the Great Recession hasn’t helped either.
Wikipedia’s image of Syracuse’s economy is rather bleak:
“Syracuse’s economy has faced challenges over the past decades as industrial jobs have left the area. The number of local and state government jobs also has been declining for several years.”
Overall, this has made the real estate market in Syracuse high risk and has many investors avoiding it like the plague.