Syracuse, New York might surprise investors as an up-and-coming real estate market. The city enjoys a surprisingly stable and eclectic economy. Anchored by institutions like Syracuse University, a major research university with over 22,000 students, and healthcare giants like Upstate Medical University, Syracuse has a steady stream of jobs to offer. Companies like National Grid and Lockheed Martin contribute to a well-rounded economic base, which in turn, reduces vulnerability to economic downturns.
Residents and visitors can enjoy areas like Armory Square, known for its nightlife and trendy restaurants, and Downtown Syracuse, which is undergoing rejuvenation with new businesses and apartments. Families can find great options in neighborhoods like University Hill and the suburbs of Liverpool and Fayetteville, which are known for their excellent schools and quiet communities.
When compared to national averages, Syracuse is an affordable option.The median sale price sits much lower than the national mark, making it highly attractive for investors. Homes in Syracuse tend to sell quickly (averaging 36 days on the market) so investors can expect a fast turnaround on potential purchases.