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• Since the start of the COVID-19 pandemic, supply and demand dynamics have sent home prices surging by nearly 38%, both nationwide and in New York State.
• But location matters in the U.S. housing market, and in some parts of New York, list price increases have been far more modest than in others.
• Also: 2 Dividend Legends To Hold Forever

More than a year has passed since the COVID-19 national emergency ended. Still, the U.S. is grappling with many of the pandemic’s economic knock-on effects — most notably, a surge in home prices. The typical home on the market in the U.S. had a list price of $439,950 in July 2024, up nearly $121,000 from the beginning of the pandemic in March 2020, according to data from Realtor.com.

In recent years, new-home construction has been hampered by pandemic-related work restrictions and supply chain issues. As a result, inventory has not kept pace with demand, and an already decades-old housing shortage has only worsened. Now, with mortgage rates at historic highs, many homeowners who are locked in at lower rates are reluctant to sell, further limiting housing supply. According to estimates from The Pew Charitable Trusts, closing the gap would require between 4 to 7 million new homes. 

 Home prices have also been driven up by surging demand. The shift to remote work, in addition to social distancing rules, confined millions of Americans to their homes during the pandemic — and resulted in a spike in home sales. In October 2020, the sales volume of new, single-family homes topped 1.03 million, a high not seen in nearly a decade and a half.

Few parts of the country have been spared from surging home prices. In New York State, the median list price among all homes on the market was $682,000 in July 2024, up 37.8% — or $187,000 — from the start of the pandemic. (Here is a look at the most affordable housing market in each state.)

Notably, when it comes to the housing costs, location matters — and in some parts of New York, housing prices have climbed much faster than average. In others, meanwhile, increases have been far more modest. Of the 26 metropolitan and combined statistical areas in the state with available data, median list prices have increased anywhere from 27.7% to 145.3% since the start of the pandemic. In these same communities, a typical home now costs anywhere from $55,075 to $254,100 more than it did in March 2020. (Here is a look at the 23 cities where most homes are selling for less than $125,000.)

It is important to note that the cities reporting the most significant increases in home prices are not necessarily the most expensive cities in which to buy a home. For example, there are four New York metro areas where most homes were listed for over $500,000 in July 2024, and only one of them ranks among the 10 cities on this list with the largest price increases.

This is how home prices have changed since the pandemic in every city in New York State. Cities are ranked by the percent change in the media list prices from March 2020 to July 2024.

Why It Matters

Since the start of the pandemic, limited supply and rising demand have fueled a surge in home prices. Now, with mortgage rates at their highest levels in over a decade, many would-be sellers are staying out of the market, further exacerbating a long-standing inventory shortage. Historically, homeownership has been a reliable means of building wealth — but rising prices and elevated borrowing costs have priced millions of Americans out of the market. Still, location matters in the real estate business, and some parts of New York State have borne the brunt of rising prices, while others have been largely shielded.

26. Rochester, NY

• Change in median list price since start of pandemic: +27.7% (+$65,000)
• Median home list price: $299,900 in July 2024; $234,900 in March 2020
• Median list price per square foot: $171 in July 2024; $124 in March 2020
• Size of a typical listed home: 1,746 sq. ft. in July 2024; 1,766 sq. ft. in March 2020

25. Plattsburgh, NY

• Change in median list price since start of pandemic: +29.7% (+$56,320)
• Median home list price: $245,995 in July 2024; $189,675 in March 2020
• Median list price per square foot: $150 in July 2024; $101 in March 2020
• Size of a typical listed home: 1,628 sq. ft. in July 2024; 1,800 sq. ft. in March 2020

24. New York-Newark-Jersey City, NY-NJ-PA

• Change in median list price since start of pandemic: +31.7% (+$187,050)
• Median home list price: $777,000 in July 2024; $589,950 in March 2020
• Median list price per square foot: $534 in July 2024; $324 in March 2020
• Size of a typical listed home: 1,572 sq. ft. in July 2024; 1,854 sq. ft. in March 2020

23. Albany-Schenectady-Troy, NY

• Change in median list price since start of pandemic: +41.4% (+$129,225)
• Median home list price: $441,725 in July 2024; $312,500 in March 2020
• Median list price per square foot: $234 in July 2024; $162 in March 2020
• Size of a typical listed home: 1,872 sq. ft. in July 2024; 1,896 sq. ft. in March 2020

22. Ogdensburg-Massena, NY

• Change in median list price since start of pandemic: +44.3% (+$55,075)
• Median home list price: $179,425 in July 2024; $124,350 in March 2020
• Median list price per square foot: $106 in July 2024; $74 in March 2020
• Size of a typical listed home: 1,641 sq. ft. in July 2024; 1,600 sq. ft. in March 2020

21. Cortland, NY

• Change in median list price since start of pandemic: +44.8% (+$58,750)
• Median home list price: $189,900 in July 2024; $131,150 in March 2020
• Median list price per square foot: $122 in July 2024; $86 in March 2020
• Size of a typical listed home: 1,521 sq. ft. in July 2024; 1,495 sq. ft. in March 2020

20. Buffalo-Cheektowaga, NY

• Change in median list price since start of pandemic: +45.0% (+$90,000)
• Median home list price: $289,900 in July 2024; $199,900 in March 2020
• Median list price per square foot: $180 in July 2024; $126 in March 2020
• Size of a typical listed home: 1,603 sq. ft. in July 2024; 1,646 sq. ft. in March 2020

19. Glens Falls, NY

• Change in median list price since start of pandemic: +45.6% (+$113,850)
• Median home list price: $363,750 in July 2024; $249,900 in March 2020
• Median list price per square foot: $213 in July 2024; $142 in March 2020
• Size of a typical listed home: 1,757 sq. ft. in July 2024; 1,700 sq. ft. in March 2020

18. Malone, NY

• Change in median list price since start of pandemic: +45.7% (+$74,050)
• Median home list price: $236,250 in July 2024; $162,200 in March 2020
• Median list price per square foot: $144 in July 2024; $95 in March 2020
• Size of a typical listed home: 1,605 sq. ft. in July 2024; 1,651 sq. ft. in March 2020

17. Gloversville, NY

• Change in median list price since start of pandemic: +49.8% (+$77,750)
• Median home list price: $233,950 in July 2024; $156,200 in March 2020
• Median list price per square foot: $145 in July 2024; $105 in March 2020
• Size of a typical listed home: 1,484 sq. ft. in July 2024; 1,608 sq. ft. in March 2020

16. Poughkeepsie-Newburgh-Middletown, NY

• Change in median list price since start of pandemic: +51.1% (+$187,500)
• Median home list price: $554,500 in July 2024; $367,000 in March 2020
• Median list price per square foot: $257 in July 2024; $170 in March 2020
• Size of a typical listed home: 2,177 sq. ft. in July 2024; 2,166 sq. ft. in March 2020

15. Ithaca, NY

• Change in median list price since start of pandemic: +57.0% (+$157,550)
• Median home list price: $433,750 in July 2024; $276,200 in March 2020
• Median list price per square foot: $202 in July 2024; $150 in March 2020
• Size of a typical listed home: 2,175 sq. ft. in July 2024; 1,927 sq. ft. in March 2020

14. Binghamton, NY

• Change in median list price since start of pandemic: +58.4% (+$81,550)
• Median home list price: $221,225 in July 2024; $139,675 in March 2020
• Median list price per square foot: $120 in July 2024; $75 in March 2020
• Size of a typical listed home: 1,792 sq. ft. in July 2024; 1,875 sq. ft. in March 2020

13. Hudson, NY

• Change in median list price since start of pandemic: +58.8% (+$250,000)
• Median home list price: $675,000 in July 2024; $425,000 in March 2020
• Median list price per square foot: $323 in July 2024; $194 in March 2020
• Size of a typical listed home: 2,254 sq. ft. in July 2024; 2,210 sq. ft. in March 2020

12. Watertown-Fort Drum, NY

• Change in median list price since start of pandemic: +60.3% (+$101,000)
• Median home list price: $268,450 in July 2024; $167,450 in March 2020
• Median list price per square foot: $143 in July 2024; $100 in March 2020
• Size of a typical listed home: 1,751 sq. ft. in July 2024; 1,656 sq. ft. in March 2020

11. Oneonta, NY

• Change in median list price since start of pandemic: +62.4% (+$118,000)
• Median home list price: $307,000 in July 2024; $189,000 in March 2020
• Median list price per square foot: $166 in July 2024; $107 in March 2020
• Size of a typical listed home: 1,898 sq. ft. in July 2024; 1,863 sq. ft. in March 2020

10. Amsterdam, NY

• Change in median list price since start of pandemic: +64.8% (+$82,575)
• Median home list price: $209,975 in July 2024; $127,400 in March 2020
• Median list price per square foot: $122 in July 2024; $77 in March 2020
• Size of a typical listed home: 1,871 sq. ft. in July 2024; 1,694 sq. ft. in March 2020

9. Auburn, NY

• Change in median list price since start of pandemic: +68.8% (+$123,775)
• Median home list price: $303,675 in July 2024; $179,900 in March 2020
• Median list price per square foot: $175 in July 2024; $100 in March 2020
• Size of a typical listed home: 1,826 sq. ft. in July 2024; 1,781 sq. ft. in March 2020

8. Jamestown-Dunkirk-Fredonia, NY

• Change in median list price since start of pandemic: +69.2% (+$102,612)
• Median home list price: $251,000 in July 2024; $148,388 in March 2020
• Median list price per square foot: $151 in July 2024; $94 in March 2020
• Size of a typical listed home: 1,686 sq. ft. in July 2024; 1,680 sq. ft. in March 2020

7. Batavia, NY

• Change in median list price since start of pandemic: +71.4% (+$107,025)
• Median home list price: $256,925 in July 2024; $149,900 in March 2020
• Median list price per square foot: $158 in July 2024; $85 in March 2020
• Size of a typical listed home: 1,679 sq. ft. in July 2024; 1,756 sq. ft. in March 2020

6. Kingston, NY

• Change in median list price since start of pandemic: +73.7% (+$254,100)
• Median home list price: $599,000 in July 2024; $344,900 in March 2020
• Median list price per square foot: $298 in July 2024; $167 in March 2020
• Size of a typical listed home: 2,096 sq. ft. in July 2024; 2,051 sq. ft. in March 2020

5. Corning, NY

• Change in median list price since start of pandemic: +76.3% (+$104,948)
• Median home list price: $242,448 in July 2024; $137,500 in March 2020
• Median list price per square foot: $119 in July 2024; $83 in March 2020
• Size of a typical listed home: 1,863 sq. ft. in July 2024; 1,811 sq. ft. in March 2020

4. Utica-Rome, NY

• Change in median list price since start of pandemic: +77.5% (+$120,025)
• Median home list price: $274,925 in July 2024; $154,900 in March 2020
• Median list price per square foot: $165 in July 2024; $99 in March 2020
• Size of a typical listed home: 1,712 sq. ft. in July 2024; 1,668 sq. ft. in March 2020

3. Elmira, NY

• Change in median list price since start of pandemic: +78.8% (+$83,500)
• Median home list price: $189,500 in July 2024; $106,000 in March 2020
• Median list price per square foot: $109 in July 2024; $67 in March 2020
• Size of a typical listed home: 1,728 sq. ft. in July 2024; 1,735 sq. ft. in March 2020

2. Syracuse, NY

• Change in median list price since start of pandemic: +100.4% (+$185,701)
• Median home list price: $370,626 in July 2024; $184,925 in March 2020
• Median list price per square foot: $182 in July 2024; $106 in March 2020
• Size of a typical listed home: 1,723 sq. ft. in July 2024; 1,773 sq. ft. in March 2020

1. Seneca Falls, NY

• Change in median list price since start of pandemic: +145.3% (+$248,800)
• Median home list price: $420,000 in July 2024; $171,200 in March 2020
• Median list price per square foot: $213 in July 2024; $98 in March 2020
• Size of a typical listed home: 2,400 sq. ft. in July 2024; 1,730 sq. ft. in March 2020

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