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.
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 fromRealtor.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 fromThe 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
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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