The real estate market in New York is currently on fire, with home prices skyrocketing in almost every metro area, except for one. Upstate New York is currently leading the pack in New York’s housing market, with homeowners raking in double digit median home price growth. I analyzed the home prices in major New York metro areas, comparing median home prices from April 2022 to March 2023 with those from April 2023 to March 2024. Below, I compiled a list of New York metro areas where home prices have risen above 5% in the course of a year.
Upstate New York are the Biggest Winners in the New York Housing Market
Homeowners in several Upstate New York cities are experiencing a surge in median home prices. Among the cities that have seen a double digit increase in home prices are Amsterdam, Seneca Falls, Gloversville, Syracuse, and Malone.
The Amsterdam metro area leads the pack with a 14.1% increase in median home prices, followed closely by Seneca Falls and Gloversville. To put it in perspective, if a homeowner bought a house in Amsterdam in the first quarter of 2023 and sold it in 2024, they would have made a net gain of approximately $24,005. Similarly, a Seneca Falls homeowner would have made a gain of over $25,000.
Another big winner in the New York housing market right now are the homeowners in the Hudson metro area. The Hudson metro area homeowners have benefited the most in terms of absolute dollar appreciation, with their property values appreciating by 9.27% in just a year. This translates to a whopping $43,147 in equity gain.
Off all the NY metro areas on this list, Poughkeepsie is the only metro area that is not in Upstate New York. Located in the Hudson Valley, Poughkeepsie homeowners are one of the biggest winners in New York’s housing market right now.
1. Amsterdam, NY metro area
- Median Home Price (April 2022 to March 2023): $146,192
- Median Home Price (April 2023 to March 2024): $170,197
- Percentage Change: 14.10%
- Net Gain: $24,005
The biggest winners in the New York housing market are the homeowners in the Amsterdam metro area. The median home price rose from $146,192 to $170,197, which is a significant increase of 14.10%. This surge resulted in a net equity gain of $24,005.
2. Seneca Falls, NY metro area
- Median Home Price (April 2022 to March 2023): $163,438
- Median Home Price (April 2023 to March 2024): $189,334
- Percentage Change: 13.68%
- Net Gain: $25,896
The Seneca Falls metro area came in second. Homeowners saw a rise in median home prices from $163,438 to $189,334, a 13.68% percentage change, translating to a net equity gain of $25,896.
3. Gloversville, NY metro area
- Median Home Price (April 2022 to March 2023): $144,907
- Median Home Price (April 2023 to March 2024): $167,425
- Percentage Change: 13.45%
- Net Gain: $22,518
The Gloversville, NY metro area came in next with a considerable growth in median home prices, climbing from $144,907 to $167,425, representing a 13.45% change. Homeowners in Gloversville gained $22,518 in equity in a year.
4. Syracuse, NY metro area
- Median Home Price (April 2022 to March 2023): $188,542
- Median Home Price (April 2023 to March 2024): $212,316
- Percentage Change: 11.20%
- Net Gain: $23,775
The Syracuse metro area saw an 11.2% increase in home prices, with the median home price increasing from $188,542 to $212,316. This growth led to a net equity gain of $23,775 for homeowners.
5. Malone, NY metro area
- Median Home Price (April 2022 to March 2023): $155,543
- Median Home Price (April 2023 to March 2024): $173,729
- Percentage Change: 10.47%
- Net Gain: $18,186
Malone metro area homeowners saw double digit median home price growth. The median home price increased from $155,543 to $173,729, representing a 10.47% percentage change. This uptick resulted in an equity gain of $18,186.
6. Hudson, NY metro area
- Median Home Price (April 2022 to March 2023): $422,320
- Median Home Price (April 2023 to March 2024): $465,467
- Percentage Change: 9.27%
- Net Gain: $43,147
The Hudson metro area homeowners are the biggest winners in terms of absolute dollar gain. The Hudson, NY metro area saw a significant increase in median home prices, rising from $422,320 to $465,467, reflecting a percentage change of 9.27%. This growth resulted in a net gain of $43,147. It’s amazing to think that someone who bought a home in Hudson in 2023 has now passively earned $118 per day in equity!
7. Rochester, NY metro area
- Median Home Price (April 2022 to March 2023): $205,506
- Median Home Price (April 2023 to March 2024): $226,388
- Percentage Change: 9.22%
- Net Gain: $20,881
Rochester metro area came in next, with median home prices rising from $205,506 to $226,388, a 9.22% change. This increase resulted in an equity gain of $20,881.
8. Kingston, NY metro area
- Median Home Price (April 2022 to March 2023): $368,210
- Median Home Price (April 2023 to March 2024): $401,183
- Percentage Change: 8.22%
- Net Gain: $32,973
The Kingston metro area homeowners experienced growth in median home prices, climbing from $368,210 to $401,183, marking a percentage change of 8.22%. Homeowners in this area gained a net amount of $32,973 in the course of a year.
9. Binghamton, NY metro area
- Median Home Price (April 2022 to March 2023): $153,098
- Median Home Price (April 2023 to March 2024): $165,732
- Percentage Change: 7.62%
- Net Gain: $12,634
The Binghamton metro area saw a rise in median home prices from $153,098 to $165,732, which is a percentage change of 7.62%. This increase led to an equity gain of $12,634 for homeowners.
10. Plattsburgh, NY metro area
- Median Home Price (April 2022 to March 2023): $183,668
- Median Home Price (April 2023 to March 2024): $198,675
- Percentage Change: 7.55%
- Net Gain: $15,007
Plattsburgh metro area homeowners experienced an increase in median home prices, rising from $183,668 to $198,675, indicating a 7.55% percentage change. This uptick resulted in an equity gain of $15,007.
11. Auburn, NY metro area
- Median Home Price (April 2022 to March 2023): $169,308
- Median Home Price (April 2023 to March 2024): $182,549
- Percentage Change: 7.25%
- Net Gain: $13,242
The Auburn metro area’s median home prices increased, climbing from $169,308 to $182,549, reflecting a 7.25% percentage change. Homeowners in Auburn gained $13,242 in equity in one year.
12. Albany, NY metro area
- Median Home Price (April 2022 to March 2023): $276,563
- Median Home Price (April 2023 to March 2024): $296,750
- Percentage Change: 6.80%
- Net Gain: $20,188
Homeowners in the Albany metro area experienced an average equity gain of $20,188. Median home prices increased from $276,563 to $296,750, which is a 6.80% percentage change.
13. Utica, NY metro area
- Median Home Price (April 2022 to March 2023): $170,146
- Median Home Price (April 2023 to March 2024): $181,894
- Percentage Change: 6.46%
- Net Gain: $11,748
Utica metro area homeowners experienced an increase in median home prices from $170,146 to $181,894, representing a 6.46% percentage change. This increase resulted in a net equity gain of $11,748.
14. Buffalo, NY metro area
- Median Home Price (April 2022 to March 2023): $221,692
- Median Home Price (April 2023 to March 2024): $235,421
- Percentage Change: 5.83%
- Net Gain: $13,729
The Buffalo, NY metro area saw an increase in median home prices from $221,692 to $235,421, reflecting a 5.83% percentage change. This growth led to a net equity gain of $13,729 for homeowners.
15. Glens Falls, NY metro area
- Median Home Price (April 2022 to March 2023): $239,913
- Median Home Price (April 2023 to March 2024): $254,504
- Percentage Change: 5.73%
- Net Gain: $14,592
The Glens Falls metro area experienced an increase in median home prices, rising from $239,913 to $254,504, reflecting a percentage change of 5.73%. This growth resulted in an equityt gain of $14,592 for homeowners.
16. Batavia, NY metro area
- Median Home Price (April 2022 to March 2023): $167,437
- Median Home Price (April 2023 to March 2024): $177,180
- Percentage Change: 5.50%
- Net Gain: $9,743
The Batavia metro area saw an increase in median home prices from $167,437 to $177,180, marking a 5.50% percentage change. This uptick led to an equity gain of $9,743 for homeowners.
17. Poughkeepsie, NY metro area
- Median Home Price (April 2022 to March 2023): $388,342
- Median Home Price (April 2023 to March 2024): $410,912
- Percentage Change: 5.49%
- Net Gain: $22,570
Poughkeepsie is the only metro area on this list that is not in Upstate New York. Located in the Hudson Valley, Poughkeepsie homeowners are winning in real estate right now. Median home prices increased from $388,342 to $410,912, a 5.49% percentage change. This growth led to a net gain of $22,570 for homeowners.
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