As housing prices surge across the nation, the Mohawk Valley region has not been immune.
According to data from the Mohawk Valley Association of Realtors, the median home price in the area has increased from a year ago, from $116,000 to $152,000. The numbers are great news for those selling homes, but are less great for those looking to buy.
"Some houses have 5, 6, 7 offers on them, and they're going 10, 15, $20,000 over list price," said One Reality owner David Paciello. "If you have a house to sell, it's a great time for you. If a If you have to buy a house, you have a lot of competition out there."
Paciello says his sales have increased by 175% from before the pandemic, and he believes the boom is far from over.
"I predict that the greater Utica area is going to have an average sale price of $190,000 in the next 18 months," Paciello said. "our current average price is around $140,000."
It's not hard to see why home prices have been increasing. The growing trend of working remotely has led some to escape the big cities. This combined with the recently stimulated economy has caused younger people to collectively say that now is the right time to buy.
"Millennials have cycled into the market much later than everyone else, or prior generations," Paciello said. "So they're flooding the market. And we have a real low inventory of homes already."
Paciello believes more homes may be necessary to build to keep up with demand in the area.
"At some point, you'll probably see a developer come to our area and start putting up homes, a national builder, or a or at least a regional one."