STREAMING NOW: Watch Now

Housing prices boom in Mohawk Valley

As housing prices surge across the nation, the Mohawk Valley region has not been immune.

Posted: Apr 3, 2021 6:43 PM
Updated: Apr 3, 2021 8:13 PM

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."

New York Coronavirus Cases

County data is updated nightly.

Cases: 2392060

Reported Deaths: 55066
CountyCasesDeaths
Kings31909610743
Queens30607510153
Suffolk2281703519
Nassau2071043257
Bronx2021556693
New York1619224606
Westchester1409342328
Erie992591884
Richmond858401905
Monroe782541156
Orange54619887
Rockland50943769
Onondaga45981715
Dutchess33827485
Albany28513368
Oneida25899552
Niagara22183383
Broome21898385
Saratoga18468191
Ulster16373271
Schenectady15325216
Rensselaer13364154
Putnam1187096
Chautauqua10980157
Oswego9667101
Chemung9112146
St. Lawrence8975118
Ontario856998
Steuben8489160
Cayuga7942101
Sullivan782781
Jefferson752171
Wayne701378
Cattaraugus675098
Genesee6097131
Herkimer6030117
Tompkins597459
Clinton571634
Madison542698
Fulton532197
Livingston520467
Montgomery5112133
Cortland484070
Warren472576
Columbia4664108
Tioga443467
Chenango421286
Otsego417751
Allegany403893
Greene397283
Washington396763
Wyoming392354
Orleans367784
Franklin356416
Lewis321836
Delaware309041
Seneca248959
Schoharie208320
Essex195129
Yates140726
Schuyler128916
Hamilton4083
Unassigned13533
Out of NY0291
Utica
Mostly Cloudy
66° wxIcon
Hi: 64° Lo: 50°
Feels Like: 66°
Oneonta
Partly Cloudy
62° wxIcon
Hi: 62° Lo: 48°
Feels Like: 62°
Herkimer
Mostly Cloudy
66° wxIcon
Hi: 67° Lo: 52°
Feels Like: 66°
Old Forge
Cloudy
66° wxIcon
Hi: 58° Lo: 49°
Feels Like: 66°
WKTV Radar
WKTV Temperatures
WKTV Severe Weather
NEW Game Day Deals each week
Follow the 2021 Go the Distance Team - sponsored by Gilroy Kernan & Gilroy
Chapter Photofacial Therapy Giveaway
Looking for work or looking to hire? Check out the WKTV Job Fair!
Saluting Those Who Are Proud 2 Serve