Home prices in the US northeast are growing fast, putting them at odds with the… | Latest Lifestyle News
In a sluggish national housing market, the northeastern U.S. is bucking the trend of lowering demand. Two unlikely cities are standing out amongst the crowd: Syracuse, New York, and Scranton, Pennsylvania.
From August until mid-September, these two Rusts Belt cities had the highest annual home price growth rates in the country, according to data from the Intercontinental Exchange. (1) (2) In September, home prices in Syracuse had grown 10.2%, while Scranton followed close behind with a 7.9% increase — putting them at the top of the list of the fastest yearly growth rates among the nation’s 100 largest metro areas.
Their performance contrasts sharply with much of the country. Stubbornly high home prices and mortgage rates have kept buyers on the sidelines. Some areas have seen sharp declines in home prices — particularly the Sun Belt — but the northeast market holds strong.
Here’s a look at why, and what it could mean for buyers and sellers.
Several forces are driving the acceleration in Syracuse and Scranton. Even though prices may be going up, both cities remain relatively affordable in contrast to larger metros nearby. Scranton in particular enjoys close proximity to major hubs Philadelphia and New York City — both of which are just a two-hour drive away.
Median home prices in both Scranton and Syracuse are also well below national averages.
“We have been a very affordable housing market for many years,” James Burnham, a Syracuse-based real-estate agent with Coldwell Banker Prime Properties, told MarketWatch. (3)
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Another factor boosting prices in the area, he says, is simply competition.
“We’re getting five, 10, sometimes 20 offers on a home,” Burnham said.
Nationwide, home prices have risen modestly year over year, about 1.7% in September, according to Redfin. (4) The median U.S. sales price for a house was $410,800 in the second quarter of 2025, per the Federal Reserve Bank of St. Louis. That’s roughly double the amount in Syracuse or Scranton, real estate sites show.
Not every region shares in the momentum. A number of Sun Belt markets, including Cape Coral, Tampa and Miami of Florida, along with Austin and San Antonio of Texas, posted among the lowest annual home price growth rates, data from the Intercontinental Exchange shows.
Sales volumes nationwide appear to have softened, but in Syracuse and Scranton, listings that do hit the market are moving faster, commanding higher offers and sparking bidding wars.
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Intercontinental Exchange (1, 2); MarketWatch (3); Redfin (4)
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
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