Syracuse in Upstate New York has long been considered an undervalued market, but in recent years, the increase has been steeper than expected, attracting more attention.

According to Zillow, the average home value in Syracuse is currently around $176,000. Compared to about $120,000 at the beginning of 2021, this represents an estimated increase of approximately 46% over the past five years. Even in the last year alone, double-digit growth rates have continued.

Considering that the national average increase was around 35 to 45 percent, Syracuse appears to have slightly exceeded that range. The fact that it started from such a low price point also contributes to the significant increase.

Year by year, from 2021 to 2022, prices began to rise gradually due to low interest rates and demand from out-of-state movers, and even during the interest rate hikes in the second half of 2022, it did not experience the same level of adjustment as other major cities. After 2024, news of large-scale investments related to semiconductors has led to an even steeper upward trend.

One of the biggest factors driving the rise in Syracuse is the large semiconductor factory investments being established in nearby areas. The expectation of job influx is stimulating housing demand, and the still low inventory levels are also cited as a background pushing prices up.

While it is difficult to predict future trends, the balance of supply and demand may change depending on the pace of large investment projects, so it seems necessary to keep an eye on the situation.

For Korean households considering moving to or investing in Syracuse, the first concern may be whether it is already too late to enter the market. However, the absolute prices are still relatively low compared to other major cities, so if the purpose is for actual residence, it seems like a reasonable time to consider without overextending.

If the purpose is investment, it is advisable to look at the progress of semiconductor-related projects and the timing of actual employment effects before making a decision.