According to data from the Mohawk Valley Association of Realators, he median home price in the area has increased by 31% from a year ago, from $116,000 to $152,000.
This is largely attributed to millennials looking to buy their first homes, as well as the growing trend away from cities.
NewsChannel 2's James Corrigan reports on how the national housing boom affects the Mohawk Valley.
Life where it's time to sell the old house.
.
None .
None (take cg paul kucerak) "the boys and the daughter are older, moved away."
And even though open houses are largely virtual now, kucerak has no shortage of takers "it's busy, there's a lot of people looking at it."
"people are in here.
I mean, this is saturday morning, and we had six or seven agents come through and write offers, multiple offers.
And it's not even noon yet."
David paciello owns one reality in new hartford.
And while newschannel 2 has covered the rise in housing prices during the pandemic, the boom shows no signs of stopping even as the pandemic nears its end.
(take cg dave paciello) "the greater utica area is going to have an average sale price of $190,000 in the next 18 months.
Our current occurrence 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.
So they're flooding the market.
And we have a real low inventory of homes already."
(take cg james corrigan) the boom in housing prices goes both ways, of course, because while it's a lot of fun being on the seller's end of things right now, it's a lot less fun on the other side.
"the way the houses are being sold, they're selling sight unseen.
People are buying them just off the pictures."
"some houses have 5, 6, 7 offers on them, and they're going 10, 15, $20,000 over list price."
This potentially threatens the mohawk valley's standing as one of the last few affordable places to live in new york state.
But paciello doesn't think so.
"even if we do rise quite a bit to that 190 mark i was telling you about.
We're still affordable compared to the rest of state and really the rest of the country.
The average sale price of a home in the country is over $300,000" with demand on the rise, the time could be ripe for new homes to be built in the mohawk valley.
"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."
And with current economic trends heading away from major cities, the greater utica area could potentially stand to benefit.
James corrigan, newschannel 2.
> newschannel 2's james corrigan spoke with one local realtor who believes those home prices will go evehighelocally.
Like many ople, paul kurak has rehed a pnt in his lifewherd hous .
None .one (take cgpaul kn uses are largy virtual now,kucef takers "it'susy, there'a lot ofeople looking ait."
"pple are in re.
I mean,this isd we hadix or sen agents comethro, multiple offer and it'sot evenoon yet."
Davidaciello ow one realy in new rtford.
Andhile newschnel 2 hacovered t rise in housing pric during thepandemicr current occurren is around $140,000."
It'not hard to seewhd some to escapehe big citiesthise cled into thearket much later than everye else, orpriorf urse, because wle it's a lot of fun beingn the ller's end ofhings rignow, it'se other de.
"the y the housesare e ctures."
"some uses have 5, 6, 7 offers othem, and they're going , 15, $2000 over lt price."his potentlly threans the mowk valley's snding asone of te plac to live inew york ate.
But pacilo doesn't think so.
"en if we do se quita bit to at 190 mark iwas to the restf state and rlly the re of the count.
The avere sale ice of a homein the e rise, the time could be ripe for new homes to be built in the mohawk valley.
"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."
And with current economic trends heading away from major cities, the greater utica area could potentially stand to benefit.
James corrigan,