Situated at the northernmost edge of the 16-mile-long Skaneateles Lake is the town of Skaneateles, New York. Also including a namesake village, the community is part of the Finger Lakes region, among the state's most celebrated natural treasures.
Located 30 minutes southwest of Syracuse, Skaneateles has become a premier destination primarily for its lake. It occupies the highest altitude among the 11 adjacent Finger Lakes and is considered among the cleanest bodies of water in the U.S. The real draw, however, is the idyllic lifestyle the lake helps to support.
Integrating rural country charm and exquisite, understated elegance of high-end living, including lakefront and village-based luxury residences, there is a tranquility here impossible to replicate elsewhere in the Empire State. But more than an unparalleled respite from the clamor of city life, Skaneateles is a thriving community, including outstanding schools, a host of recreational pursuits, including those on or around the lake and a burgeoning farm, vineyard and wine scene.
As one might expect in such a uniquely positioned marketplace, Skaneateles luxury real estate is a favorite of buyers and investors from New York and second home seekers from across the northeast and beyond.
If you're considering buying—or selling—within this extraordinary area, below is a snapshot of the current Skaneateles market, including real estate pricing, trends and the forecast for 2024.
Market prices and trends
Though its most noteworthy properties are waterfront estates occupying multiple acres, Skaneateles' offerings include a vast array of residential options. From historic homes built prior to 1950 to more recent construction that captures contemporary styles and trends (while adhering to the region's rural aesthetic), the variable options keep Skaneateles a popular destination for home buyers. As reflected in the end-of-year market report, those seeking out property are willing to pay a premium for area real estate:
Home sales in Skaneateles were off by 26%, from 35 homes sold in 2022 to 26 homes sold in 2023. Median days on the market remained static at six.
Reflecting the high demand for Skaneateles luxury homes, median home prices increased by a considerable margin in 2023, up 46% year to date ($824,950 in 2023, $565,000 in 2022), with the final quarter of the year showing even more substantial returns with a 54% increase in the median sales price versus 2022. The annual median sales price of $824,950 represented a 102% list-to-sold ratio.
Although the Skaneateles region has for many years been characterized as a place where people come to stay indefinitely, the market has tightened considerably over the past half-decade. For the five years before 2019, an average of 41 homes sold annually. For the five years since, ending in 2023, an average of 36 homes were sold annually. The 26 homes sold in 2023 represent a 10-year low.
At the same time, listings have decreased by 49% in 2023 versus 2022. The market's current inventory sits at half a month in the early stages of 2024. Much of that is attributable to sellers who would otherwise list their homes for sale, wanting to avoid taking on higher mortgage rates.
Though forecasts suggest mortgage rates are expected to decrease as 2024 progresses — the current rate for a 30-year fixed-rate mortgage is 6.9%, with a 52-week average of 6.87% — is it enough to tempt sellers who secured rates in the 2.5% to 4% range just a few years ago.
Home sales in Skaneateles were off by 26%, from 35 homes sold in 2022 to 26 homes sold in 2023. Median days on the market remained static at six.
Reflecting the high demand for Skaneateles luxury homes, median home prices increased by a considerable margin in 2023, up 46% year to date ($824,950 in 2023, $565,000 in 2022), with the final quarter of the year showing even more substantial returns with a 54% increase in the median sales price versus 2022. The annual median sales price of $824,950 represented a 102% list-to-sold ratio.
Although the Skaneateles region has for many years been characterized as a place where people come to stay indefinitely, the market has tightened considerably over the past half-decade. For the five years before 2019, an average of 41 homes sold annually. For the five years since, ending in 2023, an average of 36 homes were sold annually. The 26 homes sold in 2023 represent a 10-year low.
At the same time, listings have decreased by 49% in 2023 versus 2022. The market's current inventory sits at half a month in the early stages of 2024. Much of that is attributable to sellers who would otherwise list their homes for sale, wanting to avoid taking on higher mortgage rates.
Though forecasts suggest mortgage rates are expected to decrease as 2024 progresses — the current rate for a 30-year fixed-rate mortgage is 6.9%, with a 52-week average of 6.87% — is it enough to tempt sellers who secured rates in the 2.5% to 4% range just a few years ago.
Forecast for 2024
One of the most important things buyers should know when entering the Skaneateles market is that real estate here is always in demand. The trend of fewer properties being available year after year translates into a highly competitive market regardless of prices or trending conditions. Expect that to stay the same throughout the rest of 2024.
There is a possibility that interest rates will drop, but that will bring more competition to an already undersupplied market. It will also keep prices elevated. However, the earlier you can make a move in the Skaneateles housing market; it may help you avoid the most aggressive contingent of buyers and connect with motivated sellers.
In addition, upfront planning—obtaining pre-approval or securing cash funds, identifying preferred locations and lifestyle, and knowing your residential wants, needs and deal breakers—will keep you one step ahead in a tight market. You'll also be ready to make an immediate offer should the perfect opportunity arise.
Sellers in the Skaneateles market will appreciate the favorable 2024 forecast. The biggest challenge for many is whether or not to list a home that currently carries a sub-4% mortgage rate. Receding interest rates will help soften that particular blow, especially for those owners who find themselves in a must-sell position for 2024. The upshot is that regardless of when you do list this year, you can expect the sale to produce a lucrative return.
There is a possibility that interest rates will drop, but that will bring more competition to an already undersupplied market. It will also keep prices elevated. However, the earlier you can make a move in the Skaneateles housing market; it may help you avoid the most aggressive contingent of buyers and connect with motivated sellers.
In addition, upfront planning—obtaining pre-approval or securing cash funds, identifying preferred locations and lifestyle, and knowing your residential wants, needs and deal breakers—will keep you one step ahead in a tight market. You'll also be ready to make an immediate offer should the perfect opportunity arise.
Sellers in the Skaneateles market will appreciate the favorable 2024 forecast. The biggest challenge for many is whether or not to list a home that currently carries a sub-4% mortgage rate. Receding interest rates will help soften that particular blow, especially for those owners who find themselves in a must-sell position for 2024. The upshot is that regardless of when you do list this year, you can expect the sale to produce a lucrative return.
Start your Skaneateles journey today
Whether buying or selling, if you want more insight into the Skaneateles luxury marketplace, contact Ellen O'Connor today to begin your real estate journey. From Skaneateles lakefront and country homes to those in Skaneateles Village, Ellen's extensive knowledge and expertise will help you navigate this bucolic, sought-after region to ensure yours is a successful and highly lucrative real estate transaction.
