April 2024 | Market Update
Market Update
Market Stats
As we close the chapter on April, it's time to delve into the insights from the data in our Rochester, NY real estate market.
Sales Price
Monroe County's median sales price has surged past the 250k mark, inching towards unprecedented highs. The trend of higher lows and higher highs continues with the median sales price increasing year after year.
Conversely, the median price per square foot has surged to a new all-time high, reaching $170 per square foot.
Inventory
Shifting focus to inventory, we observe more record-breaking figures, particularly in active inventory. Setting a new all-time low, active inventory now stands at 293 for all of Monroe County. Consequently, our months supply has plummeted to less than one month, indicating the market's voracious appetite for available properties. Sellers, take heed—the demand for your homes is palpable!
Days On Market
The trend persists for the median days on the market, remaining under a week. This underscores the significance of buyers actively engaging in a home search and partnering with an agent who can promptly schedule showings once properties become available. It's a testament to the competitive nature of the market, where swift action is key to securing desired properties amidst fierce demand.
List Price
Here, it's evident that homes are consistently selling above listing price, hovering around 20%. Furthermore, the median list price has reached an all-time high in recent months, contributing to the ongoing escalation of sales prices. This trend underscores the robust demand in the market and reinforces the competitive landscape for both buyers and sellers alike.
Distressed Listings
Another record-breaking statistic for April 2024 is the proportion of distressed listings, which now comprises less than 1 percent of the market. This remarkable figure underscores the overall health and stability of the real estate market, signaling a significant decline in financial distress among homeowners.
Conclusion
In conclusion, the real estate landscape in Rochester, NY is entering uncharted territory, characterized by unprecedented trends and shifting market conditions. While opportunities abound, the dynamic nature of the market means that timing can be unpredictable. The decision to buy or sell should be influenced by a myriad of factors beyond market conditions alone. As your real estate partner, I am committed to helping you navigate these complexities and achieve your goals.
