May 2024 | Market Update
Market Update
Market Stats
As we close the chapter on May, 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 another $14,000 since last month, bringing us to a new all time high. 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 is obviously following suite.
Inventory
Shifting focus to inventory, we still see an extremely low number of under 500 transactions for the month of May. This number really paints the picture for all the rest of the data we see here.
Days On Market
The median days on market still hovers around a week from list to under contract. The real question is, can real estate get more liquid than this?
List Price
Here, it's evident that homes are consistently selling above listing price, hovering around 20%. Furthermore, expect to be offering over list price on most properties.
Closed Sales
The closed sales correlate with our active inventory and we're still very low under 500 for the month of May.
Conclusion
In conclusion, the real estate market for Monroe Country is still a strong sellers market with very low inventory. Navigating this landscape can be challenging and my job is to be your guide. Please feel free to reach out with any questions you may have.
