Monthly I will be covering market statistics to keep you up to date with our ever-changing and complicated real estate market. I will be covering data for the entire Rochester, NY region.
Median Sales Price
The median sales price in Rochester, NY had a low of $115,000 in April 2016 and a high of $185,000 in October 2021. That is a 60% rise from April 2016 to October 2021. The national Median sales price for December 2021 was $382,690. That puts Rochester, NY 47.5% below the national median sales price. Rochester is not a very volatile real estate market compared to the rest of the country; we stay fairly consistent without huge gains or losses. The benefit of being so far below is that we have plenty of room to catch up with the national average.
Homes For Sale
The homes for sale directly correlate with the rise in the median sales price. This is due to the fact that supply has gone down from 7,579 homes to 1,808 homes for sale, a 419% decrease. Demand is on the other side of the equation which is harder to track. The bottom line is that lack of supply is the leading factor for the extreme tightness that we are experiencing in the market. This constriction can be directly seen on the next chart and felt if you’re an active buyer in our current market.
Shows Per Listing & Days on Market
The data below shows the stringency in the market as buyers are chasing after fewer homes. Our peak was a staggering 10.5 showings per listing in June of 2021. In comparison to June of 2017 with 3.3 showings per listing.
Conclusion
In conclusion, we are in a very strong seller’s market, This gives sellers the upper hand in the overall listing of their home and any negotiations throughout the transaction. I want to express not to feel discouraged if you are a buyer in these times. I have the knowledge and tools to help you find your dream home no matter the circumstance. On the other hand, if you have been debating selling your home you currently have a great opportunity to pursue that, I can assist you in maximizing your profit. Contact me today to set up an initial meeting whether you are buying or selling a home.
Rochester, NY has many beautiful suburbs to explore. Contact me with any questions.