Current State of Homes for Sale in Rochester

Based on the Realtor.com report on real estate movements in the major cities of the United States, we found that the metropolis where a property sells the fastest is Rochester, New York.

In approximately 21 days, a person can sell a property, regardless of whether the property is on the brink of foreclosure. This time, according to the association of real estate agents, ranks first in the national statistics for the shortest time to sell a property.

From data collected by the association in previous years, it was known that the national average time it took to sell a property was 50 days, while in Rochester each year the trend of this time was decreasing considerably.

The marked difference in time comes from the lack of affordable housing offers in the market of this city, which does not occur with the other metropolises studied where the number of homes and listings of houses for sale are permanently increasing. And although for the second quarter of the year the inventory of homes for sale improved in the city of Rochester, it still remains below the normal levels of previous years, experts say.

In a recent interview, the president of the Association of Realtors said, “the current real estate market in Rochester continues to face a delicate shortage of homes available for sale and although the supply has improved a bit compared to other years, these new listings do not meet the demand for properties for sale.”

Another important fact for this city to be among the top places where sales are carried out the fastest is the percentage of homes for sale marked as reduced price. Although in terms of square footage, prices in Rochester have grown, it is a barely noticeable increase compared to the other major cities studied.

Recent data from Realtor.com indicates that the American real estate market cooled considerably with the growing expectations of reductions in mortgage rates stipulated by the Federal Reserve. However, the Rochester market still continues to move regularly.

According to real estate market analysts, with the reduction of mortgage rates enacted, it is expected that the average days on the market will continue to increase and total home sales across the United States will decrease.

Available Foreclosures:

Rochester: 12 homes available.

By Elias DaSilva | October 8, 2024.