The housing market in Upstate New York, particularly in Monroe County, has become exceptionally competitive, ranking as the seventh hottest market in the U.S. due to high buyer demand and low housing supply. Rochester's affordability drives this demand, with median home prices around $225,000 despite a 20% increase over the past year. However, the market is characterized by rapid sales, frequent bidding wars, and a limited inventory of homes, leading to challenges for buyers as new construction struggles to keep pace.
So what's making the Rochester area such a magnetic draw? In a word: affordability. While prices have jumped more than 20% in the past year, the median home still goes for around $225,000, which is pennies compared to New York City.
The market is ruthless. Bidding wars are routine... the average Rochester home is under contract in less than 10 days, and listings often receive dozens of offers.
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