Rochester, NY
Housing Market
Rochester's housing market is dynamic, with home prices and demand constantly shifting. Houzeo's housing market report monitors these fluctuations, providing real-time insights into Rochester's supply and demand trends. Our report equips you with all the information you need to make well-informed decisions.
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Buy or SellRochester Housing Market Overview
Rochester's real estate market caters to all homebuyers with a wide variety of properties, including single-family homes, modern condos, and townhouses. The market has seen significant growth recently. The median home price has risen by 26.7%, reaching $152,000. Properties in Rochester typically stay on the market for only 17 days, reflecting a highly competitive environment. Over the years, Rochester has seen steady property value increases, with demand driven by affordable housing options, strong local employment, and proximity to major cities in the Northeast.
However, home sales are on the decline. Currently, 111 homes have been sold, down by 24% compared to the previous year. Despite the decrease in sales, Rochester's real estate market remains an essential part of the region's economy. The affordable home prices at about $152K make the home buying finances easy for the buyers. Rochester is known for its rich history, cultural attractions, and low cost of living, and continues to appeal to both local and out-of-state buyers. To take advantage of this demand, sellers can price their homes realistically and offer concessions to speed up the sale.
However, home sales are on the decline. Currently, 111 homes have been sold, down by 24% compared to the previous year. Despite the decrease in sales, Rochester's real estate market remains an essential part of the region's economy. The affordable home prices at about $152K make the home buying finances easy for the buyers. Rochester is known for its rich history, cultural attractions, and low cost of living, and continues to appeal to both local and out-of-state buyers. To take advantage of this demand, sellers can price their homes realistically and offer concessions to speed up the sale.
Median Sale Price
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Rochester Housing Supply
Rochester is an attractive market for real estate investors due to its affordability and growing demand. The number of homes for sale in Rochester has decreased significantly to 170 properties, a 34% drop from last year. This decline in inventory has been partially offset by 153 new listings entering the market. The housing supply in Rochester currently stands at just 1.5 months, indicating a highly competitive market with limited availability.
Rochester's housing supply fluctuates based on seasonal trends. New listings typically increase in spring and summer as buyers and sellers aim to close deals before fall. Rochester offers a lifestyle that blends urban conveniences with easy access to nature, which continues to drive demand. Popular neighborhoods such as Corn Hill, Clinton Square, and the Corn Hill Historic District offer a range of homes, from historic properties to modern townhouses. Rochester's well-connected infrastructure, affordability, and proximity to major cities in the Northeast enhance its appeal for homebuyers and investors alike.
Rochester's housing supply fluctuates based on seasonal trends. New listings typically increase in spring and summer as buyers and sellers aim to close deals before fall. Rochester offers a lifestyle that blends urban conveniences with easy access to nature, which continues to drive demand. Popular neighborhoods such as Corn Hill, Clinton Square, and the Corn Hill Historic District offer a range of homes, from historic properties to modern townhouses. Rochester's well-connected infrastructure, affordability, and proximity to major cities in the Northeast enhance its appeal for homebuyers and investors alike.
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Rochester Housing Demand
Rochester's real estate market has shown strong competition recently. 61.3% of Rochester homes sold above their list price, a significant 11.9 percentage point increase from the previous year. On the other hand, homes with price reductions are currently at 19.9% of all Rochester housing listings. The sale-to-list price ratio has risen to 106.7%, showing sellers are now receiving slightly above the asking price for homes.
In this market, strategic pricing and the sale-to-list ratio dictate negotiation power. As a home seller, if you price your home accurately from the start, you can avoid the need for price reductions. Sellers can also offer concessions instead of reducing the asking price right away. When the sale-to-list price ratio is above 100%, buyers have to pay slightly above the asking price, particularly for well-priced properties. Buyers should target homes with long listing times or price cuts for better negotiation opportunities.
In this market, strategic pricing and the sale-to-list ratio dictate negotiation power. As a home seller, if you price your home accurately from the start, you can avoid the need for price reductions. Sellers can also offer concessions instead of reducing the asking price right away. When the sale-to-list price ratio is above 100%, buyers have to pay slightly above the asking price, particularly for well-priced properties. Buyers should target homes with long listing times or price cuts for better negotiation opportunities.
Homes Sold Above List Price
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Strong
Buyer
Buyer
Balanced
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Buyer’s Market
Seller’s Market
Balanced: Neither buyers nor sellers dominate the market. Supply meets demand, prices stay stable, and both parties negotiate on an equal footing.
Rochester Housing Market: When to Buy or Sell?
Rochester's housing market has shifted between buyer-friendly and seller-friendly conditions over time. Like the broader New York real estate market, the Rochester housing market can favor both buyers and sellers depending on seasonal trends. When competition is low and inventory is high, buyers have more room to negotiate. On the other hand, sellers can benefit from higher prices and quicker sales when demand exceeds supply.
Moreover, if the months of Rochester's housing supply rise above the balanced conditions of the US real estate market (5 to 6 months), it may give buyers more time to evaluate their options. Understanding these market dynamics can help you strategically time your purchase or sale.
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Frequently Asked Questions
How have Rochester house prices changed over the past year?
Over the past year, the median home price in Rochester has continued to rise, with notable growth across various neighborhoods. Currently, the median home price is $160,000 for single-family homes. Condos have also seen an increase, with an average price of $220,000. You can check your home's fair market value with our free home value estimator to determine the ideal asking price and compare it with nearby properties.
What are Rochester, NY, real estate market predictions for 2025?
Home prices in Rochester are expected to continue rising at a steady rate, with projections indicating moderate growth. While the market remains relatively affordable compared to other major cities, demand is increasing due to the city's strong economy and low cost of living. However, as prices rise, potential buyers may find it more challenging to secure affordable housing.
What's the average home price in Rochester, NY?
The average home price in Rochester varies depending on property type and location. Single-family homes are currently priced around $160,000, while condos typically average $220,000. Rochester offers a range of affordable options for homebuyers, making it an attractive choice for both first-time buyers and investors. If you're looking to buy, there are cheap homes for sale in Rochester that can fit your budget.
Is this a good time to buy a home in Rochester, NY?
To determine if now is a good time to buy, assess Rochester's real estate trends, such as housing prices and available inventory. If mortgage rates remain stable and inventory is plentiful, it may be an ideal time to purchase. Sellers can benefit from high demand, but with increased inventory, buyers may have more negotiation opportunities.
Where can I check Rochester housing market trends?
The Rochester housing market has been relatively stable, with homes typically staying on the market for a moderate period. If you're looking to invest in the Rochester real estate market, you can check current housing market trends to determine the best time to act.
When will the Rochester housing market crash?
According to housing market forecasts, the Rochester market is unlikely to crash. Home prices are projected to continue rising steadily, with sustained growth expected through 2025. However, as inventory increases, there may be price adjustments as supply catches up with demand.
How to buy a home in Rochester?
The steps to purchasing a house in Rochester must start with a clear budget and mortgage pre-approval. Buyers should then search for Rochester, NY houses for sale, submit offers, secure loans, and complete the closing process.
How can I list my home for sale in Rochester, NY?
You can list your home for sale using a Flat Fee MLS New York listing service. MLS listing sites like Houzeo will assign the appropriate MLS paperwork for your location, helping you avoid traditional agent commissions.🚀
What is the average mortgage rate for buyers in Rochester?
The average mortgage rate for buyers fluctuates between 6.80% and 7%. It depends on the market and the borrower's credit score. Always check current rates with lenders.
What is the cost of living in Rochester, NY?
Rochester's cost of living is 4% lower than the national average, making it an affordable place to live compared to many other cities. Housing costs are 4% lower than the national average, and utilities are 15% less expensive than the national average. Essential expenses such as food, clothing, and transportation are also more affordable in Rochester, further enhancing its appeal for residents and new homebuyers.
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