Rochester NY Housing Market Summary For 2024
The Rochester, NY region’s housing market has shown resilience and growth despite broader economic uncertainties. As of early 2024, Rochester has experienced a dynamic housing market characterized by competitive sales, price appreciations, and a stable outlook for future growth.
A significant number of homes in Rochester, about 64.9%, are sold above the list price, reflecting the intense competition among buyers. Despite this competitive market, about 22.3% of homes have seen price drops, indicating some flexibility. The Rochester area has witnessed a notable migration trend, with a large percentage of homebuyers choosing to stay within the metropolitan area. This movement underscores the city’s appeal to residents, contributing to the demand for housing.
The housing market’s performance varies by property type. This variation highlights the diverse range of opportunities for buyers and sellers in the market. The median sale price of homes in Rochester was reported to be $193,317 by the end of December 2023, with a median list price of $148,233 in January 2024. This indicates a healthy market with active transactions and a competitive pricing environment.
However, despite the robust activity, the Rochester area has faced challenges similar to many parts of the country, such as a decline in home sales compared to previous years and a persistent rise in home prices. The median sales price saw a notable increase of 9.4% compared to the previous period, reflecting the sustained appreciation rates in the region. This trend is attributed to various factors, including a shortage of housing inventory, which remains a national issue. The local real estate market has continued to see multiple offers on houses, with buyers often willing to pay more than the asking price to secure a home.
Overall, the Rochester, NY region’s housing market is marked by robust demand, competitive pricing, and a promising outlook for appreciation. Despite the challenges of limited inventory and rising prices, the market’s resilience and the region’s attractiveness to homebuyers suggest continued growth and opportunities for both buyers and sellers. If you are looking to sell as a “For Sale By Owner”, consider using our Flat Fee MLS service and save huge dollars on commissions. We are the areas most experienced discount real estate broker with many satisfied customers and testimonials. There is no reason to pay high real estate commissions anymore, check us out!