Rochester housing market among the most competitive in U.S.
ROCHESTER, N.Y. – Houses in the Rochester metro area sold faster than anywhere in the country according to last month’s Realtor.com Housing Report.
Greater Rochester Association of Realtors President Mike O’Conner says that in recent months, Rochester’s housing market outpaced cities like New York and Los Angeles. The inventory has gone down by approximately 25% from where it was last year, and it was 25% lower than the year before.
“We have less than a month’s supply of properties on the market and an abundance of buyers on the market who have not only been actively currently looking, but they’ve also been looking for some time because they’ve had to put multiple bids on houses,” O’Conner said.
According to the Relator.com June housing data, the length of time a house stays on the market in Rochester is one day. That’s a challenge Henry Davignon and his wife have been struggling with as they search for a home.
“They all go over asking. It’s variable how high over-asking they go. Sometimes they go for 10 or 20 grand, sometimes it’s $150K, and we’ve experienced that entire gamut,” Davignon said.
Recently released data shows that sellers are getting 110 to 120% of their asking price. Those are reasons why Davignon said the best thing to do is to know your budget and a realtor who knows the area best.
“Laurie and Hunt were really good at finding us a lot of houses and getting us a lot of showings and stuff like that, so we had a really great experience,” Davignon said.