As the month of June is well underway, it’s time to review how the Greater Rochester NY area real estate market performed in May 2023!
There continues to be rumbling across the United States about how real estate prices and activity have been on the decline, however, the Greater Rochester NY area real estate market has yet to see this trend.
Real estate markets can vary from town to town, city to city, and state to state and this holds true for the Greater Rochester NY real estate market.
Below is a post that provides some very simple and easy to follow graphics which provide some very important real estate statistics for many of the local real estate markets!
Days On Market Remain Low
The average days on market for homes selling in the Greater Rochester NY area has remained low for the month of May.
The longest average time on market was in the Wheatland area and this is due to the low number of sales in the Wheatland area. There were only 2 sales for the month of May in Wheatland, NY.
The more “normal” time on market is hovering around the 6-14 day range and the majority of areas in the Greater Rochester NY area are seeing this trend.
A few outliers, such as the Pittsford NY real estate market, is averaging around 30 days and this is in part due to the higher priced home values in this area.
Sale Prices Continue To Rise
The majority of markets in the Greater Rochester NY area continue to see sale prices on the rise. Even with the increase in interest rates since the end of 2022, the prices continue to rise.
The simplest way to explain this trend is basic supply and demand. There’s a large gap between the number of homes for sale in most markets compared to the number of buyers looking for homes.
Last week, when working with a buyer who is shopping in the Penfield NY real estate market, we toured and wrote an offer on a property that was listed for $325,000. There were a total of 34 purchase offers on this property and ultimately the property sold for over $480,000!
This is $150,000 over the list price of this home and there are still 33 other buyers who unfortunately did not have their offer accepted who are still looking for a property in the Penfield market!
Greater Rochester NY Housing Inventory Remains Low
I suspect that as the summer continues, the inventory levels will remain low. This means that I would also suspect that prices will continue to remain stable, if not continue to rise.
In the example above where 33 buyers did not have their offer accepted on the property in Penfield, there were a total of 37 new listings in Penfield in all price ranges during May 2023.
This would barely satisfy all of the buyers who lost out on the property that sold for $150,000+ over asking price and assumes that all 37 new listings would even fit the criteria of these buyers, which is highly unlikely.
What To Expect From The Greater Rochester NY Area Real Estate Markets During June?
As we progress through the summer months of June, July, and August, I predict that the local real estate market will remain extremely competitive and sellers will continue to enjoy high sale prices on their homes.
Local home buyers will have to continue to provide sellers with their desired terms in their offers which often means high offer amounts, less than desired possession terms, and few to zero contingencies.
It’s an ideal time to sell your Rochester NY home if you’re relocating out of state, have an alternative living situation that you can take advantage of, or are considering renting in order to capitalize on these high sale prices.
About the author: The above “May 2023 Greater Rochester NY Area Real Estate Market Update” was written by Kyle Hiscock. Kyle has been selling real estate in the Greater Rochester NY area for over 12 years and has helped hundreds of buyers and sellers move in, move around, and move out of the area!
About Rochester’s Real Estate Blog: Rochester’s Real Estate Blog is owned and operated by Kyle Hiscock of the Hiscock Sold Team at RE/MAX Realty Group.
Since being launched in 2013, Kyle has published more than 150 quality, in-depth, and unique real estate related articles on the Rochester Real Estate Blog pertaining to topics varying from home selling to mortgages and everything in between! In addition to quality real estate related content, there are also many quality articles pertaining to the Greater Rochester NY area.
The Rochester Real Estate Blog has been recognized by many reputable websites as one of the best real estate blogs to visit and follow! In addition to being recognized as one of the best real estate blogs, Kyle has been recognized as one of the top Realtors on social media by several organizations and websites.
The Hiscock Sold Team has almost 50 years of combined experience, so if you’re thinking of selling or buying, we’d love to share our knowledge and expertise.
We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY.
