Rochester’s Tight Real Estate Market

“There are tons of buyers out there, but something is keeping homeowners from selling their homes,” said Jim Yockel, CEO of GRAR.

2017 inventory of homes for sale in Rochester NY fell 12.4 percent compared to 2016. A bull market in stocks and improving job prospects, helped the industry despite the lack of homes available on the market. however, homes over $300,000 are staying on the market longer than compared to previous years.

New York State And Property Taxes Are Not Appealing

The high property taxes in the state and some homeowners may not have much equity if they bought during the peak of the market in 2004 through 2006. Of course, New York’s got a long history of excrutiating highe state and property taxes and with a finicky and cost-conscience millenial generation at the helm of home sales, the real estate market in upstate New York as grown tighther than ever.

Despite high state and property taxes in New York, the 19th Ward in Rochester is a popular area for real estate sales.

The region is experiencing low unemployment and wage increases. A wining formula for the housing market that can start small short term real estate booms. These “mini-booms” can grow into a full fledged bull housing market.

Rochester’s current real estate market isn’t as “compressed” as the rest of the state’s.

New York state saw 134,066 homes sold (a new record) for the second year in a row in 2017. This is the fifth year in a row of growing sales, according to the state Association of Realtors. Home sales were up 2.4 percent in New York state. Median sales price last year was $250,000, up 5.5 percent from 2016, according to the Association of Realtors.

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