Here is what you need to know about the Rochester housing market for spring 2021. In Rochester, we are currently in a seller’s market. This means that there are more buyers looking for homes than there are houses for sale. There’s a lot at play driving the current market conditions including impacts from Covid-19, rising costs of new construction, continued low-interest rates, and also the boomer generation who are holding on to their homes.
Rochester Housing Market Indicators:
- The median sales price is up 10% this year making the average sale price $135,000 per realtor.com.
- The median days on market at the end of February was 12.
- Redfin grades the Rochester housing market an 83 out of 100 over the last three months for their Compete Score. This score signals to both buyers and sellers that 2021 will continue to be a competitive market.
So, what does this mean for buying and selling in Rochester?
Here’s what to expect:
- Continued seller’s market
- Many homes will have multiple offers
- Buyers are waiving home inspections in an effort to make their offers competitive
- On average homes are selling for 3% above the list price
- HOT homes are selling around 10% above list price
- 57.9% of homes are selling above the list price
- Reduction in homes to choose from
All this trends with the latest update from realtor.com who reported that Rochester would be the 33rd best housing market in the nation for 2021. The forecast is based on growth in home sales and price.
With the uptick in the average home sales price up 10% and a reduction in average inventory the Rochester Housing market has become very competitive. Per GRAR Q4 statistics, Rochester ended the year with a -43.7% inventory compared to Q4 2020.
Final Thoughts
While Rochester will continue to be a seller’s market this year there are homes available to buyers. Buyers will want to be prepared with their mortgage preapproval letters. For more information on what type of approval you need click here. If you are looking to buy, making sure you have an agent who is adept at responding to market changes quickly will go a long way. You will need instant notification of newly listed properties and an agent that can move fast on your behalf to schedule showings and respond to listing agents. Get ready to visit listings on a tight schedule as many sellers are limiting showings to just a few days. It’s all about how fast you move this spring and summer if you’re looking to buy.
To learn more about the Rochester Housing market contact me.
