Rochester, N.Y. — Prepare for endless bidding wars, homebuyers: Upstate New York is home to the nation’s top seller’s market.
Rochester has been named the No. 1 seller’s market in the United States by Realtor.com. The city wasn’t the only Upstate community to make the list of the nation’s 10 strongest seller’s markets: Syracuse snagged the 10th spot on the ranking.
“If you’re a homebuyer in Rochester or any of America’s other top seller’s markets, you might face a tough road ahead,” Realtor.com said. “Meanwhile, home sellers in these areas should be happy to hear that the odds are in their favor.”
What makes Rochester the top seller’s market? Realtor.com pointed to one factor: The Flower City’s affordability.
That relative affordability, of course, inevitably makes it hard for buyers to secure new homes. Houses in Rochester have recently sold for about 9.2% above the asking price, Realtor.com reported; on average, homes in the nation’s other top markets have sold for 4.2% more.
The market might not stay “affordable” for long: Home prices are expected to rise 4.5% in Syracuse and 5% in Rochester in the next 12 months.
The median price for homes in Rochester is $295,000, Realtor.com said. Homes typically spend just 16 days on the hot market in a region packed with great restaurants, waterfront properties and parks.
Realtor.com called Syracuse, the 10th strongest…
