With the spring buying season approaching, the median listing price for houses in the Rochester market rose by 17.1 percent in March, the fourth-largest spike among the nation’s largest 50 metropolitan areas.
Despite rising prices and higher interest rates, houses still sold faster here than anywhere among the country’s most populated urban centers.
The median listing price was $257,000 in March, according the to Realtor.com’s March Housing Report. Only Memphis ($319,000, up 40.3 percent), Milwaukee ($366,000, 26.3 percent jump) and Kansas City, Mo., ($455,000, up 17.7 percent) saw greater jumps in the year-over-year comparison.
Homes spent an average of 26 days on the market in Rochester. Just two other cities, Denver and San Jose, saw a median time on the market under 30 days (28 each).
The Rochester market also was one of five metro areas that saw a double-digit bump in median price per square foot (up 10.1 percent). The leaders were Memphis (17.4), Minneapolis-St. Paul (16.1), Kansas City (11.1) and Milwaukee (10.8).
The Greater Rochester Association of Realtors has always said an appropriately priced, well-presented house will sell, and the March statistics backed that up. Just 6.8 percent of listings saw a price reduction. That number was bettered in just three metro areas: Hartford, Conn. (4.5 percent), Buffalo (5.6) and Providence (5.8).
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