By: Kevin Oklobzija//October 5, 2023
By: Kevin Oklobzija//October 5, 2023//
Nowhere in the country do homes sell more quickly than in the Rochester market.
An even further reduction in listings in September continued to prompt rapid sales of the inventory that is available, with the median time on the market just 17 days.
That was by far the shortest duration from listing to sale among the nation’s largest 50 metropolitan areas, according to Realtor.com’s Monthly Housing Trends Report for September. By comparison, the median time on the market was at least four weeks in every other market.
Rounding out the top five metro areas in terms of fewest days on the market: San Francisco and San Jose at 29, Columbus and Milwaukee at 30. Next was Boston at 31, while Cincinnati and Louisville were at 32.
Compared to the same period a year ago, active listings in Rochester declined 11.5 percent and new listings dropped 7.9 percent, according to the Realtor.com report.
“The number of homes for sale is likely to remain low as higher mortgage rates leave many homeowners feeling ‘locked in’ to their current rates,” Realtor.com chief economist Danielle Hale said in a news release regarding the national trend.
Rochester’s median listing price climbed 11.4 percent to $250,000, the eighth-steepest increase in terms of percentage among the largest 50 markets.
Just two markets, Cleveland at $240,000 and Pittsburgh at $249,000, had a lower median listing price than Rochester in September, and only four other markets had median listing prices under $300,000: Buffalo at $260,000; Detroit at $262,000; St. Louis at $280,000; and Birmingham, Ala., at $299,000.
The most expensive market: San Jose, with a median listing price of $1,399,000, followed by Los Angeles ($1,175,000), San Francisco ($1,095,000), San Diego ($1,050,000), Boston ($849,000) and New York City ($719,000).
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