Is Rochester, NY a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Rochester is a seller's market

Buyer's
Market

Difference Since February 2023

Since last year, Rochester has remained a Seller's Market.

Key Takeaway

Rochester is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Rochester, NY

How much do homes in Rochester, NY cost?

Median Sold Price

$200,000

$135/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

+$15,736(+8.5%)

Key Takeaway

Homes in Rochester have sold for 8.5% more than they did a year ago.

Summary: The median home sold price in Rochester was $200,000 in February 2024, up 8.5% from last year, and the median price per square foot was $135.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $100K$122.8K
+22.9%
2 $155.1K$172.2K
+11.0%
3 $181.8K$200K
+10.0%
4 $205.1K$214.9K
+4.8%
5+ $255K$175K
-31.4%

Summary: Rochester housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes increased by 22.9%, 2 bedroom homes increased by 11%, 3 bedroom homes increased by 10%, 4 bedroom homes increased by 4.8%, and 5+ bedroom homes decreased by 31.4%.

Median Sold Price Compared To Nearby Cities

Brighton
+18.3%
Irondequoit
+15.8%
Greece
+14.8%
Gates
+14.2%
Rochester
+8.5%

Housing Supply in Rochester, NY

How many homes are available in Rochester, NY?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
1,057929-12.1%

Summary: The Rochester real estate market had 929 homes for sale in February 2024, a 12.1% decrease compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 72
-71.4%
2 137126
-8.0%
3 488411
-15.8%
4 267242
-9.4%
5+ 158148
-6.3%

Summary: The Rochester housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 71.4%, 2 bedroom homes decreased by 8%, 3 bedroom homes decreased by 15.8%, 4 bedroom homes decreased by 9.4%, and 5+ bedroom homes decreased by 6.3%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
323216-33.1%

Asking Price vs. Sold Price

60 Homes Were Sold
Under Asking

18 Homes Were Sold
At Asking

138 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Rochester, you could pay more than the asking price. 63.9% of homes here sold above asking price last month.

Summary: A total of 216 homes were sold or pending in Rochester in February 2024, down by 33.1% month-over-month. Of the 216 sold homes, 28% were sold under asking, 8% were sold at asking, and 64% were sold over asking.

Days on Market for Rochester, NY

How long does it take to sell a home in Rochester, NY?

Average Sale Time

Feb 2023Feb 2024CHANGE
17 Days23 Days+36.6%

Summary: Homes in Rochester had an average of 23 days on market in Feb 2024, up by 36.6% compared to last year.

Breakdown of Home Sale Times

167 Homes Were Sold
Under 30 Days

43 Homes Were Sold
In 30 - 90 Days

6 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Rochester are selling fast, if you're buying plan to act quickly.

Summary: During February 2024, 216 homes were sold in Rochester; 77% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 3% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 3 Days Ago

Newest Listings in Rochester, NY

Nearby Markets to Rochester, NY

What housing markets are near Rochester, NY?