Sign In
Upcoming Event
Free Newsletter
Status quo in Rochester housing market: low supply, high demand
New listings rose 23.3 percent year over year in June in Monroe County, according to data from the New York State Association of Realtors. (File photo by Kevin Oklobzija)
New listings rose 23.3 percent year over year in June in Monroe County, according to data from the New York State Association of Realtors. (File photo by Kevin Oklobzija)
Status quo in Rochester housing market: low supply, high demand
Listen to this articleHomes continue to sell briskly and far above asking price because there simply aren’t enough houses for sale in Monroe County and the Greater Rochester area, the Realtors organization says.
Closed sales fell 4.5 percent to 1,018 in Monroe County in the first quarter of 2025 while the median sales price rose 10.8 percent to $235,000, according to year-over-year statistics compiled by the Greater Rochester Association of Realtors.
As a result of perpetually low inventory, the median time from list to sale is just seven days and the average house is selling for 112.7 percent of initial asking price. But it’s not uncommon for homes to sell 50 to 75 percent over list, according to Christopher Thomas, broker/owner at New 2 U Homes in Rochester.
And that has been the norm for not just months but years. Across the 11 counties that comprise the GRAR region, new listings did tick up slightly, by 1.9 percent, but the shortage remains acute in the Rochester metro area.
“The housing shortage in our local Rochester market remains at a critical level,” Don Simonetti Jr., GRAR president, said in a news release. “There just aren’t enough homes for sale to meet the needs of buyers, and competition is challenging.
“We welcome the slight increase in new listings so far this year, but it doesn’t even begin to satisfy the demand for housing, which remains a systemic issue.”
He added there are buyers who have been looking for years without success.
[email protected]/(585) 653-4020
=
