November 2024 | Market Update
Market Update
Market Stats
As November comes to a close, it's time to delve into the insights from the data in the Rochester, NY real estate market.
Sales Price
Monroe County's median sales price has reached last year’s market peak, reflecting sustained growth in the housing market.
Similarly, the median price per square foot has risen to $166, highlighting consistent upward trends.
Inventory
Monroe County's inventory has seen a significant drop, with only 419 properties currently available, a 25% decrease in active listings.
On average, homes in Monroe County are selling for 111.2% over the list price.
Days On Market
The median days on market remain steady at around a week from listing to going under contract, underscoring the quick pace of home sales in today’s market.
List Price
The median list price remains at historic highs but appears poised for a potential decline in the coming months. As a lagging indicator, list prices often reflect market trends after they occur. With the above statistics signaling a seasonal pullback in the winter market, we can expect list prices to adjust as comparable sales close and guide agents toward more competitive pricing strategies.
Closed Sales
Closed sales in Monroe County are declining, driven by the ongoing shortage of available inventory.
Conclusion
In conclusion, Monroe County's real estate market remains a strong seller’s market, defined by limited inventory and high demand. Navigating these conditions can be complex, but I’m here to help. Don’t hesitate to reach out with any questions or for personalized guidance!
