Ready for a bidding war? Rochester is the top seller’s market in US, ranking finds

Downtown Rochester, New York Skyline

Rochester skyline along the Genesee River. Rochester is a city on the southern shore of Lake Ontario in the western portion of the U.S. state of New York, and the seat of Monroe County.Getty Images

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Rochester, N.Y. — Prepare for endless bidding wars, homebuyers: Upstate New York is home to the nation’s top seller’s market.

Rochester has been named the No. 1 seller’s market in the United States by Realtor.com. The city wasn’t the only Upstate community to make the list of the nation’s 10 strongest seller’s markets: Syracuse snagged the 10th spot on the ranking.

“If you’re a homebuyer in Rochester or any of America’s other top seller’s markets, you might face a tough road ahead,” Realtor.com said. “Meanwhile, home sellers in these areas should be happy to hear that the odds are in their favor.”

What makes Rochester the top seller’s market? Realtor.com pointed to one factor: The Flower City’s affordability.

COVID: Over Syracuse

Downtown Syracuse, N.Y., as pictured from above on Wednesday, April 1, 2020.N. Scott Trimble | strimble@syracuse.com

That relative affordability, of course, inevitably makes it hard for buyers to secure new homes. Houses in Rochester have recently sold for about 9.2% above the asking price, Realtor.com reported; on average, homes in the nation’s other top markets have sold for 4.2% more.

The market might not stay “affordable” for long: Home prices are expected to rise 4.5% in Syracuse and 5% in Rochester in the next 12 months.

The median price for homes in Rochester is $295,000, Realtor.com said. Homes typically spend just 16 days on the hot market in a region packed with great restaurants, waterfront properties and parks.

Realtor.com called Syracuse, the 10th strongest seller’s market in the nation, an “emerging leader on many people’s ‘where I want to live’ wish lists.” Homes in the Salt City have a median price of $272,500 and spend a median of 55 days on the market.

“With affordable homes and living costs there, buyers are bidding high and fast on properties in this Upstate New York hub,” Realtor.com wrote.

Here are the top 10 strongest seller’s markets in the U.S., according to Realtor.com:

  1. Rochester, New York
  2. San Jose-Sunnyvale-Santa Clara, California
  3. Manchester-Nashua, New Hampshire
  4. Kansas City, Kansas
  5. Topeka, Kansas
  6. Lancaster, Pennsylvania
  7. San Francisco-Oakland, California
  8. Wichita, Kansas
  9. Hartford, Connecticut
  10. Syracuse, New York

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