In the race for gold, upstate New York homes aren’t just keeping pace — they’re lapping their competitors.
New data from Redfin shows that five metropolitan areas across the massive region ranked among the fastest-moving housing markets in the US in July.
Rochester and Albany — the state capital — led the charge, landing in the nation’s top 10 with dwellings changing hands in little more than a week.
Homes in upstate New York are selling at a record pace, with five metro areas ranking among the nation’s fastest-moving markets in July, according to Redfin. SeanPavonePhoto – stock.adobe.com
Rochester and Albany (pictured here) cracked the top 10 nationally, with single-family homes lasting a median of just eight and nine days on the market, respectively. SeanPavonePhoto – stock.adobe.comBuyers in Rochester had just eight days, on average, to pounce before a property was gone, while Albany sellers typically waited nine.
Syracuse, Buffalo and Binghamton — all Rust Belt cities — also earned spots in the top 50, with Syracuse homes selling in a brisk 16 days. The region’s notoriously months-long dreary skies, due to weather patterns from Lake Ontario and Lake Erie, seem not to deter buyers at all.
The pandemic-era supply crunch, once thought of as a big-city phenomenon, has reshaped even these smaller metros.
Fewer listings have meant heightened competition, turning once-quiet negotiations into bidding wars, all-cash plays and waived inspections.
Syracuse, home to Syracuse University, is also on buyers’ lists in a big way. debramillet – stock.adobe.comBefore COVID, Syracuse-area homes often lingered for months; today, they can be snapped up in a matter of days.
Prices have followed the frenzy upward.
In Onondaga County, where Syracuse is the hub, the average home now commands more than $312,000 — an increase of 8.6% from last year.
For buyers, the message is clear: hesitate, and you’ll be house hunting again tomorrow.
