What’s Hot In The Greater Rochester, NY Real Estate Market
Real estate markets can differ dramatically from one town to another. The changes can be in the form of the number of homes being sold, the number of homes actively for sale, the types of homes for sale, the features that home buyers are looking for in a home, and many more things.
The Greater Rochester, New York real estate market is very stable. Even during the real estate crisis in the late 2000’s, the Greater Rochester area didn’t experience a huge decrease in property values or the number of homes being sold.
I’m sure you’re asking yourself, what makes the Greater Rochester real estate market so stable? Read on to find out about four of the top real estate communities in the area, what these local real estate markets are currently experiencing, and what the current housing trends are in each community.
Brighton, NY Real Estate
The town of Brighton, NY is a bedroom community of the Greater Rochester area. It’s located to the immediate south in relation to Downtown Rochester and has a population of roughly 35,000 people.
The Brighton real estate market is currently one of the “hottest” real estate markets in the Greater Rochester area. Realtors in Brighton, NY are having a difficult time locating properties for sale, as the housing inventory is extremely low. As of September 2015, the market absorption rate was 2.5. This indicates that the market currently favors sellers, which is great for Brighton homeowners.
The majority of home values range between $150,000 & $200,000 and there’s currently a strong demand for homes that are located in the Ellison Park Heights neighborhood. This area is great for those outdoor enthusiasts, since Ellison Park is within walking distance of the homes in this neighborhood.
Other housing trends in Brighton include a large demand for above-average upgrades in homes, such as granite countertops, high-end kitchen cabinetry, and upgraded flooring like ceramic tile. These upgrades are in demand due to the number of millennial home buyers looking to purchase in the area.
Webster, NY Real Estate
The town of Webster, NY is one of quickest-developing communities in Greater Rochester. It’s located to the east in relation to Downtown Rochester and has a population of about 42,000 people.
The Webster real estate market is currently experiencing a large growth in the form of new construction homes. In the past 10-15 years, the town has seen a huge increase in not only the number of new homes, but also the number of new commercial buildings.
One of the most unique things about the Webster, NY real estate community is the range of home values. In Webster you can find homes for under $100,000 as well as million-dollar homes along the shores of Lake Ontario. The real estate market doesn’t currently favor sellers to the degree that Brighton does. However, the market absorption rate is hovering around 4.5, which indicates a fairly balanced market.
Housing trends in Webster are at complete opposite ends of the spectrum. There is currently a high demand from first-time home buyers looking to purchase homes for less than $125,000 as well as a demand from buyers who are looking for luxury homes or waterfront property. At the moment, there are less than 15 homes for sale under $125,000 in Webster and less than 10 homes for sale over $500,000.
Pittsford, NY Real Estate
The Town of Pittsford, NY is one of the most well-known suburbs of Rochester, NY. Pittsford has won numerous awards over the years, including one of the top 100 places to live in the United States. With the population just shy of 30,000 people, Pittsford is made up of over 90% white collar residents.
Real estate in Pittsford, NY is one of the most sought after in the Greater Rochester, NY area. With average home values approaching $250,000, it’s no surprise that it’s one of the top markets. Due to the fact that the home values are much higher in Pittsford, in relation to the Greater Rochester area in general, there is normally a good amount of homes for sale. There is currently about 5 months of housing inventory available.
Pittsford is a great place to buy a home for those looking for high-end luxurious homes as well as unique homes. Recently, the “Mushroom House,” was featured by HGTV as one of the most unique properties in the country. This is only one example of the unique homes in Pittsford.
Since the average home values are higher than other Rochester real estate communities, the housing trends include large homes with high-end improvements. Another trend is the desire for homes located on the prestigious country clubs of Pittsford. The most notable in town is Oak Hill Country Club, which has hosted several PGA Tour Major Championships and will be hosting the 2023 PGA Championship. As you can imagine, homes located near Oak Hill Country Club are in high demand.
Irondequoit, NY Real Estate
The Town of Irondequoit, NY is another popular suburb of the Greater Rochester, NY area. It’s unique in the fact that it’s surrounded by water on three sides—Lake Ontario to the north, the Genesee River to the west, and Irondequoit Bay to the east. Irondequoit is one of the largest suburbs of Rochester with a population exceeding 50,000 people.
The Irondequoit real estate market is one of the most active in the area. This is mainly because of the affordability of homes, the majority of which fall between $100,000 and $150,000.
Since the prices of homes in Irondequoit are affordable, it’s a huge draw for first time home buyers, and there are many first time home buyer programs that can be used to purchase homes.
The most popular housing trend currently is homes with updated windows, newer furnaces, and newer roofs. Since the replacement cost on these items can be substantial, buyers are looking for homes with these upgrades. Other popular trends include the desire for single family homes or condominiums located on the Irondequoit Bay with waterfront views.
There are many reasons why the Greater Rochester, NY area is a great place to live, work, and play. There are obviously more top notch real estate communities in Rochester, NY than the four discussed above.
One of the most unique things about the area is the fact that the housing trends and markets vary significantly from one community to another.
Whether you’re considering a move to Rochester or another city, it’s important that you learn about the different communities and real estate markets before making the move! Consult with either a top local real estate professional or top mortgage consultant to learn more about the area you’re thinking of relocating to.
Filed Under: First Time Home Buyer, Housing Market, Purchase
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