The Greater Rochester Association of Realtors (GRAR) disclosed the 2023 final quarter housing market statistics, highlighting significant trends in the local real estate market. The median sales price witnessed a 10% increase from 2022, reaching $220,000. However, there was a noticeable decline in closed sales, with 2023 registering 10,582 sales compared to 12,669 in 2022.
GRAR President Mike O’Connor pointed out the ongoing competitive nature of the Rochester real estate market, primarily due to a critical shortage of available homes. This trend, which started post the Great Recession, has not seen a recovery in new housing creation, leading to increased median sales prices. Rising mortgage rates have further impacted housing affordability, particularly affecting first-time buyers with modest incomes.
GRAR CEO Jim Yockel emphasized the challenges faced by low to moderate-income first-time homebuyers due to the limited housing availability. He warned of potential long-term implications on the growth of the Rochester region if these issues persist, stressing the need for more housing development to alleviate the market pressures.
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