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Rochester far from average when it comes to national real estate market.

Byline: Kevin Oklobzija

Rochester was one of seven real estate markets across the country to see a double-digit rise in the year-over-year median listing price in April.

An analysis by realtor.com showed the median listing price in Rochester rose 12 percentto $212,500 compared to April 2018, equaling markets in Memphis and Kansas City. Only Milwaukee (13 percent) had a greater percentage increase. Birmingham climbed 11 percent, while Seattle and Philadelphia each rose 10 percent.

The national average was 7 percent, with the median listing price growing to a record $310,000. The previous high-water mark of $300,000 came in March.

But while there was a 4 percent gain in total houses listed nationally year over year, inventory in the selling sweet spot remains an issue in Rochester and across the country. The number of active listings dropped 10 percent in Rochester, the third-largest percentage dip in the U.S. Only Washington, D.C., (active listings down 15 percent) and St. Louis (down 16 percent) had a greater decline.

"Despite growing availability of total homes for sale, prices are rising in response to more high-end homes for sale, which is not exactly what most shoppers in today's market are looking for," said Danielle Hale, chief economist for realtor.com, said in a news release. "Inventory remains limited at the entry level, where much of housing's demand is concentrated. This mismatch is the prime driver of the weaker sales we've seen so far in 2019."

Hale said the shortage of available homes in the Washington, D.C., market which includes the Virginia cities of Arlington and Alexandria could be attributed the impending arrival of Amazon's HQ2. The first Amazon building is expected to open in the fall, so sellers may be "holding on to their homes in anticipation of the opening," she said.

koklobzija@bridgetowermedia.com/(585) 653-4020

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Publication:Daily Record (Rochester, NY)
Date:May 1, 2019
Words:317
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