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Homes in Upstate New York Sell in Roughly a Week While in Austin It Takes Nearly Two Months
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Albany, Rochester, and Buffalo are the fastest housing markets in the US, while Austin is one of the slowest, according to a report from Redfin. The fastest markets have affordable home prices, with Rochester being the 4th most affordable metro in the nation. In contrast, Austin's housing market has slowed down due to rising prices.
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Albany, Rochester, and Buffalo are the fastest housing markets in the US
Rochester is the 4th most affordable metro in the nation
Negative
Austin's housing market has slowed down due to rising prices
Albany, Rochester and Buffalo are among the nation’s fastest housing markets. Austin, once known for its speed, is one of the slowest.
SEATTLE--(BUSINESS WIRE)--
(NASDAQ: RDFN) — In Albany, NY, the typical home that sold in September went under contract in just eight days, making it the fastest market in the country, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. Next came Rochester, NY (9), Grand Rapids, MI (9) Buffalo, NY (11), San Jose, CA (12) and Seattle (12).
Aside from Seattle and San Jose, all of the six fastest markets have median home sale prices well below the national level of $412,081—one reason homes in these metros are getting snatched up so quickly. The typical home that sold in Rochester last month went for $235,000, making it the 4th most affordable metro in the nation. Buffalo ranked 8th, with a median sale price of $255,000, and Albany and Grand Rapids ranked 21st and 24th, with median sale prices of $310,000 and $320,000, respectively. That’s based on a list of U.S. metropolitan areas with populations of at least 750,000.
Homes in affordable places have become more competitive as housing affordability has dwindled due to rising mortgage rates and still-high home prices. The average 30-year-fixed mortgage rate hit 8% last week for the first time in 23 years, sending the typical homebuyer’s monthly payment up significantly from a year ago.
“You might not think of Rochester as a hotspot, but people are still flocking into our area and supply remains very low,” said Kimberly Hogue, a local Redfin real estate agent. “Especially for someone coming with a big-city budget, paying $400,000 for a beautiful single-family home in a desirable neighborhood is a no brainer, and there just aren’t enough to go around. Even with mortgage rates near 8%, homes here are still affordable.”
The situation is a bit different in nearby Buffalo, according to local Redfin agent James Strzalkowski, who has observed signs that the market is beginning to slow.
“Buffalo was promoted for years as an affordable city with so much to offer, including cheaper labor, but our local economy is changing. Home prices and the general cost of living are catching up to other parts of the country,” he said. “We have a housing shortage in part because people can’t afford to move, but homes that are listed are starting to sit for longer and see price drops as mortgage rates rise and inflation impacts our city.”
In Austin, Homes Used to Fly Off the Shelves. Now It’s the Second Slowest Housing Market in the Country.
Homes in most of the aforementioned markets have historically taken longer to sell than the typical U.S. home. The outlier is Austin, where homes have historically sold faster. Austin exploded in popularity during the pandemic as scores of remote workers moved in from expensive coastal cities to take advantage of the area’s relatively affordable housing. In turn, home prices skyrocketed, and many homebuyers were priced out.
Austin’s housing market has lost its edge in large part because it has become more expensive. The typical home that sold in September went for $450,000, or 9.2% more than the typical U.S. home. That gap has narrowed since home prices peaked last spring, when homes in Austin were selling for nearly 30% more than the typical U.S. home.
Redfin (www.redfin.com) is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, title insurance, and renovations services. We sell homes for more money and charge half the fee. We also run the country's #1 real estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home in certain markets can have our renovations crew fix up their home to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Customers who buy and sell with Redfin pay a 1% listing fee, subject to minimums, less than half of what brokerages commonly charge. Since launching in 2006, we've saved customers more than $1.5 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 5,000 people.
For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin's press release distribution list, email press@redfin.com. To view Redfin's press center, click here.
redfin got its start inventing map-based search. everyone told us the easy money was in running ads for traditional brokers, but we couldn’t stop thinking about how different real estate would be if it were designed from the ground up, using technology and totally different values, to put customers first. so we joined forces with agents who wanted to be customer advocates, not salesmen. since these were our own agents, we could survey each customer on our service and pay a bonus based on the review. we deepened our technology beyond the initial search to make the home tour, the listing debut, the escrow process, the whole process, faster, easier and worry-free. and we gave customers more value, not just by saving each thousands in fees, but by investing in every home we sell, by measuring our performance and improving constantly. this is how real estate would be if it were designed just for consumers, because, well, it was.
