Upstate New York housing markets sprint, with five metros among fastest in July
Rochester and Albany lead the pace as five upstate markets crack the national top 50 amid tight supply and rising prices, according to Redfin.
Five upstate New York metropolitan areas were among the fastest-moving housing markets in the United States in July, according to Redfin. Rochester and Albany led the pace, with single-family homes spending a median of eight days and nine days on the market, respectively, the data show.
Syracuse, Buffalo and Binghamton also earned spots in the top 50, with Syracuse homes typically selling in about 16 days. The pace reflects a shift from pre-pandemic norms in these Rust Belt markets and comes as inventory remains tight and demand remains elevated. Analysts note that all-cash offers and waived inspections have become more common in these markets.
In Onondaga County, where Syracuse is the hub, the average home price tops $312,000, up 8.6% from a year earlier. The results reflect a broader tightening across upstate New York as buyers compete for a limited number of listings.
Even weather patterns tied to Lake Ontario and Lake Erie have not deterred buyers, as the pandemic-era supply crunch persists and competition remains intense for scarce listings. The data underscore a broader shift toward smaller metros that offer affordability and proximity to employment opportunities, even as mortgage rates fluctuate.
