The real estate market in New York City has been sluggish in recent years, with homes staying on the market for extended periods of time. However, other areas in the state are experiencing hot real estate sales. In this article, we will explore the state of the NYC real estate market and the counties where sales are hot in New York State.
The State of the NYC Real Estate Market:
According to data collected by Realtor.com in June 2023, homes in the five boroughs of NYC sit on the market for extended periods of time. The median days on the market for each borough are as follows: Richmond – 53 days, Kings – 64 days, Queens – 68 days, New York – 68 days, and Bronx – 74 days. This indicates a sluggish real estate market in the city.
Hot Counties for Real Estate Sales in New York State:
While the real estate market in NYC is slow, other areas in the state are experiencing hot sales. According to Realtor.com, the top counties where sales are hot in New York State are:
10. Putnam and Ontario counties – 33 days
9. Rockland County – 32 days
8. Cattaraugus, Cayuga, Tioga, Erie, and Yates counties – 31 days
7. Wyoming County – 28 Days
6. Tompkins and Schuyler counties – 26 days
5. Orleans County – 25 days
4. Livingston County – 20 days
3. Wayne County – 18 days
2. Genesee County – 12 days
1. Monroe County – 9 days
Monroe County: The Hottest Real Estate Market in New York State:
According to Realtor.com, Monroe County is the hottest real estate market in New York State, with a median of only 9 days on the market. Monroe County is comprised of 19 towns, 10 villages, and the City of Rochester. Known as the imaging capital of the world, Rochester serves as the county’s industrial front. Additionally, the county boasts nine colleges and universities that draw students from afar. According to the 2022 United States Census, the population is estimated to be 752,035.
Conclusion:
While the NYC real estate market is sluggish, other areas in the state are experiencing hot sales. Monroe County, in particular, is the hottest real estate market in New York State, with homes staying on the market for only 9 days. This trend is expected to continue, as more people are drawn to the upstate areas of New York for their lower cost of living and quieter lifestyle.