Rochester, New York, was named by realtor.com as the hottest real estate market in the nation in May 2019 for the first time.
“Rochester is a hidden gem, and people are starting to become more aware of it," says Trip Pierson, a broker at Mitchell Pierson Realtors in Pittsford, a suburb of Rochester.
The realtor.com report states buyers are looking for affordability, and smaller metros in the Midwest and Northeast performed better than high-priced California markets.
“Overall, the slowdown is taking over across the board, and it’s concentrated in the South and West—that’s where the supply has been depleted,” says Javier Vivas, Director of Economic Research for realtor.com.
The hottest markets ranking is based on where homes sell the fastest and where there are the most listing views on realtor.com.
Rochester is located on Lake Ontario, home to its own university, a strong public school system, more than 12,000 acres of parkland, and in close proximity to the Finger Lakes region. Rochester ranked No. 6 on the list in May 2018.
Homes in Rochester typically get offers over the asking price, Pierson said, saying a recent listing of a home at $350,000 had 20 showings in less than a week with at least two offers.
Markets joining Rochester in the top-5 were: Fort Wayne, Indiana (No. 2), Lafayette-West Lafayette, Indiana, (No. 3), Boston, Cambridge, Newton, Massachusetts-New Hampshire, (No. 4), and Midland, Texas (No. 5).
Midland was ranked at No. 1 this time last year, and Fort Wayne was ranked No. 21 last May.
Steve McMichael, a real estate broker at Re/Max Imagine Real Estate in New Haven, Indiana, said homes on the market in Fort Wayne don’t last long due to a surge of buyers, both young and old.
“What happens is, a house sells in the first 36 hours on the market and typically a little above list price. Or it tends to linger," McMichael said.