US Real Estate Market: Upstate New York Homes Sell in 9 Days

In August, Upstate New York's homes sell in just 9 days, with Wayne, Monroe, and Saratoga counties leading the rapid sales trend in the US.

In a remarkable turn of events, Upstate New York has emerged as a veritable hotbed for real estate activity, with homes vanishing from the market at an unprecedented pace—faster than any other region in the United States. Recent data from Redfin, a prominent national real estate brokerage, reveals that three counties—Wayne, Monroe, and Saratoga—have secured positions within the top 10 for the swiftest home sales in August, as reported by Syracuse.com.

Wayne County, strategically nestled along the shores of Lake Ontario, lies between the cities of Oswego and Rochester. Monroe County, the proud home of Rochester itself, boasts a vibrant urban landscape. Meanwhile, Saratoga County, situated in proximity to Albany, is renowned for its upscale resort town, also named Saratoga. In these counties, homes were listed for a mere median of nine days before being eagerly acquired, a statistic that places them in a tie for ninth place among nearly 1,000 counties nationwide.

However, the fervor for real estate is not confined to these three counties alone. Albany and Broome counties have also demonstrated impressive metrics, ranking within the top 20 nationally, with properties exiting the market in an average of just 10 days. Onondaga County, home to the city of Syracuse, is not far behind, tying for 66th place with homes being snapped up in an average of 15 days. The overarching narrative across the region is clear: homes are selling at a velocity not witnessed in years.

This is no ordinary housing market. Prior to the COVID-19 pandemic, it was commonplace for homes to languish on the market for months, affording prospective buyers ample time to peruse options and deliberate over decisions. However, the pandemic has irrevocably altered this landscape. With an historically low inventory of homes available for sale, buyers now find themselves embroiled in fierce competition. The moment a property is listed, it is likely to attract a flurry of offers almost instantaneously. In fact, some homes are so coveted that they do not even survive to see a second weekend of open houses.

This intense competition has ignited bidding wars, propelling prices to dizzying heights. Buyers are increasingly going all-in to secure their dream homes, often resorting to cash offers and waiving contingencies such as home inspections to enhance the attractiveness of their bids. Such aggressive strategies, once considered rare, have now become commonplace in the Upstate New York real estate arena.

Local experts assert that the scarcity of available homes is the primary catalyst driving both the rapid sales and escalating prices. With a limited selection of properties on the market, buyers are compelled to act swiftly and often exceed the asking price to secure a home. Notably, this pressure is not confined to first-time homebuyers; seasoned homeowners and investors alike are vying for a share of the same dwindling pool of available properties.

The Upstate New York housing market is experiencing a seismic shift, characterized by rapid sales, fierce competition, and an ever-increasing demand that shows no signs of abating. As the landscape continues to evolve, one can only wonder how long this frenzied pace will persist.