Yuriy T – stock.adobe.com
Upstate New York is seeing homes fly off the market faster than anywhere else in the country, with three counties in the region landing in the top 10 for the quickest sales in August.
According to the latest data from Redfin, a national real estate brokerage, three New York counties — Wayne, Monroe, and Saratoga — landed in the top 10 spots for the quickest home sales in August, Syracuse.com reported. Wayne County is located along Lake Ontario, and is notably between the cities of Oswego and Rochester. Monroe County, for its part, is where Rochester stands. And Saratoga, located near Albany, is famed for its upscale resort town of the same name.
In these counties, homes were on the market for a median of just 9 days before being scooped up, tying them for ninth place among nearly 1,000 counties across the United States.
The feverish pace of sales isn’t limited to just a few counties.
Albany and Broome counties also posted impressive numbers, ranking in the top 20 nationally, with homes leaving the market in just 10 days on average.
Onondaga County — which is home to Syracuse — wasn’t far behind either, tying for 66th place nationwide with homes being snatched up in 15 days.
While some counties moved faster than others, the common theme across the region is the same: homes are selling faster than they have in years.
This isn’t your typical housing market. Before the COVID-19 pandemic, it wasn’t unusual for homes to sit for months before selling, giving buyers plenty of time to browse and make decisions.
But the pandemic changed the landscape.
Now, with a historically low number of homes for sale, buyers are facing fierce competition.
As soon as a property hits the market, it’s likely to attract multiple offers almost immediately. Some homes don’t even make it to a second weekend of open houses. The intense competition has sparked bidding wars, driving prices even higher.
Buyers are going all-in to win, often making cash offers and waiving contingencies like home inspections to make their bid more attractive. These aggressive tactics, which used to be rare, have now become a regular part of the buying process in upstate New York.
Local experts tell the outlet the lack of available homes is the key driver behind the fast sales and rising prices. With fewer properties on the market, buyers have little choice but to act quickly and offer more than the asking price if they want to secure a home.
And it’s not just first-time homebuyers feeling the pressure. Everyone from seasoned homeowners to investors are fighting for the same limited pool of homes.