The Rochester housing market is booming
Although the real estate market is normally pretty stable, the year has been different, but in a good way as far as real estate investors are concerned. Inventory is 40% lower than 2020 while median home prices in Rochester have increased by over 10%. The local real estate association predicts the trend of rising home prices in metropolitan Rochester will continue as buyers from Boston and New York City look for more affordable real estate in smaller, more liveable cities. The economy in Rochester is the 4th largest in the state, driven by a diverse mix of industries including science and technology, research and development, and advanced manufacturing. Many houses and commercial buildings in downtown Rochester date back a century or more, with many properties being renovated right now. Rochester has a great quality of life and a low cost of living, making the area attractive to families and millennials alike. Keep reading to learn why the Rochester real estate market remains a good place to invest. As scientists forecast a massive population migration to more liveable areas, one of the top places to live in the next 50 years will be Rochester The national median sale price for single-family homes was 1.5 percent higher in October 2021 compared with the price in the last three weeks in September, according to Redfin. Median home sale prices were 13 percent higher than those in October 2020 and 30 percent higher than those in October 2019. The housing market in Rochester was extremely hot over the summer. Prospective investors have to be quick if they are looking for a good value investment home. Global Investments predict 2022 will increase just as much as previous years and make Rochester one of the top places in the U.S. to invest. Rochester has all the ingredients, great prices, high rental yields, lowering inventory and potential fantastic capital appreciation. Get in touch today invest@globalinvestmentsincorporated.com