Report: Rochester ranked 6th for hottest housing markets for 2020

Local News

ROCHESTER, N.Y. (WROC) — A new report says that Rochester is the “sixth hottest housing market” heading into the new year.

The report, with a study conducted by Realtor.com, measures “key housing indicators,” including mortgage rates, existing home median sales price appreciation, existing home sales, single family home housing starts, and homeownership rate.

According to that study, the national housing report indicated:

  • Home price growth will flatten, with a forecasted increase of 0.8%
  • Inventory will remain constrained, especially at the entry-level price segment
  • Mortgage rates are likely to bump up to 3.88% by the end of the year
  • Tight inventory and rising mortgage rates will lead to dropping sales
  • Buyers will continue to move to affordability, benefiting mid-sized markets

The study analyzed several sections of national market activity to come up with the results, including gross domestic product, monetary policy, employment, consumer confidence, and 2020 economic outlook.

Their results found Rochester would see a 4.7% sales growth with a 0.4% price increase, and a median home price of $149,000 — good for sixth on the list of hottest housing markets.

No. 1 on the list was Boise, Idaho, with McAllen, Texas, Tuscon, Arizona, Chattanooga, Tennessee, and Columbia, South Carolina rounding out the top five.

The biggest housing trend heading into 2020 is a shift away from the coasts. All but one city projected in the top 10 hottest housing markets are inland, according to the study.

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Trending Stories

Don't Miss

More Don't Miss