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With its pleasant weather, safe environment and comfortable cost of living, Rochester NY is a wonderful place to invest in property. The prospect can seem daunting, but employing the services of a company specializing in property management in Rochester NY can make things much easier and give you true peace of mind. Rochester is home to great infrastructure, myriad job opportunities and a welcoming community, which makes it an ideal place to live, work and spend recreational time in. If that doesn’t convince you, read on for more. Listing vs Sold Price As the market is very competitive, and full of eager buyers waiting for the perfect place for them, the listing prices are often exceeded. In May 2024, houses sold for 12.17% above the original price due to this, and May is often called a ‘seller’s market’ for Rochester, because of there being more buyers compared to properties for sale. There is huge profit to be reaped here, not just in the summer months but throughout the year as well. Days on Market The median number of days that properties remain on the market before being sold is an incredible 16 days on average, a figure which has decreased since the previous months and slightly less since the previous year as well. Median Sold Price The average final selling price for homes is $152,500, significantly lower than the national average of roughly $394,000, which makes it a popular destination for families and young professionals alike. New Listings Buyers don’t have to worry about a sparse market, because there was an addition of 270 properties into the market in Rochester in January 2024 alone. With the summer months before even more popular, the amount of available properties reflect the consumer demand. Future Forecast While these figures are appealing, it’s important to look at what the future market has in store for buyers as well. The median home sale price doesn’t tend to fluctuate and hasn’t done so since late 2023, showing a stable market with no signs of crashing and a reliable pricing structure. p<>The Rochester Metropolitan Statistical Area (MSA) suggests growth, as the forecasted metrics on February 29, 2024, April 30, 2024, and January 31, 2025, suggest a 0.4%, 2.5%, and 7% increase. This is excellent news and suggests that the market and business will only increase from here. Working alongside a company well-versed in property management in Rochester NY means becoming a landlord can be a profitable venture for new and experienced investors. When you consider the aforementioned statistics, it’s clear that investing in real estate in this vibrant city can be an appealing proposition. As long as you entrust your asset to professional property management in Rochester NY, being a landlord can be stress free. They will manage the day-to-day issues of the property, including finding good, reliable tenants, and ensure that your investment will appreciate and remain profitable for many years to come. Author Plate Danny Torres is from Torres Turn Key, a property management company in Rochester NY with more than ten years’ experience dealing with both domestic and international investors. Providing a holistic service for property management in Rochester NY of both commercial and residential properties, the company brings together a host of experience and specialist knowledge to build long-term relationships and create maximum value and benefit for their customers.
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