Real estate experts say that the Finger Lakes area’s housing market is highly competitive and prices are on the rise, making it more difficult for average people to buy a home.
Over the past 25 years, interest rates for home purchases have remained stable, but new factors have brought lower inventories and forced prices to rise. Currently, an average 30-year conventional loan is hovering around 6.5% for the local finger lakes area.
Data shows that the number of Monroe County homes sold has fallen 20% in the last year. The average time on the market was only eight days. This is due to fewer elderly homeowners being willing to sell their homes, as nursing homes are unable to take more residents. Instead, they bring staff into their homes to care for them.
Also, investors are buying up houses and renting them out to tenants or as Airbnb properties. This keeps inventory low for homebuyers but increases rent costs.
This trend is especially popular among young people who have given up on owning a house and are opting to rent. Apartment prices are also rising.
Monroe County’s median home price is close to $200,000. However, you’ll be paying much more than this if you are searching for a waterfront home. Some of the hot lakes in the area are Cayuga Lake, Seneca Lake, and Canandaigua Lake.