Upstate New York bucking national housing slowdown

The Northeast housing market is outperforming much of the rest of the country, and upstate New York is emerging as one of its hottest pockets, according to current HousingWire Data. Four upstate New York markets rank among HousingWire’s tightest in the Northeast — as Rochester stands out among metros with just 1.1 months of housing supply and a median 21 days to contract. The market has 1,024 active listings and a median list price of $289,000. Just 21% of listings have experienced price cuts, compared with 43% nationally. Syracuse, Buffalo-Niagara Falls and Binghamton also show tight inventory and relatively fast sales. For Eric O’Mara, broker-owner of Syracuse-based Integrated Real Estate, strength of the local and upstate New York market is evident in day-to-day transactions — even with activity evolving significantly since the pandemic-era boom. O’Mara said some homes still attract immediate attention, while others can languish when sellers push beyond what buyers consider reasonable. “The market here is elevated, and by elevated, what I mean is people are more knowledgeable about what they’re doing,” he told HousingWire. “You have some properties where they go on, and anyone a...