Two counties in Upstate New York have emerged as some of the most competitive real estate markets in the entire country. Recent data from September shows Wayne and Monroe counties ranking 4th and 20th nationwide, respectively, signaling intense buyer interest and rapidly moving properties in the region.
This surge places Upstate New York firmly on the map for national real estate trends, with a total of five counties from the region securing spots within the top 100 hottest markets. The findings highlight a significant shift in housing demand, where smaller, more affordable regions are attracting unprecedented attention.
Key Takeaways
- Wayne County ranked as the 4th hottest real estate market in the United States in September.
- Monroe County was listed as the 20th hottest market nationwide.
- Five Upstate New York counties, including Livingston (41st), Broome (72nd), and Onondaga (77th), placed in the top 100.
- The rankings are based on a 'hotness score' that measures online listing views and how quickly homes are sold.
- Upstate markets significantly outperform downstate areas like Westchester County in this metric.
Understanding the 'Hotness' Index
The rankings are determined by a "hotness score" developed by the National Association of Realtors. This metric provides a snapshot of local market dynamics by analyzing both supply and demand pressures. It is not just about price, but about the pace and intensity of the market.
The score is a composite of two key indicators:
- Supply Score: This is measured by the median number of days a property stays on the market. A lower number indicates high demand, as homes are sold quickly. Counties where homes sell faster receive a higher supply score.
- Demand Score: This component tracks the number of page views for property listings on realtor.com. High online traffic suggests strong buyer interest and translates to a higher demand score.
By combining these two factors, the index identifies areas where buyer competition is fierce and the housing inventory is moving at a rapid pace. The analysis included data from over 1,600 counties across the United States.
Upstate New York Dominates State Rankings
The recent data reveals a clear trend: the most competitive real estate markets in New York are concentrated upstate. Wayne and Monroe counties not only achieved top national rankings but also secured the first and second positions within the state.
Following them were three other upstate counties that demonstrated significant market heat:
- Livingston County: Ranked 41st in the U.S. and 3rd in New York.
- Broome County: Ranked 72nd in the U.S. and 4th in New York.
- Onondaga County: Ranked 77th in the U.S. and 5th in New York.
This concentration of high-ranking counties underscores a regional boom. For context, the highest-ranking county outside of the upstate region was Westchester, which came in at 26th in the state but only 552nd nationally. This stark contrast highlights the intense, localized demand occurring north of the New York City metropolitan area.
Upstate's Top Performers
The five highest-ranking counties in New York for market hotness were all located upstate, showcasing a powerful regional trend in the housing sector.
What This Means for Buyers and Sellers
The high hotness scores in these counties create a dynamic and often challenging environment for those involved in real estate transactions.
For Sellers
A hot market is advantageous for property owners. High demand, measured by online views, often translates into more showings, multiple offers, and potentially higher selling prices. The low 'days on market' figure means sellers can expect a faster sales process from listing to closing. This environment gives sellers significant leverage in negotiations.
For Buyers
Prospective homebuyers face a much more competitive landscape. With properties selling quickly, buyers must be prepared to act fast. It is common in such markets for homes to sell for over the asking price due to bidding wars. Preparation is key for buyers, which includes having financing pre-approved and being ready to make a strong offer as soon as a suitable property becomes available.
"In a market with low days on market and high online interest, buyers have less time to deliberate. The speed of the transaction is a defining characteristic of these hot spots."
The Driving Forces Behind the Trend
While the data itself doesn't specify causes, several economic factors likely contribute to the rising popularity of Upstate New York's housing market.
One of the most significant drivers is the search for affordability. Compared to major metropolitan areas like New York City, the housing stock in counties like Wayne and Monroe offers more value for the money. This affordability has become even more attractive as interest rates have risen nationally.
The continued prevalence of remote and hybrid work models has also broadened the geographic options for many professionals. No longer tied to a daily commute into a major city, buyers are exploring areas that offer a different lifestyle, more space, and a lower cost of living.
Defining Upstate New York
For the purpose of this regional analysis, the term "Upstate New York" generally refers to all counties located north of Westchester and Rockland counties. This large and diverse area includes cities like Rochester, Syracuse, Buffalo, and Albany, as well as extensive rural and suburban communities.
These upstate counties often provide access to natural attractions like the Finger Lakes, along with vibrant smaller cities and towns, which appeals to those seeking a better work-life balance. As buyers look beyond traditional urban centers, these once-overlooked markets are now experiencing a surge in demand, reshaping the real estate landscape of New York State.
