Rochester appreciation rates and housing market information

Rochester housing market information

With 219,766 people, 99,820 houses or apartments, and a median cost of homes of $95,429, house prices in Rochester are some of the most affordable in New York as well as the nation.

single-family detached homes are the single most common housing type in Rochester, accounting for 42.89% of the city's housing units. Other types of housing that are prevalent in Rochester include duplexes, homes converted to apartments, or other small apartment buildings (31.24%), large apartment complexes or high rise apartments (21.22%), and a few row houses and other attached homes (4.57%).

People in Rochester primarily live in small (one, two, or no bedroom) single-family detached homes. Rochester has a mixture of owner-occupied and renter-occupied housing.

The housing in Rochester was primarily built before 1939 (55.41%), making the housing stock in Rochester some of the older overall in America, although there is a range of ages of homes in Rochester. The next most important Rochester housing age is 1940-1969 (32.22%), followed by 1970-1994 (11.49%). There's also some housing in Rochester built between 1995 and later (.88%).

Vacant housing appears to be an issue in Rochester. Fully 10.84% of the housing stock is classified as vacant. Left unchecked, vacant Rochester homes and apartments can be a drag on the real estate market, holding Rochester real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Rochester home appreciation rates

Some of the lowest real estate appreciation rates in America over the last ten years have been in Rochester, where house values have increased just 20.74%, which is an average annual increase of 2.07%. NeighborhoodScout's data show that in the latest quarter, Rochester house values appreciated 0.37%, which is an annualized rate of 1.48%. This rate is lower than the appreciation rate found in 50% of the cities and towns in America.

NeighborhoodScout's data show that during the latest twelve months, Rochester home appreciation rates, at 0.35%, have been at or slightly above the national average. In the latest quarter, Rochester's appreciation rate has been 0.37%, which annualizes to a rate of 1.48%.

Relative to New York, our data show that Rochester's latest annual appreciation rate is higher than 45% of the other cities and towns in New York.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Rochester differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Rochester - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 1990, to assist you in making the best Rochester real estate investment or home purchase decisions.