Western New York just became the nation’s hottest battleground for homebuyers
If you’ve been thinking the most cutthroat housing markets are always in coastal cities, new data may surprise you. According to Redfin’s latest ranking of the most competitive housing markets in the U.S., Irondequoit, NY—a lakeside suburb of Rochester—now sits at the top. Homes there are going under contract in an average of 8.5 days and often selling for well over asking price. And while Silicon Valley cities like Sunnyvale and Santa Clara remain extremely competitive, the headline is clear: Western New York has become a major pressure point for buyers and a major opportunity for sellers.
What’s driving competition in Irondequoit and the Rochester area?
Highly competitive markets usually share a few traits: strong demand, limited inventory, and homes that fit what today’s buyers want (move-in ready, walkable areas, strong schools, and commutes that still make sense). In many upstate markets, another factor is at play: relative affordability compared with big metros. When buyers are priced out of other regions—or simply want more home for their money—they often look to stable, livable cities where homeownership still feels attainable.
That doesn’t mean “cheap,” and it definitely doesn’t mean “easy.” When homes sell in just over a week, buyers have to move quickly, and sellers can command strong terms.
If you’re buying: how this changes your game plan
In a market like Irondequoit, speed matters—but strategy matters more. When homes sell fast and above list price, the biggest risk isn’t just paying more; it’s losing time and momentum after repeated rejected offers. To compete without overextending yourself, focus on being both prepared and precise.
- Get fully underwritten (or as close as possible) before you shop. A strong pre-approval can separate you from similar offers, especially when sellers prioritize certainty.
- Know your “walk-away” numbers. Decide in advance your max monthly payment and cash-to-close so emotion doesn’t push you past your comfort zone.
- Move quickly, but keep smart protections. In ultra-competitive markets, buyers sometimes waive contingencies. Consider alternatives like shorter inspection timelines or targeted repairs instead of removing safeguards entirely.
- Be flexible on terms. A clean closing timeline, earnest money, or allowing the seller a rent-back can be just as powerful as a higher price.
Also, interest rates can influence your purchasing power dramatically. In fast-moving markets, a small rate shift can change what you can afford—and how competitive your offer looks.
If you’re selling: why this could be your moment
For homeowners in Western New York, this kind of competitiveness can translate into multiple offers, fewer days on market, and stronger sale-to-list ratios. But maximizing your outcome still takes planning.
- Price strategically. Overpricing can stall momentum, even in a hot market. A sharp price can drive competition and stronger terms.
- Prepare for quick timelines. If homes are going pending in days, you’ll want your next housing plan lined up—whether that’s buying, renting temporarily, or negotiating a rent-back.
- Leverage your equity wisely. If you’re selling to upgrade or relocate, talk through down payment options and bridge strategies early to avoid rushed decisions.
One more consideration: if you have a very low mortgage rate, selling means giving that up. It can still make sense, but it’s worth running the numbers on your next payment and long-term costs.
If you’re refinancing: competitiveness can affect your timing and options
Even if you’re not moving, a competitive housing market can impact refinance decisions. Rising home values can boost your equity position, which may help with removing PMI, qualifying for better terms, or accessing cash for renovations. That said, refinancing is rate-sensitive. If today’s rates are higher than your current rate, alternatives like a home equity loan or HELOC might be worth comparing depending on your goals.
For homeowners considering renovations to improve comfort or resale value, increased competition can make upgrades feel more “worth it,” but the best approach is still a cost-versus-value analysis based on your neighborhood and timeline.
What to do next if you’re buying or selling in a fast market
Whether you’re in Irondequoit, the greater Rochester area, or watching competitive markets like the Bay Area, the takeaway is the same: you need a clear financing plan before you negotiate. A strong mortgage strategy can help you act fast, craft a compelling offer, and choose a path that supports your long-term finances—not just today’s win.
Ready to explore your options? Schedule a free consultation with our team today!