Metropolitan Statistical Area (MSA):
Rochester, NY is a Metropolitan Statistical Area (MSA) comprising counties including .
There is no doubt that the Rochester, NY metropolitan statistical area (MSA) has seen better days when it comes to real estate trends in the housing market. The area has been in a steady decline since the early 2000s, and there is no sign of things getting any better anytime soon. The vacancy rate for rental properties in the MSA is currently at an all-time high of 12.6%, and the median home price has fallen to just $85,000. This is a far cry from what it once was, as the median home price was over $200,000 as recently as 2006.
The main reason for this decline is the loss of manufacturing jobs in the area. Rochester was once known as "The Flower City" due to its large number of greenhouses and nurseries. However, many of these businesses have closed down in recent years, leaving thousands of people out of work. This has led to a decrease in demand for housing, which has driven prices down. Another factor that has contributed to the decline in real estate values is the increase in crime rates throughout the MSA. This has made many potential buyers hesitant to purchase property in the area, further driving prices down.
It is unclear when or if Rochester will ever recover from these trends. The city has been trying to attract new businesses and industries, but so far these efforts have not been very successful. Until something changes, it seems likely that the decline in real estate values will continue unabated.