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ochester's housing market is stuck in a deep freeze, according to Mark Siwiec of Elysian Homes NY. In a recent warning letter, Siwiec outlined the dire situation and proposed two potential solutions. "We need a thaw," he said, emphasizing that one way to achieve this is through a surge in home sales.

    Siwiec pointed out that empty nesters selling their large family homes and young couples parting with their starter homes could inject much-needed inventory into the market. However, he acknowledged that interest rates are unlikely to fall anytime soon, making it difficult for long-time homeowners to sell without taking on higher mortgage costs.

    The current shortage of single-family homes is staggering, with only 135 properties priced above $200,000 available in Rochester. Siwiec believes this number should be significantly higher, suggesting a minimum of 1,000 homes on the market. His report reveals that Rochester has seen a 58% decline in single-family home listings over the past five years, placing it at the top of the national list.

    When asked why Rochester stands out from other municipalities, Siwiec replied that there is no clear reason for its predicament. He speculated that convincing homeowners to put their properties on the market could be a key factor in breaking the logjam. "When the dam breaks," he predicted, "it will be chaotic – but also incredibly exciting." For now, buyers are left feeling frustrated, anxious, and desperate as they navigate the limited options available.