U
pstate New York is experiencing an unprecedented housing market, with three counties ranking among the top 10 nationwide for the fastest home sales in August. According to Redfin data, Wayne, Monroe, and Saratoga counties tied for ninth place, with homes selling at a median pace of just nine days.

    Located along Lake Ontario, Wayne County is situated between Oswego and Rochester, while Monroe County is home to Rochester itself. Saratoga County, near Albany, boasts an upscale resort town of the same name. These counties' rapid sales are not isolated incidents; nearby Albany and Broome counties also posted impressive numbers, ranking in the top 20 nationally.

    Onondaga County, which includes Syracuse, wasn't far behind, tying for 66th place with homes selling in 15 days on average. The common thread across the region is that homes are selling faster than ever before. This shift from a typical housing market, where properties often sat for months before selling, can be attributed to the COVID-19 pandemic.

    The historically low number of homes for sale has created fierce competition among buyers, leading to bidding wars and rising prices. As soon as a property hits the market, it's likely to attract multiple offers almost immediately, with some homes not even making it to a second weekend of open houses. Buyers are going all-in to win, often making cash offers and waiving contingencies like home inspections.

    Local experts attribute the fast sales and rising prices to the lack of available homes, forcing buyers to act quickly and offer more than the asking price if they want to secure a property. This intense competition is not limited to first-time homebuyers; seasoned homeowners and investors are also fighting for the same limited pool of homes.