Buffalo, NY
Housing Market
Buffalo's housing market is dynamic, with home prices and demand constantly shifting. Houzeo's housing market report monitors these fluctuations, providing real-time insights into Buffalo's supply and demand trends. Our report equips you with all the information you need to make well-informed decisions.
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Buy or SellBuffalo Housing Market Overview
The Buffalo real estate market has witnessed moderate competition in recent months. The average home price in the city has risen slightly by 1.8% year-over-year, and is now $183,250. Houses in Buffalo, NY, stay on the market for a median of 36 days before they go under contract. However only 104 homes were sold this month, which marks a 28.3% decrease from last year. As such, the market shows signs of slowing sales volume.
Buffalo's housing market offers diverse options for all budgets. The city has historic Victorians, charming craftsman homes, and affordable starter properties. Buffalo's steady property value growth of late largely stems from its urban renewal and affordability. With the Canalside waterfront, renowned architecture, and proximity to Niagara Falls, Buffalo is the place to be.
Buffalo's housing market offers diverse options for all budgets. The city has historic Victorians, charming craftsman homes, and affordable starter properties. Buffalo's steady property value growth of late largely stems from its urban renewal and affordability. With the Canalside waterfront, renowned architecture, and proximity to Niagara Falls, Buffalo is the place to be.
Median Sale Price
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Buffalo Housing Supply
Real estate investors are drawn to Buffalo due to its strong rental yields. The city's affordability also attracts first-time homebuyers. At present, there are 261 houses for sale in Buffalo, New York. This is a 14.4% decrease from the same time last year, and includes 159 new listings. Buyers face more competition as inventory shrinks. Buffalo's housing supply currently stands at 2.5 months, which is quite competitive.
Housing availability in Buffalo follows seasonal patterns. More sellers list homes between February and September. Buyers also actively house-hunt during the spring and summer months. Buffalo offers great value in terms of cost and amenities. Homes in prime locations like Elmwood Village and Allentown sell particularly quickly. Before you make offers, inspect properties thoroughly. Look for areas of negotiation and request seller concessions if possible.
Housing availability in Buffalo follows seasonal patterns. More sellers list homes between February and September. Buyers also actively house-hunt during the spring and summer months. Buffalo offers great value in terms of cost and amenities. Homes in prime locations like Elmwood Village and Allentown sell particularly quickly. Before you make offers, inspect properties thoroughly. Look for areas of negotiation and request seller concessions if possible.
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Buffalo Housing Demand
The Buffalo, NY, real estate market shows significant competition. 39.8% of homes sell above the list price. Meanwhile, only 16.5% of homes sell below the asking price. The sale-to-list price ratio is presently 98.1%, which signals that sellers maintain leverage and have a price advantage. In this market, buyers often bid near the asking price.
As a home seller, price your Buffalo home accurately from the beginning. This will help you attract multiple offers. You may not need to offer concessions to buyers in the current seller's market. Also, listing your home on the New York MLS means you can reach more potential buyers. If the sale-to-list price approaches 100%, expect strong interest from buyers and higher prices. If you're buying a house in Buffalo, prepare for competition. Properties near Delaware Park or downtown move quickly. So, you might need to act fast and submit strong offers.
As a home seller, price your Buffalo home accurately from the beginning. This will help you attract multiple offers. You may not need to offer concessions to buyers in the current seller's market. Also, listing your home on the New York MLS means you can reach more potential buyers. If the sale-to-list price approaches 100%, expect strong interest from buyers and higher prices. If you're buying a house in Buffalo, prepare for competition. Properties near Delaware Park or downtown move quickly. So, you might need to act fast and submit strong offers.
Homes Sold Above List Price
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Strong
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Balanced
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Buyer’s Market
Seller’s Market
Balanced: Neither buyers nor sellers dominate the market. Supply meets demand, prices stay stable, and both parties negotiate on an equal footing.
Buffalo Market: When to Buy or Sell?
The Buffalo housing market favors buyers and sellers in turn, similar to the New York housing market. While consistently competitive, seasonal changes create opportunities for both parties. When Buffalo's home inventory shoots up in spring, buyers gain options. When demand peaks in summer, sellers enjoy higher prices and faster sales.
With Buffalo's housing supply at 2.5 months, the market strongly favors sellers, unlike the more balanced US housing market. Buyers must act decisively to secure desirable properties, while sellers can expect reasonable offers if they price correctly. Monitor local indicators for the best possible outcome on your purchase or sale.
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Frequently Asked Questions
How has the average home price in Buffalo, NY, changed over the past year?
The average home price in Buffalo has increased by 1.8% over the past year, to reach $183,250 at present. If you want to know your property's value in this market, you can use our free home value estimator.
What are Buffalo's real estate market predictions for the near future?
House prices in Buffalo, NY, should continue their modest upward trend in the coming months. Demand will likely remain strong in spite of limited inventory. However, rising mortgage rates are likely to slow price growth.
What's the average home price in Buffalo?
The average home price in Buffalo varies by neighborhood and size. For example, a single-family home costs $182,500 on average. If you want to buy a house here, there are cheap houses for sale in Buffalo, NY, within your budget.
Is this a good time to buy a house in Buffalo?
Check Buffalo housing market trends for supply and demand insights. This helps you determine if it's a buyer's or seller's market. Sellers benefit from low inventory and stable prices. If you find the right home and plan to stay long-term, buying is a good idea.
What are the current Buffalo housing market trends?
The housing market in Buffalo shows year-round activity. Competition varies by neighborhood and property type. Homes in Buffalo, NY, currently move slightly faster now than in previous years. If you want to buy or sell in the city, check its housing market trends for the best timing.
When will the Buffalo housing market crash?
Buffalo's housing market trends don't show any signs of an imminent crash. In fact, home prices continue to rise steadily. Modest growth should continue despite higher interest rates.
How to buy a house in Buffalo?
Start with a clear budget and mortgage pre-approval. Then search for Buffalo houses for sale. Submit offers, secure loans, and complete the closing process.
How can I list my houses for sale in Buffalo, New York?
List your house with a Flat Fee MLS New York listing service. High-tech MLS sites like Houzeo assign the right paperwork based on your location. 🚀
What are the current mortgage rates in Buffalo, NY?
The state-wide average mortgage rate fluctuates between 6.07% and 6.73%. Rates depend on market conditions and your credit score. Always check current rates with lenders.
What is the cost of living in Buffalo, NY?
Buffalo's cost of living is 5% below the national average. The city offers exceptional affordability, and housing costs remain particularly low in this region. Moreover, transportation costs are also slightly lower than the US median. As a result, Buffalo attracts those who seek budget-friendly urban amenities.
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