$4,020 Closing Credit*
$338,500
1,620 SqFt
3 Beds
•2 Full Baths
Amy R Rooth, Listing Office: Howard Hanna WNY Inc.
Is Buffalo, NY a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since August 2023
Since last year, Buffalo has remained a Seller's Market.
Key Takeaway
Buffalo is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Buffalo, NY
How much do homes in Buffalo, NY cost?
Median Sold Price
$231,270
$159/sqft
Based on all homes sold in the last 12 months.
Difference Since August 2023
+$6,276(+2.8%)
Key Takeaway
Homes in Buffalo have sold for 2.8% more than they did a year ago.
Summary: The median home sold price in Buffalo was $231,270 in August 2024, up 2.8% from last year, and the median price per square foot was $159.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Aug 2023 | Aug 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $145.9K | $184.5K | +26.5% |
| 2 Bedrooms | $192K | $205K | +6.8% |
| 3 Bedrooms | $220K | $235K | +6.8% |
| 4 Bedrooms | $259.4K | $249.9K | -3.7% |
| 5+ Bedrooms | $240K | $229.7K | -4.3% |
Summary: Buffalo housing prices by bedroom type for August 2024 compared to the previous year: The home price of 1 bedroom homes increased by 26.5%, 2 bedroom homes increased by 6.8%, 3 bedroom homes increased by 6.8%, 4 bedroom homes decreased by 3.7%, and 5+ bedroom homes decreased by 4.3%.
Median Sold Price Compared To Nearby Cities
| West Seneca | $240K | $260.1K | +8.4% |
| Cheektowaga | $207.6K | $224.9K | +8.3% |
| Sloan | $169K | $174.9K | +3.5% |
| Buffalo | $224.9K | $231.2K | +2.8% |
| Kenmore | $240K | $245K | +2.1% |
Housing Supply in Buffalo, NY
How many homes are available in Buffalo, NY?
Number of Homes For Sale
| Jul 2024 | Aug 2024 | CHANGE |
|---|---|---|
| 2,048 | 1,738 | -15.1% |
Summary: The Buffalo real estate market had 1,738 homes for sale in August 2024, a 15.1% decrease compared to July 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Jul 2024 | Aug 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 20 | 18 | -10.0% |
| 2 Bedrooms | 200 | 170 | -15.0% |
| 3 Bedrooms | 820 | 685 | -16.5% |
| 4 Bedrooms | 570 | 495 | -13.2% |
| 5+ Bedrooms | 438 | 370 | -15.5% |
Summary: The Buffalo housing inventory by bedroom type for August 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 10%, 2 bedroom homes decreased by 15%, 3 bedroom homes decreased by 16.5%, 4 bedroom homes decreased by 13.2%, and 5+ bedroom homes decreased by 15.5%.
Number of Homes Sold
| Jul 2024 | Aug 2024 | CHANGE |
|---|---|---|
| 475 | 438 | -7.8% |
Asking Price vs. Sold Price
123 Homes Were Sold
Under Asking
30 Homes Were Sold
At Asking
285 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Buffalo, you could pay more than the asking price. 65.1% of homes here sold above asking price last month.
Summary: A total of 438 homes were sold or pending in Buffalo in August 2024, down by 7.8% month-over-month. Of the 438 sold homes, 28% were sold under asking, 7% were sold at asking, and 65% were sold over asking.
Days on Market for Buffalo, NY
How long does it take to sell a home in Buffalo, NY?
Average Sale Time
| Aug 2023 | Aug 2024 | CHANGE |
|---|---|---|
| 17 Days | 20 Days | +19.8% |
Summary: Homes in Buffalo had an average of 20 days on market in Aug 2024, up by 19.8% compared to last year.
Breakdown of Home Sale Times
361 Homes Were Sold
Under 30 Days
61 Homes Were Sold
In 30 - 90 Days
16 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Buffalo are selling fast, if you're buying plan to act quickly.
Summary: During August 2024, 438 homes were sold in Buffalo; 82% of homes were sold within 30 days, 14% of homes were sold within 30 to 90 days, and 4% of homes were sold over 90 days.
Listings courtesy of OneKey MLS as distributed by MLS GRID.
The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity Program of the OneKey™ MLS. Real Estate listings held by brokerage firms other than this broker are marked with the Broker Reciprocity logo and detailed information about them includes the name of the listing brokers. This information is provided exclusively for consumers’ personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.