Is Buffalo, NY a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Buffalo is a seller's market

Buyer's
Market

Difference Since October 2021

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.

How much do homes in Buffalo, NY cost?

Median Sold Price

$179,958

$131/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2021

+$16,929(+10.4%)

Key Takeaway

Homes in Buffalo have sold for 10.4% more than they did a year ago.

Median Sold Price By Bedroom Count

# BEDSOct 2021Oct 2022%
1 $197.4K$202.4K
+2.5%
2 $162.5K$183.5K
+12.9%
3 $156.2K$175.9K
+12.6%
4 $166.2K$175.7K
+5.7%
5+ $178.7K$220K
+23.1%

Median Sold Price Compared To Nearby Cities

Kenmore
+17.8%
Sloan
+11.5%
Cheektowaga
+10.5%
Buffalo
+10.4%
West Seneca
+9.7%

How many homes are available in Buffalo, NY?

Number of Homes For Sale

Sep 2022Oct 2022%
463395-14.7%

Homes For Sale By Bedroom Count

# BEDSSep 2022Oct 2022%
1 44
0.0%
2 5653
-5.4%
3 217181
-16.6%
4 148126
-14.9%
5+ 3831
-18.4%

Number of Homes Sold

Sep 2022Oct 2022%
12692-27.0%

Asking Price vs. Sold Price

34 Homes Were Sold
Under Asking

5 Homes Were Sold
At Asking

53 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Buffalo, you could pay more than the asking price. 57.6% of homes here sold above asking price last month.

Average Sale Time

Oct 2021Oct 2022%
17 Days13 Days-19.7%

Breakdown of Home Sale Times

85 Homes Were Sold
Under 30 Days

5 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Buffalo are selling fast, if you're buying plan to act quickly.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

About Buffalo, NY

Homes for sale in Buffalo, NY have reached 395. The number of homes for sale in Buffalo, NY decreased by 14.7% between September 2022 and October 2022. While the average time on the market in October 2022 was 13 days, the median list price was $179,958. Real estate listing prices changed between September 2022 and October 2022: 1 bedroom properties became 2.5% more expensive, 2 bedrooms properties became 12.9% more expensive, 3 bedrooms properties became 12.6% more expensive, 4 bedrooms properties prices increased by 5.7%, 5 bedrooms properties prices increased by 23.1%. Volume of homes for sale in this real estate market have seen the following changes: the quantity of 1 bedroom homes have not changed, the quantity of 2 bedrooms homes went down by 5.4%, 3 bedrooms homes inventory decreased by 16.6%, the quantity of 4 bedrooms homes went down by 14.9%, the quantity of 5 bedrooms homes went down by 18.4%. In October 2022 more than 53 listings in Buffalo, NY were sold above the asking price. During the same period more than 5 listings were sold at asking price, while more than 34 were sold below.

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