Is Buffalo, NY a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 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
$227,140
$156/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Buffalo have sold for 1% more than they did a year ago.
Summary: The median home sold price in Buffalo was $227,140 in March 2024, up 1% from last year, and the median price per square foot was $156.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $158.5K | $162K | +2.2% |
| 2 Bedrooms | $180K | $200.3K | +11.3% |
| 3 Bedrooms | $221.1K | $230.5K | +4.3% |
| 4 Bedrooms | $273.7K | $241.2K | -11.9% |
| 5+ Bedrooms | $290K | $219.7K | -24.2% |
Summary: Buffalo housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 2.2%, 2 bedroom homes increased by 11.3%, 3 bedroom homes increased by 4.3%, 4 bedroom homes decreased by 11.9%, and 5+ bedroom homes decreased by 24.2%.
Median Sold Price Compared To Nearby Cities
| Cheektowaga | $200.6K | $218.1K | +8.7% |
| West Seneca | $235.9K | $251.3K | +6.5% |
| Kenmore | $235K | $243K | +3.4% |
| Sloan | $170K | $172.4K | +1.4% |
| Buffalo | $224.9K | $227.1K | +1.0% |
Housing Supply in Buffalo, NY
How many homes are available in Buffalo, NY?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 1,251 | 1,155 | -7.7% |
Summary: The Buffalo real estate market had 1,155 homes for sale in March 2024, a 7.7% decrease compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 20 | 27 | +35.0% |
| 2 Bedrooms | 157 | 153 | -2.5% |
| 3 Bedrooms | 488 | 416 | -14.8% |
| 4 Bedrooms | 296 | 291 | -1.7% |
| 5+ Bedrooms | 290 | 268 | -7.6% |
Summary: The Buffalo housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 35%, 2 bedroom homes decreased by 2.5%, 3 bedroom homes decreased by 14.8%, 4 bedroom homes decreased by 1.7%, and 5+ bedroom homes decreased by 7.6%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 297 | 237 | -20.2% |
Asking Price vs. Sold Price
84 Homes Were Sold
Under Asking
25 Homes Were Sold
At Asking
128 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Buffalo, you could pay more than the asking price. 54% of homes here sold above asking price last month.
Summary: A total of 237 homes were sold or pending in Buffalo in March 2024, down by 20.2% month-over-month. Of the 237 sold homes, 35% were sold under asking, 11% were sold at asking, and 54% 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
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 27 Days | 30 Days | +10.1% |
Summary: Homes in Buffalo had an average of 30 days on market in Mar 2024, up by 10.1% compared to last year.
Breakdown of Home Sale Times
160 Homes Were Sold
Under 30 Days
59 Homes Were Sold
In 30 - 90 Days
18 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 March 2024, 237 homes were sold in Buffalo; 68% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 8% 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.