Is Buffalo, NY a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 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
$229,939
$156/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Buffalo have sold for 2.3% more than they did a year ago.
Summary: The median home sold price in Buffalo was $229,939 in April 2024, up 2.3% from last year, and the median price per square foot was $156.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $157K | $165K | +5.1% |
| 2 Bedrooms | $180K | $204.3K | +13.5% |
| 3 Bedrooms | $220K | $233.1K | +5.9% |
| 4 Bedrooms | $272.1K | $243.6K | -10.5% |
| 5+ Bedrooms | $267.5K | $221.6K | -17.2% |
Summary: Buffalo housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 5.1%, 2 bedroom homes increased by 13.5%, 3 bedroom homes increased by 5.9%, 4 bedroom homes decreased by 10.5%, and 5+ bedroom homes decreased by 17.2%.
Median Sold Price Compared To Nearby Cities
| Cheektowaga | $200.6K | $219.9K | +9.7% |
| West Seneca | $235.2K | $251.5K | +6.9% |
| Kenmore | $235K | $245K | +4.3% |
| Sloan | $170K | $174.9K | +2.9% |
| Buffalo | $224.8K | $229.9K | +2.3% |
Housing Supply in Buffalo, NY
How many homes are available in Buffalo, NY?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 1,293 | 1,260 | -2.6% |
Summary: The Buffalo real estate market had 1,260 homes for sale in April 2024, a 2.6% decrease compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 25 | 22 | -12.0% |
| 2 Bedrooms | 173 | 158 | -8.7% |
| 3 Bedrooms | 490 | 503 | +2.7% |
| 4 Bedrooms | 318 | 296 | -6.9% |
| 5+ Bedrooms | 287 | 281 | -2.1% |
Summary: The Buffalo housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 12%, 2 bedroom homes decreased by 8.7%, 3 bedroom homes increased by 2.7%, 4 bedroom homes decreased by 6.9%, and 5+ bedroom homes decreased by 2.1%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 280 | 254 | -9.3% |
Asking Price vs. Sold Price
74 Homes Were Sold
Under Asking
13 Homes Were Sold
At Asking
167 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Buffalo, you could pay more than the asking price. 65.7% of homes here sold above asking price last month.
Summary: A total of 254 homes were sold or pending in Buffalo in April 2024, down by 9.3% month-over-month. Of the 254 sold homes, 29% were sold under asking, 5% were sold at asking, and 66% 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
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 26 Days | 22 Days | -15.3% |
Summary: Homes in Buffalo had an average of 22 days on market in Apr 2024, down by 15.3% compared to last year.
Breakdown of Home Sale Times
203 Homes Were Sold
Under 30 Days
36 Homes Were Sold
In 30 - 90 Days
15 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 April 2024, 254 homes were sold in Buffalo; 80% of homes were sold within 30 days, 14% of homes were sold within 30 to 90 days, and 6% 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.