Buffalo Real Estate Values Increase by $200k in 12 Months

The Buffalo, NY real estate market shows promising growth, with increases in both average home values and sales volume. Comparisons with neighboring cities reveal diverse market characteristics, offering varied opportunities for investors and homebuyers.

authorWritten by Manuel MartinezApr 29, 2024

Market Report for Buffalo, NY. Recent real estate market data data points at an encouraging uptick in property values. From April 2023 to March 2024, Buffalo experienced a steady climb in the average value of homes, with figures rising from $170,000 to a notable $190,000.

Buffalo New York Real Estate Prices April 2024
Buffalo New York Real Estate Prices April 2024

Furthermore, despite a slight decline from January to March 2024, the average sale price per square foot has overall risen from $124 in April 2023 to approximately $135 in March 2024. This particular metric is crucial as it reflects a compound influence of factors such as location desirability, the quality of living, and the intrinsic value of real estate assets in Buffalo.

One cannot overlook the substantial swell in property sales volume. In September 2023, sales numbers tallied at 1,044 properties, which catapulted to an impressive 3,014 by March 2024.

Comparative Analysis with Nearby Cities

When comparing Buffalo’s real estate status with neighboring cities like Depew, Getzville, and Grand Island, a fascinating narrative unfolds. Depew, being a more suburban locale, topped with its highest average value at $265,000 and a per square foot value of $190 in February 2024, before moderating to $245,000 and $162, respectively, in March 2024.

In Getzville average home values reached $699,000 with a per square foot sale price of $234 in March 2024, indicating a premium on both per square foot and overall property value, often attributed to luxurious offerings and exclusive neighborhoods.

Grand Island’s real estate market exhibits fluctuations but constantly hovers above Buffalo with a March 2024 average value of $300,000 and per square foot sale price of $200. The diversity and relatively higher property values in these areas signify a more affluent demographic or possibly a different array of amenities and home features that could justify the higher price tags.

Detailed Look at Buffalo, NY Submarkets

Diving deeper, the Buffalo real estate market is a mosaic of submarkets each with distinct characteristics. Certain zip codes within the city exhibit a stark disparity in average list prices and value. The 14202 area is particularly noteworthy with its high average list price of $624,000 signaling a premium segment within Buffalo’s greater market. Conversely, the 14215 area presents more affordability with an average list price circling around $100,000.

These variations in sale prices and value per square foot across Buffalo’s zip codes are a testament to the city’s diverse housing options, catering to a wide range of preferences and socioeconomic statuses. Investors and homebuyers must examine these subtleties to discern growth potential and suitability per neighborhood.

Current Real Estate Values and Volumes in Buffalo, NY

As of March 2024, the metrics for home values and sales volumes in Buffalo maintain their forward momentum. The current average value of $190,000 pairs with an average per square foot sale price of $129. Despite the overall growth trend, there’s a discrepancy when comparing the average value per square foot and the average sold per square foot price, which stands at approximately $135. This could suggest a market willing to pay a premium relative to listed per square foot prices.

Housing Market Summary for Buffalo, NY

Apr 2023 March 2024 Change
Median Listing Price $169.9K $201.7K 18.73%
Median Sold Price $184.9K $201.7K 9.10%
Homes For Sale 284 167 -41.20%
Homes Sold 2,445 3,014 23.27%

The inventory of properties available in March 2024 is relatively modest with 167 homes on the market. However, an impressive count of 3,014 homes sold in the same month reinforces the significant buyer interest in the area, further underlining the robust nature of Buffalo’s real estate market. Average sale prices in March 2024 reflect this enthusiasm, tallying at about $202,000, once again signaling strong market performance and investor confidence.

When we compare this to the current values and volumes in areas like Depew, Getzville, and Grand Island, the niche nature of these markets becomes apparent. Depew’s current average value at $245,000 and Grand Island’s at $300,000, with their respective per square foot values of $162 and $200, show the variation within a close geographic perimeter.

Getzville remains the outlier with the current average value at an $699,000 and average sale prices at $393,000, despite the lower count of 47 properties sold. This disparity may be a result of the luxury market segment that Getzville caters to, which typically features a lower turnover rate but higher property values.

The Buffalo real estate market, with its expansive spread across price points and regional variations, presents a range of opportunities for different types of buyers and investors. The escalating values and sales volumes suggest that the market is still on the rise, offering lucrative potential for stakeholders in the foreseeable future.

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