Monthly Market Update

Overview

The Buffalo real estate market is currently in a buyer's market, with more homes for sale than buyers. This is a change from the past few years, when the market was very competitive and homes were selling quickly for over asking price.

The median home price in Buffalo is currently $200,000, down 2.4% from last year. The median sale price per square foot is $136, up 13.3% from last year.

Data/Numbers

• Median home price: $200,000 (-2.4% YoY)
• Median sale price per square foot: $136 (+13.3% YoY)
• Number of homes for sale: 1,675 (-16.7% MoM)
• Number of homes sold: 387 (-24.1% MoM)
• Days on market: 16 (+5 YoY)

Trends

Home prices in Buffalo have been relatively stable in recent months, but there are some signs that the market is starting to cool off. The number of homes for sale has increased, and the number of homes sold has decreased. This is likely due to a number of factors, including rising interest rates and inflation.

However, the Buffalo real estate market is still relatively affordable, and there are still many opportunities for buyers to find good deals.

Neighborhoods

Some of the most popular neighborhoods in Buffalo include:

• Allentown
• Elmwood Village
• Hertel Avenue
• North Buffalo
• Parkside
• South Buffalo

These neighborhoods offer a variety of housing options, from single-family homes to apartments and condos. They also have a lot to offer in terms of amenities, including restaurants, shops, and parks.

Forecast

The Buffalo real estate market is expected to remain a buyer's market in the coming months. Home prices are likely to continue to stabilize, and there may even be some room for negotiation for buyers.

If you are thinking about buying a home in Buffalo, now is a good time to start shopping. There are many great homes available, and you are likely to be able to find a good deal.

Tips for Buyers

Here are a few tips for buyers in the Buffalo real estate market:

• Get pre-approved for a mortgage before you start shopping. This will give you a good idea of how much you can afford to spend and will make you a more competitive buyer.
• Work with a qualified real estate agent. A good agent will be able to help you find the right home for your needs and budget.
• Be prepared to negotiate. The Buffalo real estate market is becoming more competitive, but there is still room for negotiation for buyers.
• Don't be afraid to walk away from a deal. If you're not happy with a home or the offer, don't be afraid to walk away. There are plenty of other homes available.

Tips for Sellers

Here are a few tips for sellers in the Buffalo real estate market:

• Price your home competitively. The Buffalo real estate market is becoming more competitive, so it's important to price your home competitively.
• Make sure your home is in good condition. Buyers are looking for homes that are move-in ready. Make any necessary repairs and updates before you put your home on the market.
• Market your home effectively. Work with a qualified real estate agent to develop a marketing plan for your home. This may include listing your home online, holding open houses, and advertising in local media.
• Be patient. It may take some time to sell your home in the current market. Be patient and don't get discouraged.

The Buffalo real estate market is in a state of transition, but there are still many opportunities for buyers and sellers. If you are thinking about buying or selling a home in Buffalo, it is important to work with a qualified real estate agent who can help you navigate the market and achieve your goals.