Buffalo NY Real Estate Forecast for 2024
The Buffalo, NY housing market is showing signs of being one of the most competitive and vibrant markets as we move through 2024. The city’s market dynamics suggest a blend of both opportunities and challenges for buyers, sellers, and investors alike.
Current Market Overview
Buffalo’s housing market has been described as undeniably competitive, with homes receiving multiple offers and typically selling within just 15 days. The median sale price of homes in Buffalo is around $190,000, marking a 3.0% increase from the previous year. The market is characterized by homes selling for about 3% above the listed price, indicating a seller’s market where demand outstrips supply.
Migration Trends
An interesting facet of Buffalo’s housing dynamics is the migration trend, with a notable percentage of homebuyers looking to move into the city from other areas, particularly from Syracuse, Rochester, and New York. This influx is balanced by an outbound migration to cities like Cape Coral and Sarasota, showcasing Buffalo’s appeal to a diverse demographic.
Forecast and Investment Considerations
Looking forward, the Buffalo Metropolitan Statistical Area (MSA) housing market forecast suggests a slight increase of 0.1% by the end of December 2023, followed by a marginal decrease of -0.3% by the end of February 2024, and a further dip of -0.2% by the end of November 2024. Despite these modest changes, the market does not indicate a significant drop in home prices, with an average home value experiencing a 5.8% increase over the past year.
Given these trends, Buffalo presents itself as a mixed market that leans towards sellers still, with homes spending a short time on the market and a high percentage of sales over list price (We can attest to that first hand). However, the forecasted slight decreases suggest that buyers may also find opportunities, especially if they are strategic about their timing and approach.
Investors and homebuyers considering the Buffalo market should weigh these factors carefully. The city’s competitive landscape, coupled with its demographic appeal and the nuanced forecasts for the housing market, suggest that Buffalo remains an intriguing option for real estate investment and homeownership.
In summary, while the Buffalo housing market is competitive and prices have been rising, the forecasted modest adjustments in home values and the active migration trends offer a complex but potentially rewarding landscape for those looking to engage with this market. For those wishing to sell “For Sale By Owner” why not take advantage of the low inventory and try our Northern Star Realty Flat Fee MLS service for Buffalo NY. You wont have to pay a listing commission just a low one time fee and you get to decide how much commission you want to pay to the broker who sells it. There is no point in paying a 6% full service listing because with our gold plan you get in the exact same MLS as the local Realtors use (we are local in Western NY) plus on 75 other major sites and you get professional coaching as well (42 yrs experience) when you get an offer. You will get a ton of exposure!