Buffalo, NY Metro Area Housing Market Analysis - August 2024
The Buffalo, NY metro area housing market has exhibited a variety of trends as of August 2024. The Median Sales Price for homes in this region is currently $275,000, reflecting a year-over-year (YoY) decrease of 3.0%. Conversely, the Median List Price has risen to $249,900, marking a 4.2% increase YoY. This divergence between sales and list prices suggests a potential shift in market dynamics.
The median Price Per Square Foot has seen a significant rise, now standing at $185.86, which is a 9.8% increase YoY. Similarly, the Median List Price per square foot has increased by 8.8% YoY, reaching $165.58. These figures indicate a growing valuation of property on a per-square-foot basis, despite the overall decline in Median Sales Price.
In terms of sales activity, the number of Homes Sold has decreased by 2.8% YoY, with 1,127 Homes Sold in August 2024. Pending Sales have experienced a more substantial decline, down 11.0% YoY to 1,090. New Listings have also decreased by 5.8% YoY, totaling 1,159. Inventory levels have seen a slight reduction of 0.8% YoY, with 1,410 homes currently available. The Months of Supply have increased by 10.0% YoY, now at 1.3 months, indicating a slight easing in the tightness of the market.
The Median Days on Market remain unchanged YoY at 11 days, suggesting that homes are still selling relatively quickly. The average sale to list ratio is 106.2%, a minor decrease of 0.2% YoY, indicating that homes are still selling above their list prices, albeit slightly less so than last year. The percentage of Homes Sold above list price is 67.8%, down 0.6% YoY.
Price Drops have become more common, with 34.2% of listings experiencing a reduction, up 6.6% YoY. Additionally, the percentage of homes going Off Market Within Two Weeks has decreased by 4.3% YoY, now at 57.4%, suggesting a slight slowdown in the pace at which homes are being taken off the market.
Overall, the Buffalo, NY metro area housing market is experiencing a mix of rising list prices and per-square-foot valuations, alongside declining sales and inventory levels. These trends indicate a complex market environment where sellers may be adjusting their expectations, and buyers are navigating a landscape of higher list prices and fewer available homes.
