The Buffalo, NY metro area housing market in February 2025 presents a complex landscape with varying trends across different metrics. The Median Sales Price has decreased to $235,000, marking a 4.1% decline year-over-year. This decrease contrasts with the Median List Price, which has risen by 8.3% to $249,000, indicating a potential gap between seller expectations and buyer willingness.

In terms of Price Per Square Foot, the median price has increased by 4.7% to $158.47, while the Median List Price per square foot has seen a 5.2% rise to $163.87. These figures suggest a steady appreciation in property value, despite the overall decline in sales prices.

The number of Homes Sold has dropped significantly by 12.5%, with only 519 Homes Sold in February 2025. Pending Sales have also decreased by 14.4%, totaling 593. This decline in sales activity is further reflected in the New Listings, which have fallen by 17.4% to 581, and the inventory, which is down by 16.6% to 810 homes. Despite these declines, the Months of Supply remain unchanged at 1.60, indicating a stable market balance.

The Median Days on Market have increased slightly by 3.0% to 25 days, suggesting a marginal slowdown in the speed of transactions. However, the average sale to list ratio remains robust at 100.6%, with a slight year-over-year increase of 0.1%. Additionally, the percentage of Homes Sold above list price has risen by 1.5% to 47.0%, highlighting competitive bidding in certain segments of the market.

Price Drops have become more common, with 19.6% of listings experiencing reductions, up by 2.7% from the previous year. Furthermore, 53.8% of homes are going off the market within two weeks, an increase of 2.6%, indicating that well-priced homes are still attracting swift interest from buyers.

Overall, the Buffalo housing market in February 2025 is characterized by a decline in sales activity and inventory, coupled with rising list prices and competitive bidding for select properties. Buyers and sellers alike should navigate this market with careful consideration of pricing strategies and market conditions.