The Buffalo, NY metro area housing market in January 2025 presents a complex landscape with varying trends across different metrics. The Median Sales Price has decreased by 2.3% year-over-year, settling at $245,000. In contrast, the Median List Price has increased by 2.6% to $235,000, indicating a potential shift in seller expectations or market dynamics.

Price Per Square Foot metrics reveal a more pronounced upward trend. The median Price Per Square Foot has risen by 5.3% to $161.95, while the Median List Price per square foot has surged by 14.5% to $166.80. This suggests that while overall sales prices have dipped, the value attributed to each square foot of property has appreciated significantly.

Sales activity in the region shows a positive trend, with Homes Sold increasing by 6.5% year-over-year to 740 units. However, Pending Sales have decreased by 2.0%, totaling 622, which may indicate a slowdown in future transactions. New Listings have seen a modest increase of 0.6%, reaching 537, while inventory has dropped by 9.4% to 871, reflecting a tighter market.

The Months of Supply, a critical indicator of market balance, has decreased by 20.0% to 1.20 months, suggesting a strong seller's market. Despite this, the Median Days on Market remain unchanged at 16 days, indicating that properties are still moving quickly once listed.

The average sale to list ratio has improved slightly by 0.6%, reaching 102.8%, which means homes are generally selling above their list prices. However, the percentage of Homes Sold above list price has decreased by 1.7% to 55.0%. Price Drops have increased by 6.8%, affecting 26.1% of listings, which could be a response to the initial overpricing or changing market conditions.

Finally, the percentage of homes going off the market within two weeks has increased by 2.0% to 37.6%, indicating a brisk pace for well-priced properties. Overall, the Buffalo housing market in January 2025 is characterized by rising list prices and Price Per Square Foot, increased sales activity, and a competitive environment for buyers, despite some downward pressure on sales prices.