Buffalo, NY Metro Area Housing Market Analysis - July 2024
The Buffalo, NY metro area housing market has shown a variety of trends as of July 2024. The median sales price has increased significantly, while the median list price has seen a decline. Additionally, there are notable changes in inventory and the speed at which homes are selling.
Price Trends
The median sales price in the Buffalo, NY metro area stands at $283,500, reflecting a substantial year-over-year (YoY) increase of 11.2%. This indicates a strong demand for homes, pushing prices higher. Conversely, the median list price has decreased by 4.0% YoY, now at $239,900. This decline suggests that sellers may be adjusting their expectations to align with market conditions.
The median price per square foot has risen to $181.12, marking an 8.2% YoY increase. Similarly, the median list price per square foot has also seen a rise, now at $162.68, which is a 4.0% YoY increase. These figures highlight a growing valuation of property on a per-square-foot basis.
Sales and Inventory
The number of homes sold in July 2024 is 968, showing a modest YoY increase of 1.5%. Pending sales have also risen by 2.6% YoY, totaling 1,176. New listings have increased by 2.2% YoY, reaching 1,310. However, the overall inventory has decreased by 4.9% YoY, now at 1,384 homes. This reduction in inventory, coupled with increased sales, suggests a tightening market.
The months of supply, a critical indicator of market balance, has decreased by 10.0% YoY to 1.40 months. This low supply level indicates a seller's market, where demand outstrips supply, often leading to higher prices and quicker sales.
Market Dynamics
The median days on market remain unchanged YoY at 10 days, indicating that homes are selling quickly. The average sale to list ratio is 107.8%, a slight increase of 0.1% YoY, showing that homes are generally selling above their list prices. The sold above list ratio has also increased by 0.6% YoY to 70.9%, further emphasizing the competitive nature of the market.
Price drops have increased by 6.2% YoY, now at 32.3%, suggesting that some sellers may be adjusting their prices to attract buyers. The percentage of homes going off the market within two weeks has decreased by 4.9% YoY to 58.7%, indicating a slight slowdown in the speed at which homes are being taken off the market.
Conclusion
In summary, the Buffalo, NY metro area housing market in July 2024 is characterized by rising sales prices and a competitive environment. While the median list price has decreased, the median sales price and price per square foot have both seen significant increases. Inventory remains tight, contributing to the quick turnover of homes and a high sale-to-list ratio. These trends suggest a robust market with strong demand, although some sellers are adjusting their expectations to align with buyer behavior.
