Buffalo, NY Metro Area Housing Market Analysis - November 2024
The Buffalo, NY metro area housing market in November 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price has decreased by 5.1% year-over-year, settling at $251,400. This decline indicates a cooling in the market compared to the previous year. In contrast, the Median List Price remains stable at $229,900, showing no change from the previous year.
Despite the decrease in sales prices, the median Price Per Square Foot has increased by 6.8% year-over-year, reaching $171.72. Similarly, the Median List Price per square foot has risen by 7.0% to $153.40. These increases suggest that while overall sales prices have dropped, the value of homes on a per-square-foot basis has appreciated, indicating a potential shift in buyer preferences towards smaller, more affordable properties.
The number of Homes Sold in November 2024 was 870, representing a 7.5% decrease from the previous year. Pending Sales remained unchanged year-over-year at 849, suggesting a stable demand despite the decline in actual sales. New Listings have decreased by 6.1% to 741, while inventory has dropped by 9.3% to 1,273, indicating a tightening supply in the market.
The Months of Supply remain unchanged at 1.5 months, reflecting a balanced market where supply and demand are relatively aligned. The Median Days on Market have increased slightly by 2.0% to 14 days, suggesting that homes are taking marginally longer to sell compared to last year.
The average sale to list ratio has increased by 0.3% to 104.1%, indicating that homes are selling for slightly more than their list prices on average. The sold above list ratio has also increased by 1.6% to 60.8%, showing that a significant portion of homes are selling above their asking prices. This trend suggests competitive bidding among buyers, despite the overall decline in sales prices.
Price Drops have increased by 3.5% to 29.5%, indicating that sellers are adjusting their expectations in response to market conditions. The percentage of homes going off the market in two weeks has decreased by 4.2% to 42.3%, suggesting that fewer homes are selling quickly compared to the previous year.
Overall, the Buffalo, NY metro area housing market in November 2024 reflects a mix of declining sales prices and increased per-square-foot values, with stable demand and a tightening supply. Buyers and sellers alike are navigating a market characterized by competitive bidding and strategic pricing adjustments.
