Buffalo, NY Metro Area Housing Market Analysis - September 2024
The Buffalo, NY metro area housing market in September 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price has decreased to $260,000, reflecting a year-over-year decline of 3.7%. This downward trend in sales prices suggests a cooling in the market, potentially offering opportunities for buyers seeking more affordable options.
Conversely, the Median List Price has seen a more significant drop, down 8.0% year-over-year to $229,900. This decline in list prices indicates that sellers may be adjusting their expectations in response to market conditions, possibly due to increased competition or a shift in buyer demand.
Interestingly, the median Price Per Square Foot has risen by 3.4% year-over-year to $176.61, while the Median List Price per square foot has increased by 5.2% to $161.73. These figures suggest that while overall prices are declining, the value attributed to each square foot of property is appreciating, indicating a potential shift in buyer preferences towards smaller, more efficiently priced homes.
The number of Homes Sold has decreased by 11.6% year-over-year, with 948 Homes Sold in September 2024. This decline in sales volume may be attributed to the reduced affordability or changing buyer sentiment. However, Pending Sales have increased by 5.7% to 1,049, indicating a potential rebound in future sales activity.
New Listings have risen by 5.2% year-over-year to 1,212, while inventory has increased by 2.1% to 1,571. These increases suggest a more competitive market environment, with more options available for buyers. The Months of Supply have also seen a significant increase of 30.0% year-over-year, reaching 1.70 months, which may indicate a shift towards a more balanced market.
The Median Days on Market have remained relatively stable, with a slight increase of 1.0% year-over-year to 12 days. This stability suggests that while the market is adjusting, properties are still moving relatively quickly once listed.
The average sale to list ratio has decreased slightly by 0.8% year-over-year to 105.4%, and the sold above list ratio has also declined by 0.8% to 64.7%. These metrics indicate that while homes are still selling above list price, the premium buyers are willing to pay is slightly diminishing.
Price Drops have increased by 5.0% year-over-year to 31.4%, suggesting that sellers are becoming more flexible with pricing to attract buyers. Additionally, the percentage of homes going off the market in two weeks has decreased by 6.2% year-over-year to 48.7%, indicating a potential slowdown in the urgency of transactions.
Overall, the Buffalo, NY metro area housing market in September 2024 is characterized by declining sales and list prices, increased inventory, and a shift in buyer preferences towards value per square foot. While the market shows signs of cooling, the increase in Pending Sales and New Listings suggests potential for future activity and opportunities for both buyers and sellers.
