Buffalo appreciation rates and housing market information

Buffalo housing market information

With 292,648 people, 145,574 houses or apartments, and a median cost of homes of $99,609, house prices in Buffalo are some of the most affordable in New York as well as the nation.

duplexes, homes converted to apartments, or other small apartment buildings are the single most common housing type in Buffalo, accounting for 51.74% of the city's housing units. Other types of housing that are prevalent in Buffalo include single-family detached homes (30.06%), large apartment complexes or high rise apartments (14.33%), and a few row houses and other attached homes (3.74%). Cities that are predominantly high-density buildings are relatively uncommon in the US. Because of the density, these types of cities are often walkable and compact, and often have a lively downtown.

The most prevalent building size and type in Buffalo are three and four bedroom units, chiefly found in duplexes, homes converted to apartments, or other small apartment buildings. The city has a mixture of owners and renters, with 36.64% owning, and 47.66% renting.

The housing in Buffalo was primarily built before 1939 (57.69%), making the housing stock in Buffalo some of the older overall in America, although there is a range of ages of homes in Buffalo. The next most important Buffalo housing age is 1940-1969 (34.24%), followed by 1970-1994 (6.73%). There's also some housing in Buffalo built between 1995 and later (1.34%).

Vacant housing appears to be an issue in Buffalo. Fully 15.70% of the housing stock is classified as vacant. Left unchecked, vacant Buffalo homes and apartments can be a drag on the real estate market, holding Buffalo real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Buffalo home appreciation rates

Buffalo's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Buffalo during the period has been just 5.68%, which is lower than % of US communities.

Appreciation rates are so strong in Buffalo that despite a nationwide downturn in the housing market, Buffalo real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Buffalo appreciation rates continue to be some of the highest in America, at 4.67%, which is higher than appreciation rates in 88% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Buffalo. Buffalo appreciation rates in the latest quarter were at 2.69%, which equates to an annual appreciation rate of 10.76%.

Importantly, this makes Buffalo one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

Relative to New York, our data show that Buffalo's latest annual appreciation rate is higher than 91% of the other cities and towns in New York.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Buffalo differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Buffalo - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 1990, to assist you in making the best Buffalo real estate investment or home purchase decisions.