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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Buffalo, NY Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q4 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Buffalo, NY Housing Market Trends

With a population of 276,486, 118,897 total housing units (homes and apartments), and a median house value of $172,905, house prices in Buffalo are solidly below the national average.

Duplexes, homes converted to apartments or other small apartment buildings are the single most common housing type in Buffalo, accounting for 42.93% of the city's housing units. Other types of housing that are prevalent in Buffalo include single-family detached homes ( 36.65%), large apartment complexes or high rise apartments ( 16.78%), and a few row houses and other attached homes ( 3.36%). 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 dwellings. The city has a mixture of owners and renters, with 41.31% owning and 58.69% renting.

The housing in Buffalo was primarily built before 1939 ( 60.81%), making the housing stock in Buffalo some of the oldest overall in America, although there is a range of ages of homes in Buffalo. The next most important housing age is between 1940-1969 ( 25.25%), followed by between 1970-1999 ( 10.04%). There's also some housing in Buffalo built between 2000 and later ( 3.90%).

Vacant housing appears to be an issue in Buffalo. Fully 12.85% 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

In the last 10 years, Buffalo has experienced some of the highest home appreciation rates of any community in the nation. Buffalo real estate appreciated 116.23% over the last ten years, which is an average annual home appreciation rate of 8.02%, putting Buffalo in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Buffalo definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

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 7.14%, which is higher than appreciation rates in 75.51% 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 1.32%, which equates to an annual appreciation rate of 5.37%.

Relative to New York, our data show that Buffalo's latest annual appreciation rate is lower than 60% 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 2000, to assist you in making the best Buffalo real estate investment or home purchase decisions.

Average Home Values

Median Home Value

$172,905

Buffalo, NY Home Prices
> $1,350,000
$1,012,001 - $1,350,000
$675,001 - $1,012,000
$540,001 - $675,000
$405,001 - $540,000
$270,001 - $405,000
$135,001 - $270,000
$68,001 - $135,000
$0 - $68,000
1.3%
1.3%
1.3%
1.3%
4.2%
4.2%
3.6%
3.6%
6.9%
6.9%
13.5%
13.5%
29.9%
29.9%
26.8%
26.8%
12.6%
12.6%
0% 100.0%
% of Homes
Very Low

for New york

Low

for nation

Number of Homes And Apartments:

118,897

Buffalo Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,506 / per month

Homeownership Rate

Owners
Renters
41.3%
41.3%
58.7%
58.7%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
12.8%
12.8%
87.2%
87.2%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
3.9%
3.9%
10.0%
10.0%
25.3%
25.3%
60.8%
60.8%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
36.6%
36.6%
3.4%
3.4%
42.9%
42.9%
16.8%
16.8%
0.2%
0.2%
0.1%
0.1%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
3.4%
3.4%
12.6%
12.6%
28.0%
28.0%
38.1%
38.1%
12.4%
12.4%
5.5%
5.5%
0% 100.0%
% of Homes