Buffalo, MN
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Buffalo, MN Real Estate Data

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 Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Buffalo Housing Market Information

With a population of 16,026, 5,837 total housing units (homes and apartments), and a median house value of $219,662, Buffalo real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Buffalo, accounting for 65.61% of the city's housing units. Other types of housing that are prevalent in Buffalo include large apartment complexes or high rise apartments ( 15.37%), row houses and other attached homes ( 10.22%), and a few mobile homes or trailers ( 4.94%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Buffalo. Owner-occupied housing accounts for 66.63% of Buffalo's homes, and 59.83% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Buffalo built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Buffalo built between 2000 and later ( 33.56%). A lesser amount of the housing stock also hails from between 1940-1969 ( 12.97%). There's also some housing in Buffalo built before 1939 ( 9.85%).

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 -1.37%, which is lower than 80% 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 7.01%, which is higher than appreciation rates in 81.38% 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 1.44%, which equates to an annual appreciation rate of 5.89%.

Relative to Minnesota, our data show that Buffalo's latest annual appreciation rate is higher than 80% of the other cities and towns in Minnesota.

Average Home Values

 

Median Home Value:
$219,662

Buffalo, MN HOME PRICES

Value Range
> $1,189,000 0.9
$891,001 - $1,189,000 0.7
$594,001 - $891,000 1.8
$476,001 - $594,000 2.2
$357,001 - $476,000 7.4
$237,001 - $357,000 21.9
$119,001 - $237,000 52.3
$60,001 - $119,000 5.3
$0 - $60,000 7.3

High for MN
High for Nation

Value Relative to Nation Value Relative to State
27.7686628383921 30.5954825462012

Number Of Homes And Apartments:
5,837

Buffalo Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MN*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
25.19% 1.31% 2 3
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,129 / per month

Homeownership Rate

Homeownership
Owners 66.63
Renters 33.37
Vacant 6.62

Housing Market Details

 

Age of Homes

AGE OF Buffalo HOMES
2000 or Newer 33.6
1970 - 1999 43.6
1940 - 1969 13.0
1939 or Older 9.9

Types of Homes

TYPE OF Buffalo HOMES
Single-Family 65.6
Townhomes 10.2
Small Apt. Buildings 3.9
Apt. Complexes 15.4
Mobile Homes 4.9
Other 0.0

Home Size

SIZE OF Buffalo HOMES
No Bedroom 3.28
1 Bedroom 8.30
2 Bedrooms 22.67
3 Bedrooms 34.89
4 Bedrooms 24.94
5 or more bedrooms 5.92