Buffalo, NY
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Buffalo, NY 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 Q2 2018. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2016 (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 256,902, 109,668 total housing units (homes and apartments), and a median house value of $84,127, 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 47.15% of the city's housing units. Other types of housing that are prevalent in Buffalo include single-family detached homes ( 33.52%), large apartment complexes or high rise apartments ( 16.28%), and a few row houses and other attached homes ( 2.84%). This particular housing mix is relatively uncommon and characteristic of cities that are compact and walkable, and which 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 39.94% owning and 60.06% renting.

The housing in Buffalo was primarily built before 1939 ( 65.06%), 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 ( 24.47%), followed by between 1970-1999 ( 8.06%). There's also some housing in Buffalo built between 2000 and later ( 2.41%).

Vacant housing appears to be an issue in Buffalo. Fully 16.27% 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 41.93% over the last ten years, which is an average annual home appreciation rate of 3.56%, putting Buffalo in the top 10% 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.

Over the last year, Buffalo appreciation rates have trailed the rest of the nation. In the last twelve months, Buffalo's appreciation rate has been 4.15%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Buffalo were at 0.14%, which equates to an annual appreciation rate of 0.55%.

Notably, Buffalo's appreciation rate in the latest quarter is one of the lowest in America.

Relative to New York, our data show that Buffalo's latest annual appreciation rate is lower than 50% 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:
$84,127

Buffalo, NY HOME PRICES

Value Range
> $1,204,000 0.1
$903,001 - $1,204,000 0.5
$602,001 - $903,000 1.5
$482,001 - $602,000 1.7
$361,001 - $482,000 3.7
$241,001 - $361,000 7.6
$120,001 - $241,000 17.7
$60,001 - $120,000 35.0
$0 - $60,000 32.2

Very Low for NY
Very Low for Nation

Value Relative to Nation Value Relative to State
90.563503649635 95.3333333333333

Number Of Homes And Apartments:
109,668

Buffalo Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NY*
Compared To
America*
Latest Quarter:
2018 Q1 - 2018 Q2
Last 12 Months:
2017 Q2 - 2018 Q2
Last 2 Years:
2016 Q2 - 2018 Q2
Last 5 Years:
2013 Q2 - 2018 Q2
Last 10 Years:
2008 Q2 - 2018 Q2
Since 2000:
2000 Q1 - 2018 Q2
96.51% 3.72%
9
9
* 10 is highest


Rent & Ownership

 

Average Market Rent:
$992 / per month

Homeownership Rate

Homeownership
Owners 39.94
Renters 60.06
Vacant 16.27

Housing Market Details

 

Age of Homes

AGE OF Buffalo HOMES
2000 or Newer 2.4
1970 - 1999 8.1
1940 - 1969 24.5
1939 or Older 65.1

Types of Homes

TYPE OF Buffalo HOMES
Single-Family 33.5
Townhomes 2.8
Small Apt. Buildings 47.2
Apt. Complexes 16.3
Mobile Homes 0.2
Other 0.0

Home Size

SIZE OF Buffalo HOMES
No Bedroom 2.92
1 Bedroom 12.87
2 Bedrooms 28.90
3 Bedrooms 38.72
4 Bedrooms 11.71
5 or more bedrooms 4.88