Niagara Falls, 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 Q2 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

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

Niagara Falls, NY Housing Market Trends

With a population of 47,720, 21,572 total housing units (homes and apartments), and a median house value of $89,485, house prices in Niagara Falls are some of the most affordable in New York as well as the nation.

Single-family detached homes are the single most common housing type in Niagara Falls, accounting for 62.25% of the city's housing units. Other types of housing that are prevalent in Niagara Falls include duplexes, homes converted to apartments or other small apartment buildings ( 21.29%), large apartment complexes or high rise apartments ( 13.35%), and a few row houses and other attached homes ( 2.53%).

The most prevalent building size and type in Niagara Falls are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 55.22% owning and 44.78% renting.

The housing in Niagara Falls was primarily built before 1939 ( 46.26%), making the housing stock in Niagara Falls some of the oldest overall in America, although there is a range of ages of homes in Niagara Falls. The next most important housing age is between 1940-1969 ( 40.32%), followed by between 1970-1999 ( 11.08%). There's also some housing in Niagara Falls built between 2000 and later ( 2.34%).

Vacant housing appears to be an issue in Niagara Falls. Fully 18.36% of the housing stock is classified as vacant. Left unchecked, vacant Niagara Falls homes and apartments can be a drag on the real estate market, holding Niagara Falls 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.

Niagara Falls Home Appreciation Rates

Appreciation rates for homes in Niagara Falls have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 52.56%, which ranks in the top 40% nationwide. This equates to an annual average Niagara Falls house appreciation rate of 4.31%.

Appreciation rates are so strong in Niagara Falls that despite a nationwide downturn in the housing market, Niagara Falls real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Niagara Falls appreciation rates continue to be some of the highest in America, at 15.26%, which is higher than appreciation rates in 96.05% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Niagara Falls. Niagara Falls appreciation rates in the latest quarter were at 4.02%, which equates to an annual appreciation rate of 17.06%.

Importantly, this makes Niagara Falls 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 Niagara Falls's latest annual appreciation rate is higher than 90% 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 Niagara Falls differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Niagara Falls - 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 Niagara Falls real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$89,485

Niagara Falls, NY HOME PRICES

> $1,275,000
0.9%
0.9%
$956,001 - $1,275,000
0.0%
0.0%
$638,001 - $956,000
1.1%
1.1%
$510,001 - $638,000
0.8%
0.8%
$383,001 - $510,000
0.4%
0.4%
$255,001 - $383,000
2.4%
2.4%
$128,001 - $255,000
17.4%
17.4%
$64,001 - $128,000
53.6%
53.6%
$0 - $64,000
23.3%
23.3%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very Low for Nation

Very Low for NY

Value Relative To Nation

Number Of Homes And Apartments:
21,572

Niagara Falls Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NY*
Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
88.60% 3.00%
4
6
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,078 / per month

Homeownership Rate

Owners
55.2%
55.2%
Renters
44.8%
44.8%
Vacant
18.4%
18.4%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
2.3%
2.3%
1970 - 1999
11.1%
11.1%
1940 - 1969
40.3%
40.3%
1939 or Older
46.3%
46.3%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
62.2%
62.2%
Townhomes
2.5%
2.5%
Small Apt. Buildings
21.3%
21.3%
Apt. Complexes
13.3%
13.3%
Mobile Homes
0.5%
0.5%
Other
0.1%
0.1%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1.9%
1.9%
1 Bedroom
12.6%
12.6%
2 Bedrooms
30.7%
30.7%
3 Bedrooms
41.4%
41.4%
4 Bedrooms
10.9%
10.9%
5 or more bedrooms
2.5%
2.5%
0.0% 100.0%
% OF HOMES