Niagara Falls, NY Housing Market Trends
With 47,599 people, 22,627 houses or apartments, and a median cost of homes of $131,319, 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 59.76% 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 ( 23.69%), large apartment complexes or high rise apartments ( 12.87%), and a few row houses and other attached homes ( 2.62%).
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 56.93% owning and 43.07% renting.
At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Niagara Falls's housing was primarily built during this period, from the '40s through the '60s. A full 47.52% of the city's housing hails from this era. Other housing ages represented in Niagara Falls include homes built before 1939 ( 37.28%) and housing constructed between 1970-1999 ( 12.11%). There's also some housing in Niagara Falls built between 2000 and later ( 3.09%).
Vacant housing appears to be an issue in Niagara Falls. Fully 13.51% 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 107.55%, which ranks in the top 40% nationwide. This equates to an annual average Niagara Falls house appreciation rate of 7.58%.
NeighborhoodScout's data show that during the latest twelve months, Niagara Falls's appreciation rate, at 8.25%, has been at or slightly above the national average. In the latest quarter, Niagara Falls's appreciation rate has been 2.65%, which annualizes to a rate of 11.03%.
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 lower than 80% 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.
Median Home Value
$131,319
Very Low
for New york
Very Low
for nation
Number of Homes And Apartments:
22,627
NY
America
2024 Q3 - 2024 Q4
2023 Q4 - 2024 Q4
2022 Q4 - 2024 Q4
2019 Q4 - 2024 Q4
2014 Q4 - 2024 Q4
2000 Q1 - 2024 Q4
Average Market Rent:
$1,321 / per month