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Buffalo real estate market overview
- Average Monthly Rent: $1,224
- Home Price/Value Percentage Change: 7.0%
- Median Home Value: $197,579
- Best Time To Sell a Home: August
- Affordability Index: 89
- Days To Sell a House: 82
- Job Market: Weak
- Public School Ranking: 17
Location and weather
Buffalo is in Erie County of the western region of New York, on the eastern shores of Lake Erie and at the head of Niagara River. Buffalo is the second most populated city in New York, and home to The University at Buffalo and Buffalo State College. Also referred to as "The City of Good Neighbors", this city has a reputation for friendly residents and a diverse, growing population. With an exciting nightlife, great education, and easy transportation, Buffalo offers the benefits of living in the big city with the conveniences of a suburban lifestyle.
The climate in Buffalo is humid and continental. Summers are warm and sunny, but winters are cold and snowy. There's also an average of 155 days of sun per year.
Population, job market and cost of living
Buffalo has a population of 283,461, with a growth rate of 0.6% annually.
The job market has decreased by -5.99% over the last year. In ten years, job growth is predicted to be 21.86%. Buffalo has a diverse sector of industries, such as manufacturing, healthcare, retail, technology, education. Western New York State specifically has a large interest in technology and research. Companies such as M&T Bank, Delaware North, Kaleida Health and a large General Mills plant in Downtown Buffalo employ a large sum of residents here as well.
Buffalo is an affordable area to live in New York, with lower housing costs and a moderate overall cost of living.
Buffalo real estate market details
- Elmwood Village
- South Buffalo
- Central Park
- Black Rock
- North Park
- Allentown
- Downtown Buffalo
The average monthly rent in Buffalo is $1,244 for an average apartment size of 789 sq. feet.
There has been a 7.0% increase in median home value over the last year. As of 2022, the median home value is $197,579.
On average, homes in Buffalo sell after 82 days on the market.
For the fastest and highest valued sale, the best time to sell in Buffalo is in August.
The affordability index in Buffalo is 89. This number indicates moderate affordability in this city.
The top ranked public schools are Buffalo Academy of Science Charter School, West Buffalo Charter School, City Honors Science at Fosdick Masten Park, Charter School for Applied Technologies and Buffalo Academy for the Visual and Perform Arts. This information is based on data measuring academic performance and equity.