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Buffalo real estate market overview
- Average Monthly Rent: $1,237
- Home Price/Value Percentage Change: 4.70%
- Median Home Value: $203,682
- Best Time To Sell a Home: August
- Affordability Index: Moderate
- Days To Sell a House: 88
- 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 population in 2023 is 283,461, with a growth rate of 0.6%.
The job growth has decreased by -5.99% over the last year and in ten years, is predicted to have increased by 28.86%. The major industries are healthcare, social assistance, educational services and retail trade. The largest companies to work for are Bureau Veritas, UBS, Delaware North, Human Inc and Women And Children's Hospital Of Buffalo.
The cost of living is low, due to the Buffalo real estate market and cost of available housing. As a major part of the St. Lawrence Seaway, low cost of living, gradual job growth and proximity to the famous Niagara Falls, Buffalo proves to its residents why it's a pleasure living and working there.
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 $1,237 for an average apartment size of 791 sq. feet.
There has been a 4.7% increase in median home value over the last year. As of 2023, the median home value is $203,682.
On average, homes in Buffalo sell after 88 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 Williamsville North High School, West Seneca West Senior High School, Maryvale High School, Sweet Home Senior High School and Amherst Central High School. This information is based on data measuring academic performance and equity.