Buffalo, NY Housing Market
AI-powered market intelligence for the Buffalo-Cheektowaga, NY metro area.
PropertyIQ Scores
Buffalo, NY Market Analysis
Market Overview
Buffalo’s residential market scores 95 out of 100 on the PropertyIQ Index, placing it in a strong position within New York State. That score is driven by healthy home value momentum over the past 12 months at 9.56 percent, a 3-month momentum reading of 0.18 percent, a median days on market of 40 days, and a relatively low share of listings with a price cut at 11.1 percent. These drivers point to a market where homes are moving at a solid pace and sellers are not frequently reducing asking prices.
Compared with state benchmarks, Buffalo stands out for its relative affordability. The median home value in Buffalo is $291,683, far below the New York State average of $526,714. The rent index is $1,449, also below the state average of $1,576, and the local unemployment rate of 4.1 percent is slightly better than the state average of 4.4 percent. Median household income is lower than the statewide figure at $70,572 versus $84,578, but the gap in home values is much wider than the gap in incomes, which suggests housing costs are less stretched relative to local earnings than in many parts of the state.
Inventory is also a relevant part of the picture. Buffalo has 1,792 homes for sale, which, combined with a 40-day median market time and an 11.1 percent price-cut share, indicates an active but not overheated market. Overall, the 95/100 score and the underlying drivers position Buffalo as a high-momentum, relatively affordable market compared with statewide averages.
Key Trends
One clear trend is moderating price momentum. The 12-month home value momentum is 9.56 percent, a strong figure, but the 3-month momentum slows to 0.18 percent, and the home value year-over-year change is reported as $-4. This suggests that most of the recent appreciation was concentrated earlier in the year, with prices now flattening or cooling slightly. The median home value remains $291,683, which is still well below the state average.
A second trend is relative affordability. Buffalo’s median home value of $291,683 is roughly 55 percent of the state average of $526,714. The local rent index of $1,449 is about 8 percent below the state benchmark of $1,576. Even though Buffalo’s median household income of $70,572 is below the state’s $84,578, the lower home values mean the local price-to-income relationship is more favorable than the state average. This affordability gap may be one reason demand has held up.
A third trend is a fast-moving but balanced listing environment. With a median of 40 days on market and only 11.1 percent of listings showing a price cut, homes appear to be transacting quickly without widespread discounting. The for-sale inventory of 1,792 homes gives buyers some choice, but the comparatively short market time and low price-cut share suggest sellers still have leverage in many segments.
A fourth trend is a slightly stronger employment backdrop. Buffalo’s unemployment rate is 4.1 percent, below the state average of 4.4 percent. While the margin is modest, it adds support to local housing demand, especially when combined with the market’s lower price levels and solid absorption pace.
Who Is This Market For
Buffalo’s profile is well suited to first-time buyers. The median home value of $291,683 is far below the New York State average of $526,714, and the local median household income of $70,572 makes that price point more approachable than many other markets in the state. A 40-day median days-on-market figure and an 11.1 percent share of listings with price cuts also suggest first-time buyers may need to move quickly but are not facing an extreme bidding environment.
The market also fits buy-and-hold investors. The rent index of $1,449, while below the state average of $1,576, is meaningful relative to Buffalo’s median home value of $291,683. A low price-cut share of 11.1 percent and a median time on market of 40 days point to steady renter and buyer demand. Investors looking for cash-flow potential may find the Buffalo rent-to-price relationship more attractive than in higher-priced parts of New York.
Move-up buyers can also find opportunity here. The strong 12-month home value momentum of 9.56 percent may have built equity for existing homeowners, while the 3-month momentum of 0.18 percent and the year-over-year home value change of $-4 suggest the pace has cooled enough to reduce the risk of chasing a rapidly rising market. Homes for sale total 1,792, offering some selection for those looking to trade up.
Outlook
The data points toward a stable to moderately cooling outlook for Buffalo. The 12-month home value momentum of 9.56 percent remains a strong foundation, but the 3-month momentum of 0.18 percent and the year-over-year home value change of $-4 indicate that price growth has flattened. With a median days on market of 40 days and only 11.1 percent of listings with a price cut, the market is still moving efficiently, so a sharp slowdown is not evident in the current transaction data. The unemployment rate of 4.1 percent, better than the state average of 4.4 percent, provides some support for demand.
At the same time, population growth is not available in the provided data, so long-term demographic tailwinds cannot be assessed. The current inventory of 1,792 homes and the relative affordability compared with the New York State average of $526,714 suggest Buffalo is likely to remain an appealing lower-cost option, but the fading momentum in the 3-month reading and the flat year-over-year home value change imply that the next phase may be more balanced than the 12-month momentum figure alone would suggest.
AI-generated analysis based on current market data. Last updated September 24, 2026.
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Buffalo, NY market data
Buffalo, NY Housing Market Overview
Buffalo, NY's median home value is $292K, up 9.6% over the past year. Homes here sell in a median 40 days. Its PropertyIQ Score of 95 sits well above the state average of 50, marking a market positioned to outperform its state over the next three years.
The Buffalo, NY metropolitan area represents a distinct segment of NY's housing landscape. The PropertyIQ Score combines price momentum — how Zillow home values have trended over the past 3 and 12 months — with market-flow signals from Realtor.com that track how fast homes sell and how often sellers cut prices. The result is a single measure of how this market is positioned to outperform or lag its state over the next three years.
The Mid-Atlantic corridor benefits from proximity to major financial centers and government institutions. Housing markets in this region balance urban density with suburban expansion, creating varied opportunities from walkable city neighborhoods to rapidly growing exurbs. Within the Mid-Atlantic, Buffalo, NY's PropertyIQ Score of 95 ranks among the Mid-Atlantic's stronger demand signals.
New York's housing landscape spans from the nation's most expensive urban neighborhoods to affordable upstate markets with university-driven stability. The post-pandemic remote work shift has redistributed demand across the state.
The PropertyIQ Score for the Buffalo, NY market is built from four inputs: Zillow home-value momentum over twelve months, Zillow home-value momentum over three months, the median days listings spend on the market (Realtor.com), and the share of listings with a price cut (Realtor.com). The score runs on a 1 to 99 scale computed across all metro markets nationally and calibrated so 50 equals the state average — a score above 50 means this market is positioned to outperform its state, and a score below 50 means it is set to lag. Momentum here has been positive, with home values up 9.6% over the past year.
View Buffalo, NY's complete market profile including historical price trends, score history, and AI-generated analysis. Compare this market against any other US metro to find the best opportunities for your investment strategy.
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Market data through August 2026. Sourced from Zillow, Realtor.com, Redfin, U.S. Census Bureau, FRED, BLS, and BEA. Per-statistic source and date shown above.
Frequently Asked Questions
Is Buffalo, NY a good place to buy real estate in 2026?
PropertyIQ doesn't label markets simply good or bad. Instead, the PropertyIQ Score measures a market's demand momentum against its own state, where 50 marks the state average. Buffalo, NY currently scores 95, a very strong-momentum reading that leaves it positioned to outperform its state over the next three years. For buyers, strengthening demand usually means rising competition and firmer prices, so waiting can cost you negotiating room. Backing that up, the median home value here is $292K, up 9.6% over the past year. So whether Buffalo, NY is right for you comes down to your goals: a rising-momentum market can favor long-term appreciation but offers less room to negotiate, while a cooling one hands buyers more leverage. Treat the score as a timing signal to weigh alongside your budget, holding period, and plans for the property, not a verdict on the market's quality.
What is the PropertyIQ Score for Buffalo, NY?
Buffalo, NY's PropertyIQ Score is 95, indicating very strong momentum on a 1-to-99 scale. The score distills four transparent inputs into a single number: Zillow home-value momentum over the past 12 months, Zillow home-value momentum over the past 3 months, the median days homes spend on the market from Realtor.com, and the share of listings with a price cut, also from Realtor.com. Rising values and faster sales push the score up, while slow sales and frequent price cuts pull it down. The scale is calibrated so 50 equals the state average, meaning a score above 50 predicts the market will outperform its state over the next three years and a score below 50 predicts underperformance. PropertyIQ computes the score across every US market nationally, then recenters it against each state, so 95 places Buffalo, NY above its state benchmark.
Are home prices in Buffalo, NY rising or falling?
Home prices in Buffalo, NY are rising. Over the past year, the median home value increased 9.6%, reaching $292K. Over the latest three months, values moved up 0.2%, a sign near-term demand remains firm. PropertyIQ derives these figures from Zillow's home-value index, which tracks the typical value across the market rather than only the homes that happened to sell, giving a steadier read than a raw median sale price. Both the 12-month and 3-month momentum readings feed directly into the PropertyIQ Score, so this price trend is one of the core signals behind Buffalo, NY's current score. Keep in mind that appreciation can vary widely by neighborhood and price tier across the metro area, so treat these figures as the market-wide baseline rather than a guarantee for any single property.
How quickly do homes sell in Buffalo, NY?
In Buffalo, NY, homes sell in a median of 40 days from listing to pending sale, based on Realtor.com market data. Median days on market is one of the clearest real-time reads on local demand: when homes move quickly, buyers are competing and sellers hold the advantage, while lengthening timelines signal cooling interest and more room to negotiate. Alongside sale speed, about 11% of active listings here have taken at least one price cut — a complementary demand gauge, since a rising share of reductions often precedes slower sales and softer prices. Both median days on market and the price-cut share feed directly into the PropertyIQ Score, where faster sales and fewer cuts push the score higher. As a general guide, medians under about 30 days indicate a brisk, competitive market, while medians well beyond 60 days point to buyers regaining leverage. Actual time on market still varies by price band, property type, and season, so treat the median as a market-wide baseline.
How current is this metro area data?
This Buffalo, NY market data is refreshed on a monthly cycle, with the latest figures current through August 2026. PropertyIQ ingests fresh data every month from a range of authoritative sources: home values and rents from Zillow, days on market and price-cut activity from Realtor.com, additional housing signals from Redfin, demographic and housing-stock data from the U.S. Census Bureau, mortgage and macroeconomic series from FRED, and employment figures from the Bureau of Labor Statistics and the Bureau of Economic Analysis. The PropertyIQ Score itself is recomputed every month once the new source data lands, so the score and its four underlying inputs always reflect the most recent complete reporting period rather than a static snapshot. Because official housing data is typically released with a short lag, the current-through date usually trails the present by a few weeks, which is normal across the industry and not a sign the data is out of date.