A Closer Look at the Real Estate Market in Buffalo
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Buffalo, New York, is a city that has been experiencing a resurgence in recent years. With a growing population and a thriving economy, it’s no surprise that the real estate market in Buffalo is also on the rise. In this article, we’ll take a closer look at the Buffalo real estate market and provide valuable insights for US real estate investors, homeowners, first-time home buyers, and real estate agents.
The Current State of the Buffalo Real Estate Market
The Buffalo real estate market is currently experiencing a seller’s market, with low inventory and high demand. According to Zillow, the median home value in Buffalo is $87,000, which is an increase of 9.5% over the past year. The average price per square foot is $70, which is higher than the Buffalo-Cheektowaga-Niagara Falls Metro average of $68.
One of the reasons for the increase in home values is the growing population in Buffalo. The city has seen a 5.4% increase in population since 2010, with many young professionals and families moving to the area. This has led to a high demand for housing, especially in popular neighborhoods like Elmwood Village, Allentown, and North Buffalo.
Investing in the Buffalo Real Estate Market
For real estate investors, Buffalo is a great market to consider. The city has a strong economy, with a low unemployment rate and a growing number of businesses. This has led to an increase in demand for rental properties, especially in popular neighborhoods like Downtown, Canalside, and the Medical Campus.
According to Mashvisor, the average rental income for a property in Buffalo is $1,200 per month, with a gross rental yield of 10.5%. This makes Buffalo one of the top cities in the US for rental property investments.
Buying a Home in the Buffalo Real Estate Market
For first-time home buyers, the Buffalo real estate market can be a great place to find an affordable home. With a median home value of $87,000, Buffalo is one of the most affordable cities in the US for home buyers.
However, it’s important to work with a real estate agent who is familiar with the Buffalo market and can help you navigate the buying process. Popular neighborhoods like Elmwood Village and Allentown can be competitive, with multiple offers on homes. A good agent can help you find the right home and negotiate a fair price.
FAQs
What is the average home value in Buffalo?
The average home value in Buffalo is $87,000, according to Zillow.
Is Buffalo a good market for real estate investors?
Yes, Buffalo is a great market for real estate investors. The city has a strong economy and a growing population, which has led to a high demand for rental properties.
What should first-time home buyers know about the Buffalo real estate market?
First-time home buyers should work with a real estate agent who is familiar with the Buffalo market and can help them navigate the buying process. It’s also important to be prepared for competition in popular neighborhoods like Elmwood Village and Allentown.
Conclusion
The Buffalo real estate market is on the rise, with a growing population and a strong economy. For real estate investors, Buffalo is a great market to consider, with high demand for rental properties and a good return on investment. For first-time home buyers, Buffalo is one of the most affordable cities in the US for home ownership, but it’s important to work with a knowledgeable agent who can help navigate the buying process. Overall, the Buffalo real estate market is a promising one, with plenty of opportunities for both investors and home buyers.
