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Seller’s dream: Buffalo home values rising

blog by Ben Tsujimoto  • 

If you’ve been in the market to buy a house in the Western New York area recently, then you’re well aware that homes are selling quickly and at a higher price than anticipated. There’s not a wealth of choices—quality homes are being snapped up for solid sums.

From an economic standpoint, this is exciting for the region in light of the burst of the housing bubble in 2007. But is this exponential, steady or slow growth?

According to Buffalo Business First, the average value of homes in Erie and Niagara counties rose 1.3% in the last year, a surge that ranks 19th in the history of any major metro area. In a city notorious for setting unenviable records—like losing four consecutive Super Bowls—it’s nice to see the Queen City on the rosy side of records for once.

Buffalo News business reporter Jonathan Epstein sheds light on what Buffalonians are paying for their homes by comparing median prices between the last two years from figures provided by the Buffalo Niagara Association of Realtors:

As a result of the strong demand, prices rose. The median price – meaning half sold for more and half for less – rose 3.9 percent to $120,000 from $115,500, while the average price rose 7.2 percent to $141,474 from $131.924. Prices have increased almost every month since March, and sellers received 95 percent of what they were seeking.

Perhaps this news will encourage a response from sellers—an increase in local folks willing to put their homes on the market for a strong return, but Epstein does not indicate that such a shift has happened yet.

Buffalo was absent from Yahoo!‘s Top 10 list of cities where home prices rose significantly, though the article written in late August used numbers pulled from April and May 2012.

(Header photo courtesy of Flickr / chrstphre).

TAGGED: homes, housing bubble, housing market, realtors, records

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