Western New York has a very hot real estate market. Zillow predicts Buffalo, New York will be his hottest market in 2024. Rounding out this year's top three are Columbus and Cincinnati, Ohio.
But what does this mean? Is this great for buyers? Is this great for sellers?
First of all, don't expect too much change. Probably a more stable purchase.
Interest rates are still hovering around 7%. Zillow doesn't expect things to improve much by the end of the year. Even if interest rates improve somewhat throughout 2024, Zillow expects the inventory and amount of homes on the market to remain somewhat constant, which will still pose challenges for buyers.
What makes Buffalo such a popular market?
“The housing market is at its healthiest, with affordable home prices and strong employment creating serious buying opportunities for promising young people,” Anushna Prakash, data scientist at Zillow Economic Research, said in a news release. “They are starting to give money and start building assets.”
“I'm cautiously optimistic that the housing market will return to stable footing in 2024,” Prakash said, according to the Democratic Party and the paper. “We shouldn't see the huge price increases early in the pandemic or the sharp rise in mortgage rates in recent years. ” he said. Chronicle.
How much does a house in Buffalo cost?
According to data from the Buffalo Niagara Association of Realtors, the average sales price of a home in December 2023 was $269,550, an increase of +9.4 from the previous year. Historically, the lowest average sales prices for homes are February and March in the Buffalo, New York area.
This New York home is on sale for under $5,000
14 Cook Ave, Jamestown, NY 14701
Gallery credit: Dave Fields
