Buffalo, New York Housing Market

What stands out in Buffalo?

• Asking prices swing about 17.1% between the cheapest and priciest months: among the biggest seasonal price swings of 763 tracked cities. Timing your purchase within the year matters here.
• 13% of sellers have cut their price: among the lowest share of price cuts of 763 tracked cities. Sellers are holding firm on price.
• The median asking price is $226,523: one of the cheapest of 763 tracked cities. Low entry prices help cash flow, but check what keeps them low before you buy.

What moves the numbers in Buffalo?

Buffalo asking prices per square foot were above the year before in 89% of months since the data starts. Within a year, the cheapest and priciest months differ by about 17.1%. That is bigger than the yearly trend, so timing your purchase matters here. Nothing in Buffalo's numbers is far from its own normal. Your return comes from the property and the price you negotiate.

When do Buffalo prices dip?

Across 9 full years, Buffalo asking prices ran lowest in January, about 9.1% below the year's average. They peaked in May. The most homes for sale show up in October, about 24% above the yearly average. Shop in October for choice, and expect the softest asking prices in January.

Is now a good time to buy in Buffalo?

The median asking price is 15.9% below its Jun 2025 peak. Per square foot the gap is smaller: 9.2% below the Jun 2025 high. Part of the drop is smaller homes coming to market. Prices are still falling. Waiting has paid off so far. Let listings age, then come back lower. Buffalo prices have risen in 100 of the last 112 months. Drops here have been short and shallow. Buying in a slow month has rarely hurt a long hold.

This market is turning. Which way is not settled yet. Check the monthly numbers above before you commit.

How much can you negotiate in Buffalo?

Pending-sale counts for Buffalo were thinly reported until recently, so this page reads demand from how long listings stay on the market, how many sellers cut, and how much is for sale. Few sellers are dropping their price. Your discount will come from one stale listing.

Buffalo listings spend a median 44 days on the market. There are 955 homes for sale in Buffalo. That is 4.3 times the tightest month on record, but below the peak of 1,097. Supply is growing against last year.

What to do about it

• Start in 14208, 14216, and 14209, where sellers are weakest: in 14208, 15% of sellers have cut and listings spend a median 87 days on the market.
• Look for listings older than 60 days with a price cut.

How does Buffalo compare with other New York markets?

Ranked among the 14 New York markets we track:

• Asking price: 5th cheapest of 14. Buffalo is at $226,523. Closest: Syracuse and Utica.
• Time on market: 3rd shortest time on market of 14. Buffalo is at a median of 44 days on market. Closest: Albany and Schenectady.
• Price cuts: 7th fewest price cuts of 14. Buffalo is at 13% of sellers cutting. Closest: Utica and Yonkers.

What numbers should you underwrite a Buffalo deal with?

• Price growth to assume — +3.5%/yr. Buffalo grew 6.4% a year over the decade. Ignore that rate. Most of it landed in the 2020 and 2021 boom. Without the boom, Buffalo grows about 3.5% a year. That is the number to type in. Prices fell 2.3% over the last year. Use it for timing. The five-year rate is the better guide.
• Odds you cut your price to sell — 1 in 7. 13% of Buffalo listings have cut their asking price. Underwrite your exit below asking.
• Competition when you exit — +35%. Homes for sale in Buffalo are up 35% on last year, so your resale faces more competition than today's comps did.

Read when a cheap market is a warning and how we read these numbers, then run the numbers on a deal.

What is the median home price in Buffalo?

The median asking price in Buffalo is about $227,000 as of Oct 2026, down 4.2% from a year ago. This is the asking price on homes listed for sale. Sites that report sold prices or estimated home values will show a different number. Our Buffalo figures cover the 41 ZIP codes with a Buffalo mailing address, which can reach past city limits.

Is Buffalo a buyer's or seller's market in 2026?

Neither side has the upper hand in Buffalo right now. We compare Buffalo with 2017–2019 at this time of year: 13% of sellers have cut their price, against 25% then; there are 13% more homes for sale; listings spend 1% fewer days on the market.

Are Buffalo home prices going up or down?

The median asking price is 15.9% below its Jun 2025 peak. Per square foot the gap is smaller: 9.2% below the Jun 2025 high. Part of the drop is smaller homes coming to market. Prices are still falling. Waiting has paid off so far. Let listings age, then come back lower.

What rent can Buffalo tenants afford?

At 30% of income, a tenant on the median income can pay about $1,650 a month. The median Buffalo household earns $66,019 a year.

Which Buffalo ZIP code has the most negotiating room?

14208. 15% of sellers there have cut their price, and listings there spend a median 87 days on the market.

What price growth should I assume for Buffalo?

Assume +3.5% a year. Buffalo grew 6.4% a year over the decade. Ignore that rate. Most of it landed in the 2020 and 2021 boom. Without the boom, Buffalo grows about 3.5% a year. That is the number to type in. Prices fell 2.3% over the last year. Use it for timing. The five-year rate is the better guide.

What is the fair market rent in Buffalo?

HUD's fiscal year 2026 fair market rent for Erie County is $1,343 a month for 2 bedrooms and $1,640 for 3 bedrooms. The figures include tenant-paid utilities and cover the whole county.