Market Overview of the Buffalo Niagara Region
By Enas Latif Sales Team
The Western New York real estate market continues to face unique challenges as we approach the end of the year. Low inventory, elevated sales prices, and high interest rates are significantly impacting the market dynamics. Here’s a snapshot of the latest trends and statistics for November 2023:
Closed Sales
One-Year Change: -16.1% Closed sales have decreased 12.8% compared to November 2022
Pending Sales
One-Year Change: -8.2% Pending sales have increased by 8.6% compared to November 2022
Median Sales Price
One-Year Change: +5.2% The median sales price has increased compared to November 2022 by 2.2% to reach $235,000.
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Days on Market Until Sale
One-Year Change: +15% Homes are spending an average of 20 days on the market before being sold.
Inventory of Homes for Sale
Inventory has decreased by 1.1% to 1,688 units compared to November 2022.
New Listings
New listings increased by 8.9% to 809 compared to last November.
Market Insights of the Buffalo Niagara Region
The Western New York real estate market is experiencing a challenging period. High mortgage rates and soaring home prices are causing prospective buyers to be more cautious, resulting in a slowdown in existing home sales. However, there are some positive signs, including an increase in new listings and pending sales.
House Affordability Index
One-Year Change: -17.4% Housing affordability has decreased significantly.
Average Sales Price
One-Year Change: +3.7% The average sales price has risen to $271,866 a 2.8% increase compared to last year.
Monthly Supply of Inventory
Inventory remains tight, with only 1.9 months of supply available.
