Why 2023 Is The Best Time To Buy Or Sell A House In Buffalo
Looking to buy a home in Buffalo next year? Thanks to low availability, skyrocketing interest rates, and bidding wars, it isn’t an easy task. However, according to a new report, some areas of the country are poised to be hot spots for the real estate market in 2023, one of which is in our own backyard.
Realtor.com recently analyzed housing and economic data from 100 of the largest metropolitan areas in the United States to find the top housing markets of 2023. According to their research team, houses in the top markets are still affordable enough for locals to purchase, with enough homes available that the market is still incredibly active.
Realtor.com Chief Economist Danielle Hale explains, “If you’re a seller, it means you can expect buyers. If you’re a buyer, you can expect competition. And if you’re a homeowner, you can expect prices to rise, which gives you more equity in your home.”
Buffalo - Cheektowaga, NY One Of The Top Real Estate Markets Of 2023
If you’re looking to buy or sell a home in Western New York next year, Realtor.com has great news for you. Buffalo-Cheektowaga, New York, has been named the fifth-best real estate market in the country for 2023, preceded only by Hartford-West Hartford, Connecticut, El Paso, Texas, Louisville, Kentucky, and Worcester, Massachusetts.
After falling on hard times when area manufacturing plants started to close, the Buffalo area is now on its way back up, thanks partly to the pandemic bringing remote workers back to the region.
Real estate broker Ryan Connolly told the website that in the Buffalo-Cheektowaga area, homes are starting to sit on the market longer, causing prices to go down and making them more affordable.
Realtor.com’s data shows the median home list price in Buffalo during November 2022 to be $239,000, with a predicted price change of 6% in 2023.
If Realtor.com’s prediction turns out to be true, buying a house in the Buffalo area next year won’t be nearly as much of a hassle as it would be if you were looking in another part of the country.