Average House in Western New York Goes For $242,000

Here is how much it is to buy a house in Buffalo right now and how many homes are available.

If you have tried to buy a house recently around Western New York you've noticed how expensive it can be to buy right now. Not to mention, the inventory is pretty low. In fact, near record-low.

How much is the interest rate right now to buy a home?

Many experts thought that that interest rates would drop in the beginning of 2024. Through March, there have been no interest drops. Currently, the rate is sitting at about a 7.44%.

Here are some stats for March 2024 according to the Buffalo Niagara Association of Realtors.

The average sale price of a house in Western New York was $242,768. There were at least 12 transactions with homes that were over $1,000,000. Though, there are way more homes that have been available on the market this month again. According to year-over-year data the most expensive months to purchase a home in Western New York tend to be between July and October.

• New Listings were down 5.8 percent to 910.
• Pending Sales decreased 1.7 percent to 815.
• Inventory shrank 1.3 percent to 957 units.
• Prices moved higher as the Median Sales Price was up 11.1 percent to $220,000.
• Days on Market decreased 11.4 percent to 31 days.
• Months Supply of Inventory remained flat at 1.1.

U.S. existing-home sales improved for the second month in a row, jumping 9.5% to a seasonally adjusted annual rate of 4.38 million units, exceeding economists’ expectations and marking the largest monthly gain in a year, according to the National Association of REALTORS®(NAR). The rebound in home sales comes amid fluctuating mortgage rates and elevated sales prices, indicating there is plenty of buyer demand heading into the spring selling season", according to the BNAR data.