People Are Over-Paying $17,000 For Houses in Western New York

The prices of houses in Western New York right now are insane. People are paying in cash more than ever, skipping inspections, and paying well over the asking price. May 2024 was another record month for Erie, Niagara, and the surrounding areas.

Here are some of the stats according to the Buffalo Niagara Association of Realtors including the average sale price, how much people have been spending over, and how long the average house is on the market before it is sold.

• The average sale price was $286,390.
• The median sales price for May 2024 was $247,500.
• 105.8% was the percent of the list price received on average. That means on average people in the Western New York area.
• The average days on the market for a house is 24, which seems like that is kind of high considering you hear stories of houses moving so fast.
• Typically, the housing market is the busiest and most expensive around the Summer months and least expensive around December.

The Housing Affordability Index is 154 which is BAD. In fact, it is at one of the worst numbers it has been in a long time. The Index measures housing affordability for the region. The higher the number, the more affordable the region is.

The highest average sale prices in the past 12 months were just over $290,000 in August and September 2023.

READ MORE: Just this year alone there have been so many houses that have gone for over $1 million. Clarence Center has clocked in the most million dollar sales. In fact, one zip code in Clarence has been ranked one of the richest zip codes in the United States.