BUFFALO, N.Y. (WIVB) – Home prices rose to all-time high levels in each of the last two months in the Buffalo-Niagara area.
It’s no secret Buffalo is a hot real estate market. But now, it’s considered record setting.
According to new data from the Buffalo Niagara Association of Realtors, the average price of a sold home in Western New York hit $171 thousand in June and $173 thousand in July.
Both are new records for any month of the year. It’s the first time the average price has gone over $170 thousand. Owner of Red Door Rel Estate, Renee Moran says it’s something that’s definitely changed the market. “That’s a huge drastic jump but it’s very exciting it’s amazing. We have a record sale price and a lower amount of homes being listed so it’s just a crazy market, if you list your home its probably going to sell with multiple offers at this point.”
Houses spend an average of 33 days on the market, down from a year ago. But Moran says hot properties may only last one week, and it’s happening all over the city.
Moran said, “Most of our listings sell in less than a week and its all over Western New York it’s in every area of Buffalo and the suburbs.”
She says buyers have learned to offer more than they would have in the past and to expect a bidding war. “Just come with all of your ammunition for the fight make sure you’re pre-approved and low offers are not going to fly.”
And it’s millennials who are taking over the market, often first time home owners. She says education about real estate is the key to finding your dream home.
Moran said, “You have to be aware of the market, so if you’re approved for 120 don’t look up to 120 look up to 110 you need that cushion to go over the asking price.”