Buffalo Ranked 5 on REALTOR.com 2023 Forecast of Top Housing Markets

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 Buffalo Ranked No. 5 on the Realtor.com® 2023 Forecast of

Top Housing Markets

Buffalo takes spot in annual ranking of areas poised for highest home

price appreciation and sales growth

 

 

Amherst, NY - Buffalo, NY, one of the market areas served by members of the Buffalo Niagara Association of REALTORS, has been ranked No. 5 on the Realtor.com® 2023 Top housing markets forecast. Market areas on the list were selected because they are not only poised to see the strongest combined growth in home sales and listing prices in the coming year, but up to this point they have seen lower price increases and a relatively smaller affordability crunch than other markets across the U.S.

 

Mainly concentrated in mid-size markets east of the Mississippi, with local industries tied to manufacturing, education, healthcare and government, this year's top 10, in rank order, are:


  1. Hartford-West Hartford, Conn.,
  2. El Paso, Texas,
  3. Louisville, Ky.,
  4. Worcester, Mass.,
  5. Buffalo-Cheektowaga N.Y.,
  6. Augusta-Richmond County, Ga.,
  7. Grand Rapids-Wyoming, Mich.,
  8. Columbia, S.C.,
  9. Chattanooga, Tenn., and
  10. Toledo, Ohio

(See Realtor.com®’s 2023 Top housing markets forecast for the full ranking of the 100 largest U.S. markets)

 

Home sales across the top 10 markets are forecasted to grow by 5.2% year-over-year in 2022, whereas the national homes sale projection is for declining sales (-14.1%). Additionally, average home prices in the top 10 are expected to increase 7.3% – compared to 5.4% for the U.S. as a whole.

 

Buffalo-Cheektowaga et al, N.Y.

November 2022 median home price: $240,000

Forecasted 2023 home sales change: +6.3%

Forecasted 2023 home price change: +6.0%

Forecasted 2023 combined sales and price change: +12.3%


“The western New York market continues to buck the national trend, looking to the first and second quarters of 2023 we see inventory levels rising to a more natural level; home values slightly rising but still affordable. Additionally, as interest rates settle down, it will bode well for buyers and sellers,” said Joel HusVar, BNAR President.


At a time when housing costs are a concern for many, areas like Buffalo NY offer relative affordability, having experienced less of a price surge than other extremely hot, pandemic-era markets. They also have a greater share of homeowners who own their homes outright, without a mortgage, giving more residents equity to build on. In the top 10 markets, about 23% of housing inventory is affordable at the median income level, compared to just 17% of affordable homes nationally. Better affordability offers some insulation from the impact of rising mortgage rates.


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The Buffalo Niagara Association of REALTORS® (BNAR) is the trade association representing more than 3,700 REALTORS® in Western New York. Since 1904, the association’s mission has been to assist members to become successful, inclusive and profitable and to promote professionalism, fair housing and real property rights. The term REALTOR® is a registered trademark, which identifies real estate professionals who subscribe to a strict code of ethics as members of the National Association of REALTORS®

 

Location: Buffalo, NY, USA

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