Homes in Downtown Buffalo are taking much longer to sell in this rolling three-month period, with the median days on market at 135 days, up sharply year over year. This slower pace contrasts with the broader Buffalo market, where homes typically move faster and the months of supply is lower. Even with that slowdown, nearly 45% of listings still go off the market within two weeks, showing that well-positioned properties can attract quick interest.
Prices have eased compared with a year ago, as the typical home value is down by close to a third and the median list price has also fallen by more than 20% year over year. At the same time, inventory has inched up slightly, with active listings a bit higher than last year. Months of supply has climbed dramatically to over nine months, much higher than the citywide level of about five months.
Demand has cooled from last year, with homes sold down nearly half year over year and pending sales also lower, yet new listings are up modestly. Fewer homes are closing above list price, and the average sale-to-list ratio has slipped, indicating buyers have gained some negotiating power even though conditions are still labeled a seller’s market. With these mixed signals in Downtown Buffalo, both buyers and sellers can benefit from Agent Pronto’s help in finding an agent who understands the latest local shifts.
