Home Values in Buffalo, New York — 2026 Market Report
Updated March 2026 | Seller's Market | +3.7% YoY
The median home value in Buffalo, New York is $175,000 as of March 2026, which is below the national median of $400,000. Home values in Buffalo have increased by 3.7% over the past year and 19.9% over the last five years. With a population of 278,349 and a median household income of $40,325, the price-to-income ratio stands at 4.3x, making Buffalo affordable for the average household.
Buffalo Housing Market Conditions
| Metric | Buffalo | National Avg |
|---|---|---|
| Median Home Value | $175,000 | $400,000 |
| YoY Appreciation | +3.7% | +3.8% |
| 5-Year Appreciation | +19.9% | +22.4% |
| Price per Sq Ft | $119 | $222 |
| Days on Market | 75 days | 45 days |
| Months of Supply | 1.7 | 3.5 |
| List-to-Sale Ratio | 100.8% | 98.5% |
| Monthly Homes Sold | 135 | — |
| Foreclosure Rate | 0.14% | 0.3% |
Home Value Trends in Buffalo
A homeowner who purchased at the median price of $145,955 five years ago in Buffalo would have gained approximately $29,045 in equity, representing a 19.9% return on investment. Over the past year alone, the typical homeowner gained $6,244 in home equity.
Affordability in Buffalo, NY
With a median household income of $40,325 and a median home price of $175,000, the price-to-income ratio in Buffalo is 4.3x. A ratio below 3x is generally considered affordable, while above 5x indicates significant affordability challenges. The average monthly rent of $1,341 compared to estimated monthly ownership costs of $1,078 gives a rent-vs-buy ratio of 0.80. In Buffalo, buying is currently competitive with renting when factoring in equity accumulation.
Property Taxes in Buffalo
The effective property tax rate in New York is 1.69%. On a home valued at $175,000, the estimated annual property tax bill is $2,958, or approximately $247/month. Property taxes are an important factor in the total cost of homeownership and can significantly impact affordability. The cost of living index in Buffalo is 90.5 (100 = national average), indicating living costs are below the national average.
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Open Mortgage CalculatorFrequently Asked Questions
What is the median home value in Buffalo, NY?
The median home value in Buffalo, New York is $175,000 as of March 2026. Home values have changed +3.7% over the past year, with a 5-year appreciation of 19.9%.
Is Buffalo a buyer's or seller's market?
Buffalo is currently a seller's market with 1.7 months of housing supply. Homes spend an average of 75 days on market, and the list-to-sale price ratio is 100.8%. Low inventory gives sellers an advantage.
Are home values going up in Buffalo?
Yes, home values in Buffalo have increased by 3.7% over the past year. The 5-year appreciation rate is 19.9%, meaning a home worth $145,955 five years ago is now worth $175,000.
Is it better to rent or buy in Buffalo?
The average monthly rent in Buffalo is $1,341, while estimated monthly homeownership costs are approximately $1,078. The price-to-rent ratio is 10.9. Based on current conditions, buying may be more cost-effective than renting in this market.
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Disclaimer: Home value data for Buffalo, New York is based on publicly available market data and estimates. Actual home values may vary based on property condition, location within the city, and current market conditions. Data is updated regularly but may not reflect the most recent transactions. Last updated: March 2026.