Despite catastrophic headlines throughout the rest of the country, not a lot has changed in home sales in the Buffalo Niagara region. Homes prices here are a third less than the national average. Except for 2009 where our median home prices showed a 7.8% jump – the largest in 20 years – we have only achieved modest gains year over year. This steady rise in rates has allowed us to avoid the real estate fallout that has occurred throughout the country. Without inflated prices, we did not incur the collapse felt elsewhere.
Our median sale price as of 2009 is $133,600. That is only 7% higher than it was in 1999 after adjusting for inflation. In other words, that is a growth of only about 1% a year. While the national median sale price is higher at $173,376, that number has not changed in 10 years. Who would have thought that 1% a year growth would make the Buffalo Niagara region one of the hottest markets in the country? For now, we’ll take it.