The first few days of the new year has been a very good one for the region's residential real estate market.
Make that very good.
First, the respected Zillow.com has listed buffalo at the top of the 49 markets attracted in terms of increased sale prices and what is generally considered a white-hot marketplace. That's right. Buffalo has beat out such cities as Indianapolis and Philadelphia to lead the Zillow list.
That ranking matters as it helps companies as they hope to recruit new workers from outside the area and is also a swing factor when it comes to companies deciding where they may make their investment dollars.
John Leonardi, Buffalo Niagara Association of Realtors CEO explains.
"I think it's a matter of promoting it. We have a great workforce, and we have affordable housing. You can bring workers in, and they'll get a good wage, and they'll have a very livable life," Leonardi said.
Home values are also rising. According to BNAR stats, through November 30, the average regional home sale price was $291,283 that's up 7.2% from the same 11-month period in 2023 when the average sale price was $271,753 Leonardi says that's a great selling point in and among itself.
"A lot of buyers are coming in from major metropolitan areas, and they're leaving 1400 square foot apartments, paying five, $6,000 a month. And now you can buy a home with three bedrooms, two and a half baths, and you're paying a lot less than that," Leonardi said.
In addition, Realtor.com, another respected residential real estate website, and tracking agency listed the town of Tonawanda as the ninth most affordable community for first-time homebuyers.
"This is the second year that the town of Tonawanda has been recognized, it's very important because it makes consumers feel confident that when they're moving into that area, they're really getting a great bargain for their dollars," Leonardi said.
Leonardi predicts that taken together, these rankings, along with other factors, the region is poised for an active year when it comes to residential real estate sales.
