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Buffalo Real Estate Prices Rising Faster than National Average

December 26, 2013
BuffaloSkyline

The City of Buffalo, New York has been bucking the trend of slow real estate price recovery.

It’s been five years since the economy was last friendly toward real-estate owners – unless you own property in Buffalo, New York, it seems.

According to an article posted recently on BuffaloNews.com, Buffalo real estate prices have risen 16 percent since May 31, 2006.  This rise represents the highest growth among the nation’s 100 largest metropolitan regions.

 Nearly all of the other top 100 cities are way off of their pre-recession peaks, most by at least 10 percentage points.  The only other city to top 10% growth, the author writes, was Austin, Texas, which showed a price increase of 13% over the same time period.  According to the article, the national average for home prices is down across the board from of its pre-2008 peak.

 “The whole area here is changing, from a blue collar to a white collar.  Take a look at the city, at how the prices have been increasing in good areas. It’s unbelievable,” Bonnie Clement, a broker with Hunt Real Estate, told reporters at Buffalo News.

 Over the seven-year period, Buffalo saw an annual growth rate on housing prices of about 2.3%, the author writes, but in 2013 that rate was closer to 7%.

 According to the author, the city itself is changing.  Both private and public real estate investments are contributing to growth in the suburban regions, which in turn is attracting new homeowners, boosting residents’ confidence in the area, and making more and more investors realize that Buffalo is on the comeback path.

 Furthermore, the author argues, because mortgage rates are still at all-time lows, it’s easier for new homeowners to buy.  With more buyers in the market, and only a handful of areas showing the aggressive growth that Buffalo is showing, it creates a competitive market in the city’s favor.

This steady, consistent growth makes Buffalo, NY an area that all real-estate professionals should have on their radar.

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From → Gary Richetelli

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