Buffalo housing market is hotter than ever

Posted at 6:43 PM, Jul 09, 2018
and last updated 2018-07-09 18:46:13-04

Across Western New York, buyers are struggling to find the homes of their dreams. Inventory is low and prices are jacking up. 

June closing inventory last year is down 30 percent compared to this June and prices are up more than five percent. 

“Selling homes is not the problem it’s finding homes for your buyers," Britt Konczyk said, a realtor at Howard Hanna. “We just don’t have the inventory to support a stable market."

It's not uncommon for a house to reach over 10 offers and John Heffron, realtor at Gurney Becker & Bourne said Buffalo has been undervalued for a long time and this market is here to stay. 

“I don’t see a gallon of milk going back to 79 cents, so I don’t see a house going back to what it was worth 10 years ago," Heffron said. “I don’t even call it a bubble, I don’t even think it’s a bubble.”

Heffron later joked that people are literally signing contracts on the hoods of cars. 

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