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Fri, November 21, 2025
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Buffalo Real Estate Market Sees 7.4% Rise in Median Home Prices Amid Record Low Inventory
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Published in House and Home on Friday, November 21st 2025 at 8:54 GMT by Buffalo News- 🞛 This publication is a summary or evaluation of another publication
- 🞛 This publication contains editorial commentary or bias from the source
Buffalo’s Real‑Estate Landscape Shifts Toward New Developments, Higher Prices, and Greater Demand
The Buffalo‑News article — "Real Estate: A City on the Move" (accessed via the link https://buffalonews.com/news/local/business/real-estate/article_c8a08f31-b3c2-4c09-a739-26287f4cd8cd.html) — provides an in‑depth look at the current state of Buffalo’s residential and commercial markets. By following the embedded links to city planning documents, developer press releases, and local real‑estate data portals, the piece builds a comprehensive picture of how a mix of historic preservation, new construction, and changing demographics is reshaping the city’s skyline and housing inventory.
A Snapshot of the Market
At the beginning of the article, the writer sets the stage with a concise snapshot of recent market metrics. According to the latest data pulled from the Buffalo Office of Planning and Development’s online portal, median home prices rose 7.4 % over the past year, moving from $112,000 in mid‑2023 to $120,000 in early 2024. The inventory of homes for sale has fallen to a record low of 1,200 units, while the average number of days a home stays on the market dropped from 35 to 23. The article notes that this tightening inventory has prompted a surge in bidding wars and an uptick in the percentage of homes selling above the listing price, now standing at roughly 18 % of all transactions.
The piece also cites a recent report from the Buffalo Association of Realtors, which indicates that rental prices have increased by 4.2 % in the same timeframe, a trend driven by both a steady influx of remote workers seeking a lower cost of living and the city’s strategic push to renovate older rental stock. The article underscores that the rental market, though still relatively affordable compared to neighboring metros, is gradually aligning with national trends of rising rents.
The Rise of Mixed‑Use Development
A focal point of the article is the unveiling of a new mixed‑use development on the northern edge of downtown, known as the “Harbor Point Tower.” The writer details the project’s 30‑story, $150 million construction, a joint venture between local developer Horizon Real Estate and national investment firm Skyline Capital. According to Horizon’s press release—link provided in the original article—the tower will feature 250 luxury condominiums, 80,000 square feet of ground‑floor retail space, and a 20‑acre public park with waterfront access.
The article highlights Horizon’s commitment to sustainability, noting that the tower will incorporate LEED‑Gold certification, a green roof, and a district‑cooling system that reduces energy use by 15 %. The developer’s spokesperson, Maria Sanchez, emphasized that the project aims to blend modern amenities with Buffalo’s historic charm, a sentiment that resonated with the city’s planning commission, which granted the necessary zoning amendments after a public hearing held on March 12 2024.
In addition to the Harbor Point Tower, the article references two other significant projects: the “Northport Plaza,” a redevelopment of a former industrial site into 180 residential units with mixed income levels, and the “East Side Commons,” a community‑centered mixed‑use complex slated to open in 2025. These projects illustrate a broader trend of revitalizing under‑utilized parcels within the city, a strategy highlighted in a link to a 2023 Buffalo Master Plan update.
The Human Side: Residents and Stakeholders
The writer includes several interviews with key stakeholders, offering a more human perspective on the developments. One interview with city planner Robert Li discusses the balancing act of encouraging growth while preserving the city’s architectural heritage. Li explains that the city’s “Historic Preservation Review Board” will oversee new construction to ensure compatibility with existing structures.
A local resident, Maya Patel, who recently purchased a condo in the Harbor Point Tower, shares her enthusiasm: “I love the view of the lake, and the fact that the building has a community garden makes it feel more like a neighborhood than just a high‑rise.” Patel’s comments underscore the importance of community amenities in attracting new residents to urban core.
Conversely, the article touches on concerns raised by long‑time neighbors of the Northport site. Some residents worry that the new development will increase traffic and alter the character of the area. The piece quotes a neighbor, John O’Reilly, who said, “We need to be sure that the planners keep the streets manageable and that the development doesn’t lead to a flood of new cars.” These concerns were addressed in a community outreach session hosted by the city, as noted in a link to the city’s meeting minutes.
Funding and Economic Impact
Financial details are interwoven throughout the article. Horizon Real Estate secured a $75 million construction loan from City Bank, while Skyline Capital contributed the remaining equity. The article references a link to a recent municipal bond issuance aimed at financing infrastructure improvements, including a new traffic‑signal synchronization system in the downtown corridor.
The economic implications are significant. A report cited in the article—accessible through a link to the Buffalo Economic Development Office—projects that the Harbor Point Tower will generate roughly 400 new jobs in construction, retail, and property management over the next five years. The article posits that such developments could help offset job losses experienced during the pandemic, thereby contributing to the city’s broader economic recovery strategy.
Broader Context: Remote Work, Demographics, and Future Outlook
Towards the end, the article places Buffalo’s real‑estate developments in a broader national context. It references a LinkedIn post by a real‑estate analyst at Zillow, linked in the article, that discusses how the remote‑work wave is reshaping metropolitan dynamics. The analyst notes that “Buffalo has capitalized on its relatively low cost of living, strong public‑transport infrastructure, and an emerging cultural scene to attract remote workers who previously preferred larger cities.”
The writer concludes by projecting that Buffalo’s real‑estate market will continue to experience moderate growth, with a forecasted 5 % increase in median prices over the next 12 months. However, the article cautions that market resilience will depend on the city’s ability to manage infrastructure needs, maintain affordable housing options, and sustain community engagement throughout the development process.
In sum, the Buffalo‑News article paints a picture of a city at the crossroads of growth and preservation. By weaving together data, developer plans, resident voices, and municipal strategy, it provides readers with a well‑rounded understanding of how Buffalo’s real‑estate market is evolving—and how it might shape the city’s future.
Read the Full Buffalo News Article at:
[ https://buffalonews.com/news/local/business/real-estate/article_c8a08f31-b3c2-4c09-a739-26287f4cd8cd.html ]
