Is Buffalo, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Buffalo has remained a Seller's Market.
Key Takeaway
Buffalo is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Buffalo, MN
How much do homes in Buffalo, MN cost?
Median Sold Price
$361,150
$172/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Buffalo have sold for 4.7% more than they did a year ago.
Summary: The median home sold price in Buffalo was $361,150 in May 2024, up 4.7% from last year, and the median price per square foot was $172.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $165K | $390K | +136.4% |
| 2 Bedrooms | $253.7K | $265K | +4.4% |
| 3 Bedrooms | $327.2K | $320K | -2.2% |
| 4 Bedrooms | $371K | $402.5K | +8.5% |
| 5+ Bedrooms | $431.9K | $419.6K | -2.9% |
Summary: Buffalo housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 136.4%, 2 bedroom homes increased by 4.4%, 3 bedroom homes decreased by 2.2%, 4 bedroom homes increased by 8.5%, and 5+ bedroom homes decreased by 2.9%.
Median Sold Price Compared To Nearby Cities
| Buffalo Township | $340.1K | $360K | +5.8% |
| Buffalo | $345K | $361.1K | +4.7% |
| Rockford Township | $369.9K | $369.9K | 0.0% |
Housing Supply in Buffalo, MN
How many homes are available in Buffalo, MN?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 108 | 116 | +7.4% |
Summary: The Buffalo real estate market had 116 homes for sale in May 2024, a 7.4% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 1 | -50.0% |
| 2 Bedrooms | 13 | 18 | +38.5% |
| 3 Bedrooms | 23 | 36 | +56.5% |
| 4 Bedrooms | 40 | 37 | -7.5% |
| 5+ Bedrooms | 30 | 24 | -20.0% |
Summary: The Buffalo housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 50%, 2 bedroom homes increased by 38.5%, 3 bedroom homes increased by 56.5%, 4 bedroom homes decreased by 7.5%, and 5+ bedroom homes decreased by 20%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 26 | 27 | +3.8% |
Asking Price vs. Sold Price
8 Homes Were Sold
Under Asking
7 Homes Were Sold
At Asking
12 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Buffalo, you could pay more than the asking price. 44.4% of homes here sold above asking price last month.
Summary: A total of 27 homes were sold or pending in Buffalo in May 2024, up by 3.8% month-over-month. Of the 27 sold homes, 30% were sold under asking, 26% were sold at asking, and 44% were sold over asking.
Days on Market for Buffalo, MN
How long does it take to sell a home in Buffalo, MN?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 50 Days | 27 Days | -46.1% |
Summary: Homes in Buffalo had an average of 27 days on market in May 2024, down by 46.1% compared to last year.
Breakdown of Home Sale Times
19 Homes Were Sold
Under 30 Days
6 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Buffalo are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 27 homes were sold in Buffalo; 70% of homes were sold within 30 days, 22% of homes were sold within 30 to 90 days, and 4% of homes were sold over 90 days.
