‘The Most Unprecedented Market I’ve Seen’: Are Buffalo Homes Overvalued?

BUFFALO, N.Y. (WKBW) — Broker Michael Burke gave 7 News a tour of his latest listing located at 300 Brompton Road in Amherst. The unique property built in the 1800s just hit the market Friday.

“The details of this house are simply spectacular,” Burke said. “There are 4 fireplaces in this entire house.”

The nearly 5,000 square foot ranch also includes numerous built-ins, decks, a natural gas well on the property and more than 2.5 acres with a tennis and pickle court.

“There’s a great flow from the family room, great room, sunroom and bedroom,” Burke said.

He is confident this property will sell quickly, not only because it is unique, but he also says our current market is strong.

“I’ve been with HUNT for over 20 years and this is the most unprecedented market I’ve seen, with multiple offers on many properties,” Burke says.

Burke said he’s not surprised that Buffalo continues to make headlines for its real estate market, but he doesn’t necessarily agree with a recent headline putting Buffalo on the list of “hottest real estate market.” overvalued.”

He said we’ve been undervalued for a long time and that’s changing as more people pay attention to homes here. “We are finally catching up with the national housing market.”

“We’re still very affordable compared to average incomes,” said James Conley, a licensed salesperson at MJ Peterson.

Conley said there are currently 815 single-family homes for sale in Erie County and many are receiving multiple offers based on price.

He said he’s noticed a new trend recently: more people are choosing to retire in Western New York. He says there are three reasons for this.

“They still have friends and family in the area, so they want to be closer to them. The cost of living is cheaper than where they are moving, and in many cases the healthcare system here is more solid.” Conley said.

Other determining factors: our school districts, travel times and prices.

“The median sales price of a home in the United States is over $400,000. We’re still at $275,000 for the average sales price of a home,” Conley said.

Although this new listing in Amherst is well above the median home price, at $1.25 million, Burke said he already has an interest in the property.

“The character and charm of this home is so spectacular. It’s truly a unique and rare find,” Burke said.