Photo by: www.buffaloaerialpictures.com
The Buffalo, New York Real Estate Market is starting to finally get its praise nationally. In recent weeks national publications including The Wall Street Journal, USA Today and Pittsburgh Tribune-Review have all spoke glowingly about the city straddled on the US-Canadian border. Once ranked as the 8th largest city in the United States, Buffalo has in recent times been known throughout the real estate industry for being home to Delaware North Companies and Benderson Development. Money from New York State, including Governor Andrew Cuomo’s “Buffalo Billion” have helped to spark the revitalization and Buffalo is seeing results. The expansion of the Buffalo Medical Campus and bolstering of the local tech scene, led by projects by Solar City and IBM, have also contributed. According to a recent article in The Buffalo News, in the last five years total jobs in the Buffalo Niagara region have increased, the unemployment rate has decreased, median home prices have risen and average annual pay has increased. The real estate website Zillow.com reports that the 14201 Zip code in Buffalo has seen a 30.2 percent increase in home values from April 2014 to April 2015 – putting it No. 25 nationally for year-over-year growth in that time period. REIS, the industry leader and most trusted source of market analytics in commercial real estate, reported Buffalo’s apartment vacancy at 3.0% in 2015. In a city perhaps most famous for being cold, the real estate market is most certainly hot.
William Vogel
Analyst
Phone: (716) 204-2207
wvogel@largocapital.com
