Niagara Fals NY real estate market updateAs in most Western New York cities, the real estate market in Niagara Falls, NY is pretty hot.  In January and February of 2020 there were fifty-five single family homes sold.  The average sale price was $84,891.  The total sales volume for this period was $4,000,669.  The Niagara Falls sales trend seemed to mirror other surrounding communities.  Of the total homes sold (55) twenty-nine of them were sold in less than thirty days.  Twelve homes sold between thirty-one and sixty days.  Eight sold between sixty-one and ninety days. The balance were sold after 90 days.  Like other Western New York communities, Niagara Falls suffers from a shortage of available homes to sell.  Once again, of all the homes sold, twenty-four were sold to cash buyers.  Due to the competitive nature of the market currently it is more advantageous to purchase with cash giving a leg up over other buyers who need financing.  Twelve homes were sold to buyers who obtained a conventional mortgage, eleven buyers obtained an FHA mortgage and two buyers obtained VA financing.
We are seeing an  increase in interest in homes located in downtown Niagara Falls.  Many investors are coming into the market and looking at homes in Niagara Falls.  We think that maybe the Buffalo market is getting so competitive due to the shortage of homes for sale that they are overflowing into the affordable market that Niagara Falls, NY has to offer.  So stay tuned…

As always, if you need assistance or would like email alerts of homes as they hit the market call one of our professional agents for assistance by calling 716-754-2550.  Or visit our website and start your search at www.greatlakesrealestate.com/search-page or visit our interactive map search page at www.greatlakesrealestate.com/map-search.