Houses Selling 7% More on Average in New York State

If you are trying to buy a house in New York State there is good news and bad news.

The good news is that the interest rates are going down for a mortgage. For the first time in a quite some time, we have seen the interest rates dip below 7% for a 30-year fixed loan.

The bad news is that the houses are more expensive.

On average for the month of June 2024, the average sale price of houses in Western New York was the highest it has ever been (besides September 2023, which had an average sale price of a couple hundred dollars more). In fact, people are paying more than 7% more than asking on average, according to data complied for Buffalo Niagara Association of Realtors.

Average Sales Price - June 2024 $293,356
Median Sales Price - June 2024 $252,500
Closed Sales - June 2024 723
Pending Sales - June 2024 1,118
New Listing - June 2024 1,391