Is Niagara Falls, NY 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, Niagara Falls has remained a Seller's Market.
Key Takeaway
Niagara Falls is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Niagara Falls, NY
How much do homes in Niagara Falls, NY cost?
Median Sold Price
$142,045
$111/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Niagara Falls have sold for 5.2% more than they did a year ago.
Summary: The median home sold price in Niagara Falls was $142,045 in May 2024, up 5.2% from last year, and the median price per square foot was $111.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $97.4K | $140K | +43.7% |
| 2 Bedrooms | $110K | $116K | +5.5% |
| 3 Bedrooms | $144.2K | $155K | +7.4% |
| 4 Bedrooms | $155.7K | $135K | -13.3% |
| 5+ Bedrooms | $141.5K | $120K | -15.2% |
Summary: Niagara Falls housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 43.7%, 2 bedroom homes increased by 5.5%, 3 bedroom homes increased by 7.4%, 4 bedroom homes decreased by 13.3%, and 5+ bedroom homes decreased by 15.2%.
Median Sold Price Compared To Nearby Cities
| Wheatfield | $303.5K | $361K | +18.9% |
| Grand Island | $316K | $350K | +10.7% |
| Niagara Falls | $135K | $142K | +5.2% |
| Niagara | $199.9K | $190K | -5.0% |
Housing Supply in Niagara Falls, NY
How many homes are available in Niagara Falls, NY?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 247 | 252 | +2.0% |
Summary: The Niagara Falls real estate market had 252 homes for sale in May 2024, a 2.0% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 4 | 5 | +25.0% |
| 2 Bedrooms | 25 | 33 | +32.0% |
| 3 Bedrooms | 104 | 108 | +3.8% |
| 4 Bedrooms | 69 | 58 | -15.9% |
| 5+ Bedrooms | 45 | 48 | +6.7% |
Summary: The Niagara Falls housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 25%, 2 bedroom homes increased by 32%, 3 bedroom homes increased by 3.8%, 4 bedroom homes decreased by 15.9%, and 5+ bedroom homes increased by 6.7%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 52 | 51 | -1.9% |
Asking Price vs. Sold Price
21 Homes Were Sold
Under Asking
7 Homes Were Sold
At Asking
23 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Niagara Falls, you could pay more than the asking price. 45.1% of homes here sold above asking price last month.
Summary: A total of 51 homes were sold or pending in Niagara Falls in May 2024, down by 1.9% month-over-month. Of the 51 sold homes, 41% were sold under asking, 14% were sold at asking, and 45% were sold over asking.
Days on Market for Niagara Falls, NY
How long does it take to sell a home in Niagara Falls, NY?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 21 Days | 32 Days | +52.0% |
Summary: Homes in Niagara Falls had an average of 32 days on market in May 2024, up by 52% compared to last year.
Breakdown of Home Sale Times
35 Homes Were Sold
Under 30 Days
9 Homes Were Sold
In 30 - 90 Days
7 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Niagara Falls are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 51 homes were sold in Niagara Falls; 69% of homes were sold within 30 days, 18% of homes were sold within 30 to 90 days, and 14% of homes were sold over 90 days.
