2022 Real Estate Market Update for Western New York

Happy New Year, 2023!! How was your 2022? In terms of Real Estate in WNY, I am happy to report that we had a few more records set in 2022. While our market has cooled slightly in terms of units being sold, overall things are still solid in WNY. Remember I am only reporting on Single Family/Condo Townhome sales only. So let's get into the numbers!

The graph above shows us the last 10 years, 2012 - 2022 for number of units sold and dollar volume of each year. For units sold it was the lowest in the last 7 years at 11,729 down from 12,670 in 2021, which is a decrease of 7.43%. Even though we were down in units sold we broke the dollar volume record at $3,051,749,641 a small increase of about 1.23%.

Another record breaking year in terms of Average / Median Prices. Our next graph shows both Average and Median Sale Price for the last 10 years. What is amazing to view is the growth rate the last 3 years 2020 - 2022. Year over year 2021/2022 Average Sale price went from $238,029 to $260,211 a 9.32% increase. While the increase in Median jumped 11.72%.

Another record breaking set of stats showing Days on Market(Days to Sell) down to 21 days down from 24 days in 2021. While the Ratio from list price to close price went up slightly from 103.1% to 103.4%.

Home's sold for more money last year than any other year on record! This year may be the year where it all starts to level out. Which is good for new home buyers, first time home buyers and those looking to downsize. I don't see anything that indicates a significant drop this year as long as interest rates remain steady. If you are looking to buy or sell I can assure you I know plenty of hard working Real Estate Professionals who are ready to assist you on your journey and have these stats along with street level details to help you find that perfect home!

Thanks for reading and have a great 2023!!