The trend of moving down south to get away from the snow might just be turning around, as we have found Buffalo residential real estate booming this year. Out-of-towners are unexpectedly flocking the 716 market as the pandemic ensued this year.
A study reported by Redfin found that the net flow in Western New York, the number of people moving in compared to out of an area, has seen a 107% increase this year compared to last. This trend reversal has landed our city as the third highest influx area, next only to Santa Barbara, CA and Louisville, KY. The study showed that one third of the online searches for houses in our area came from outside of the region, 42% coming from New York City.
So what is drawing in these out-of-towners? Well, it is in part due to the current health crisis! People have changed the way they see cities like ours. With the working force spending more time at home, it’s become more important than ever to get everything you want out of that home.
Compared to other areas, our list prices are extremely reasonable for a middle-market or even a higher end home as well as the overall lower cost of living. Those coming from NYC are looking for more space for their money and an outdoor area to call their own. For others, finding a better school district or coming back home to be near family is what perks their interest.