From my perspective of watching this local market for nearly 20 years, it's rare to see Buffalo rise so steadily. In the past, it was strongly perceived as an affordable city, but the numbers from the last five years tell a different story.

According to the Zillow Home Value Index, the current median home value in Buffalo is about $246,000, and it has increased by approximately 3.7% over the past year. Compared to early 2021, when it was around $171,000, this represents an increase of roughly 44% over five years.

Year by year, from 2021 to 2022, there was a significant influx of buyers attracted by the affordable price range, leading to a large increase. Even after interest rates rose at the end of 2022, the upward trend did not decline as sharply as in other major cities. From 2024 to the present, there has been a steady increase of about 3-4% per year.

When compared to the national average increase of 35-45% during the same period, Buffalo is close to or at the upper end of this range, showing an unusually strong trend for a city that has traditionally been undervalued.

Factors supporting this increase include a relative influx of buyers from high-cost cities like New York City and Boston, a lack of new supply compared to the aging housing stock, and a gradual improvement in the employment base centered around the healthcare and education industries.

While it's difficult to definitively say that the current rate of increase will continue, Buffalo still maintains a lower price point compared to the national median, suggesting that a moderate upward trend may persist for the time being.

For Korean first-time homebuyers looking to reduce entry price burdens or investors seeking stable rental income, Buffalo is worth considering as it continues to rise steadily while still being below the national average. However, given the recent upward trend, it may be wise not to delay the timing of purchases too long.