From Zillow.com: Sale prices of homes in Erie County, New York continue to be very strong compared to the rest of the country. See the chart below.
Amherst, Cheektowaga and West Seneca continue to be 3 of the hottest communities in the country. Marrano/Marc Equity builds new homes in all areas of Erie County. Email me for more information.
Steve
Where is Erie County? What are their assets that make them sell higher that other cities in NY or other states for that matter?
ReplyDeleteThanks for the question. Erie County is the largest county in Western New York. It is pretty much Buffalo and the surrounding suburbs.
ReplyDeleteHistorically home values in Western New York (WNY) do not appreciate at the blistering pace of other areas of the country (Florida, Arizona, etc). As a result of this, we have not experienced the burst real estate bubbles that the other areas have endured. As you can see from the chart above, this area has shown slow, but steady, growth over the years.
Even with this steady growth, homes in WNY are still priced lower than the "hot" areas of the country, making "affordable home prices" our biggest asset toward growth.
In fact, home sellers in WNY have taken advantage of the misfortune of the rest of the country. While most areas have needed the stimulus provided by the Federal Homebuyer Tax Credit just to prop up their markets, a thriving market like WNY continues to move higher with the huge influx of First Time Homebuyers coming into the market during the latter part of the 2009.