Elmwood Village, Buffalo, NY—14222
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Elmwood Village, Buffalo, NY
As of Oct '25, the median home price in Elmwood Village, Buffalo, NY is $511,000, with a year-over-year change of 2.9%. This indicates that home prices in Elmwood Village, Buffalo, NY are increasing. According to Zillow, the 1-year price projection is 1.9%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $511,000 | 2.9% |
| Single Family | $530,000 | 3.1% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $352,000 | -0.3% |
3 Bed | $492,000 | 1.9% |
4 Bed | $538,000 | 3.1% |
| 5 Bed | $663,000 | 1.8% |
% of Housing Stock
Rental Trends — Elmwood Village, Buffalo, NY
As of July '25, Rentcast reports the average rent in Elmwood Village, Buffalo, NY is $1,760, with a year-over-year rent change of 1.1%. Per bedroom, the median rent as of July '25 in Elmwood Village, Buffalo, NY is studios: $1,350, 1-bedrooms: $1,230, 2-bedrooms: $1,860, 3-bedrooms: $2,220, 4-bedrooms: $2,830. The most common rental property sizes in Elmwood Village, Buffalo, NY are 2-bedroom and 1-bedroom, accounting for 35.4% and 32.7% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,600 | $1,760 |
| Studio Rent | $900 | $1,350 |
| 1 Bed Rent | $1,250 | $1,230 |
| 2 Bed Rent | $1,650 | $1,860 |
| 3 Bed Rent | $2,100 | $2,220 |
| 4 Bed Rent | $3,000 | $2,830 |
% of Rental Stock
Property Listings — Elmwood Village, Buffalo, NY
As of Oct '25, Realtor.com reports that the median days on market for a home in Elmwood Village, Buffalo, NY is 38. This is a decrease of -30.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 21.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $570,000 | -14.0% |
Listing Count | 38 | -7.0% |
| Listings as % of Homes | 0.3% | -7.0% |
Days on Market | 38 | -30.0% |
Demographics — Elmwood Village, Buffalo, NY
As of the latest ACS Survey released in 2023, Elmwood Village, Buffalo, NY has a population of 15,400, which has increased by 10.0% over the past 5 years. Elmwood Village, Buffalo, NY is a less popular place for families, as children make up 12.8% of the population. The area has a highly educated workforce, with 62.8% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 16.0% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 15,400 | 10.0% |
% Under 18 | 12.8% | 50.6% |
% Seniors | 12.1% | -4.0% |
% WFH | 16.0% | 272.1% |
% w/ College Degree | 62.8% | 4.8% |
As of the latest ACS Survey released in 2023, Elmwood Village, Buffalo, NY is a predominantly white area, with 74.2% of the population identifying as white. The white population has grown by 4.8% in the last 5 years. The second most common race or ethnicity in Elmwood Village, Buffalo, NY is black, making up 12.0% of the population. Foreign-born residents account for 7.3% of the population in Elmwood Village, Buffalo, NY, and this percentage has decreased by 6.4% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 74.2% | 4.8% |
% Black | 12.0% | -16.1% |
% Hispanic | 8.0% | 1.3% |
% Asian | 2.4% | -57.1% |
% Foreign Born | 7.3% | -6.4% |
Mortgage and Risk — Elmwood Village, Buffalo, NY
According to HUD data as of 2023, there were 85 mortgage originations in Elmwood Village, Buffalo, NY, of which 88.0% of loans were conventional mortgages. The average loan-to-value was 65.0%, with 20.0% above 90% LTV (very high). This implies large mortgage risk in Elmwood Village, Buffalo, NY. Investor activity is low, as 2.0% of loans were by investors. 7.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 85 |
% Conventional Loans | 88.0% |
% Government Loans | 12.0% |
% Investor Loans | 2.0% |
% Second Loans | 7.0% |
% Cash Out Refinance | 7.0% |
Loan Activity
Rentals and Section 8 — Elmwood Village, Buffalo, NY
As of 2024, the percent of homes in Elmwood Village, Buffalo, NY under the Section 8 program is 7.6%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. In Elmwood Village, Buffalo, NY, none of the tracked home sizes currently have HUD payment amounts above market rent, suggesting limited Section 8 opportunity.
Section 8 Market Size
Total Units under HUD | 548 |
Total Units Section 8 | 300 |
% Rentals under Section 8 | 7.6% |
% Occupied Section 8 | 79.7% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$120 | $1,250 | $1,130 |
| 2 Bedroom | -$320 | $1,650 | $1,330 |
| 3 Bedroom | -$470 | $2,100 | $1,630 |
| 4 Bedroom | -$1,160 | $3,000 | $1,840 |
Affordability — Elmwood Village, Buffalo, NY
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 5.6 |
| Median Home Price | $511,000 |
| Median Household Income | $83,700 |