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Buffalo, MN—55313

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value
$385,000
2.7% YoY Growth
Household Income
$93,500
19.1% YoY Growth
Days on Market
19
19.0% Shorter YoY
Home Price Forecast
-1.6%
Median Rent
$1,800
8.6% YoY Growth
1-Bed Rent
$1,180
2.8% YoY Growth
2-Bed Rent
$1,100
29.9% YoY Growth
3-Bed Rent
$1,850
1.1% YoY Growth
  • Home Price Trends
  • Rental Trends
  • Property Listings
  • Demographics
  • Mortgage and Risk

Home Price Trends — Buffalo, MN

As of May '26, the median home price in Buffalo, MN is $385,000, with a year-over-year change of 2.7%. This indicates that home prices in Buffalo, MN are increasing. According to Zillow, the 1-year price projection is -1.6%, suggesting a decrease housing market in the next year.

Cost per Home Type

Home TypeMedian Home ValueYoY % Change
All Homes
$385,0002.7%
Single Family $385,0002.7%
Condos N/AN/A

Cost per Home Size

Home SizeMedian Home ValueYoY % Change
1 Bed
  • Affordability
  • Rentals and Section 8
    • N/A
    N/A
    2 Bed
    		$297,0002.8%
    3 Bed
    		$370,0002.5%
    4 Bed
    		$423,0001.2%
    5 Bed $475,9250.6%
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    % of Housing Stock

    Studio
    1.2%
    1 Bedroom
    5.1%
    2 Bedrooms
    21.2%
    3 Bedrooms
    35.1%
    4 Bedrooms
    31.1%
    5+ Bedrooms
    6.3%

    Rental Trends — Buffalo, MN

    As of July '25, Rentcast reports the average rent in Buffalo, MN is $1,770, with a year-over-year rent change of 8.6%. Per bedroom, the median rent as of July '25 in Buffalo, MN is 1-bedrooms: $1,100, 2-bedrooms: $1,170, 3-bedrooms: $1,900, 4-bedrooms: $2,380. The most common rental property sizes in Buffalo, MN are 2-bedroom and 1-bedroom, accounting for 48.8% and 24.7% of the rental stock.

    TypeMedian RentAverage Rent
    Average Rent$1,800$1,770
    Studio Rent N/AN/A
    1 Bed Rent $1,180$1,100
    2 Bed Rent $1,100$1,170
    3 Bed Rent $1,850$1,900
    4 Bed Rent $2,450$2,380
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    % of Rental Stock

    Studio
    2.6%
    1 Bedroom
    24.7%
    2 Bedrooms
    48.8%
    3 Bedrooms
    16.1%
    4 Bedrooms
    7.3%
    5+ Bedrooms
    0.5%

    Property Listings — Buffalo, MN

    As of May '26, Realtor.com reports that the median days on market for a home in Buffalo, MN is 19. This is a decrease of -19.0% 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 16.0%, representing a small inventory and little supply pressure on home prices.

    MetricZip Code AverageYear over Year % Change
    Median Listing Price
    		$407,000-3.0%
    Listing Count
    		1000.0%
    Listings as % of Homes0.8%0.0%
    Days on Market
    		19-19.0%
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    Demographics — Buffalo, MN

    As of the latest ACS Survey released in 2023, Buffalo, MN has a population of 24,900, which has increased by 2.0% over the past 5 years. Buffalo, MN is a popular place for families, as children make up 25.7% of the population. The area has a moderately educated workforce, with 30.9% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 12.4% reporting working from home.

    MetricLatest CensusYoY % Change
    Population
    		24,9002.0%
    % Under 18
    		25.7%1.2%
    % Seniors
    		16.9%20.7%
    % WFH
    		12.4%188.4%
    % w/ College Degree
    		30.9%2.7%
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    As of the latest ACS Survey released in 2023, Buffalo, MN is a predominantly white area, with 91.6% of the population identifying as white. The white population has shrunk by 4.5% in the last 5 years. The second most common race or ethnicity in Buffalo, MN is hispanic, making up 3.6% of the population. Foreign-born residents account for 4.1% of the population in Buffalo, MN, and this percentage has increased by 105.0% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.

    Race and Ethnicity

    MetricLatest Census5-Year % Change
    % White
    		91.6%-4.5%
    % Black
    		0.1%-83.3%
    % Hispanic
    		3.6%80.0%
    % Asian
    		1.2%100.0%
    % Foreign Born
    		4.1%105.0%
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    Mortgage and Risk — Buffalo, MN

    According to HUD data as of 2023, there were 440 mortgage originations in Buffalo, MN, of which 83.0% of loans were conventional mortgages. The average loan-to-value was 60.0%, with 31.0% above 90% LTV (very high). This implies large mortgage risk in Buffalo, MN. Investor activity is low, as 2.0% of loans were by investors. 10.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.

    Mortgages

    MetricZip Code Average
    Total Loan Originations
    		440
    % Conventional Loans
    		83.0%
    % Government Loans
    		17.0%
    % Investor Loans
    		2.0%
    % Second Loans
    		0.0%
    % Cash Out Refinance
    		10.0%
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    Rentals and Section 8 — Buffalo, MN

    As of 2024, the percent of homes in Buffalo, MN under the Section 8 program is 9.0%. 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. 1-bedroom and 2-bedroom and 3-bedroom units appear to be good home sizes to consider for Section 8 housing in Buffalo, MN, because HUD payments exceed market rent, while 4-bedroom units do not.

    Section 8 Market Size

    Total Units under HUD
    		153
    Total Units Section 8
    		153
    % Rentals under Section 8
    		9.0%
    % Occupied Section 8
    		89.8%

    Section 8 Opportunity

    Home SizeHUD PremiumMarket RentMax HUD Rent
    1 Bedroom$20$1,180$1,200
    2 Bedroom$370$1,100$1,470
    3 Bedroom$120$1,850$1,970
    4 Bedroom-$210$2,450$2,240

    Affordability — Buffalo, MN

    Home Price to Income Ratio

    MetricZip Code Average
    Home Price to Income Ratio3.8
    Median Home Price$385,000
    Median Household Income$93,500

    Buffalo, MN — ZIP Code Boundary Map

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    Nearby ZIP Codes

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    Frequently Asked Questions