Buffalo, MN—55313
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Buffalo, MN
As of Oct '25, the median home price in Buffalo, MN is $373,000, with a year-over-year change of 3.0%. This indicates that home prices in Buffalo, MN are increasing. According to Zillow, the 1-year price projection is -0.5%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $373,000 | 3.0% |
| Single Family | $373,000 | 3.0% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $288,000 | 4.0% |
3 Bed | $359,000 | 3.2% |
4 Bed | $412,000 | 2.5% |
| 5 Bed | $465,000 | 1.3% |
% of Housing Stock
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.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,800 | $1,770 |
| Studio Rent | N/A | N/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 |
% of Rental Stock
Property Listings — Buffalo, MN
As of Oct '25, Realtor.com reports that the median days on market for a home in Buffalo, MN is 44. This is a decrease of -3.0% 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 28.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $398,000 | -6.0% |
Listing Count | 106 | 15.0% |
| Listings as % of Homes | 0.8% | 15.0% |
Days on Market | 44 | -3.0% |
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.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 24,900 | 2.0% |
% Under 18 | 25.7% | 1.2% |
% Seniors | 16.9% | 20.7% |
% WFH | 12.4% | 188.4% |
% w/ College Degree | 30.9% | 2.7% |
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
| Metric | Latest Census | 5-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% |
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
| Metric | Zip 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% |
Loan Activity
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 Size | HUD Premium | Market Rent | Max 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
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.7 |
| Median Home Price | $373,000 |
| Median Household Income | $93,500 |