Is Grand Island, NY a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Grand Island was a Buyer's Market.
Key Takeaway
Grand Island is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Grand Island, NY
How much do homes in Grand Island, NY cost?
Median Sold Price
$350,000
$188/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Grand Island have sold for 10.7% more than they did a year ago.
Summary: The median home sold price in Grand Island was $350,000 in May 2024, up 10.7% from last year, and the median price per square foot was $188.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $223K | $320K | +43.5% |
| 3 Bedrooms | $302K | $350K | +15.9% |
| 4 Bedrooms | $362K | $420K | +16.0% |
| 5+ Bedrooms | $565.1K | $291.3K | -48.5% |
Summary: Grand Island housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 43.5%, 3 bedroom homes increased by 15.9%, 4 bedroom homes increased by 16%, and 5+ bedroom homes decreased by 48.5%.
Median Sold Price Compared To Nearby Cities
| Wheatfield | $303.5K | $361K | +18.9% |
| Tonawanda | $210.6K | $235K | +11.6% |
| Grand Island | $316K | $350K | +10.7% |
| North Tonawanda | $219.9K | $235K | +6.8% |
| Niagara Falls | $135K | $142K | +5.2% |
Housing Supply in Grand Island, NY
How many homes are available in Grand Island, NY?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 64 | 72 | +12.5% |
Summary: The Grand Island real estate market had 72 homes for sale in May 2024, a 12.5% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 6 | 4 | -33.3% |
| 3 Bedrooms | 30 | 31 | +3.3% |
| 4 Bedrooms | 25 | 31 | +24.0% |
| 5+ Bedrooms | 3 | 6 | +100.0% |
Summary: The Grand Island housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 33.3%, 3 bedroom homes increased by 3.3%, 4 bedroom homes increased by 24%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 15 | 17 | +13.3% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
13 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Grand Island, you could pay more than the asking price. 76.5% of homes here sold above asking price last month.
Summary: A total of 17 homes were sold or pending in Grand Island in May 2024, up by 13.3% month-over-month. Of the 17 sold homes, 12% were sold under asking, 12% were sold at asking, and 76% were sold over asking.
Days on Market for Grand Island, NY
How long does it take to sell a home in Grand Island, NY?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 11 Days | 29 Days | +160.1% |
Summary: Homes in Grand Island had an average of 29 days on market in May 2024, up by 160.1% compared to last year.
Breakdown of Home Sale Times
13 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Grand Island are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 17 homes were sold in Grand Island; 76% of homes were sold within 30 days, 12% of homes were sold within 30 to 90 days, and 12% of homes were sold over 90 days.
