Is Olean, NY a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
At the same time last year, Olean was a Seller's Market.
Key Takeaway
Olean is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Olean, NY
How much do homes in Olean, NY cost?
Median Sold Price
$104,046
$72/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Olean have sold for 8.4% more than they did a year ago.
Summary: The median home sold price in Olean was $104,046 in April 2024, up 8.4% from last year, and the median price per square foot was $72.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $82.2K | $43.7K | -46.9% |
| 2 Bedrooms | $78K | $70K | -10.3% |
| 3 Bedrooms | $103K | $100K | -2.8% |
| 4 Bedrooms | $112.5K | $140K | +24.4% |
| 5+ Bedrooms | $185.5K | $135K | -27.2% |
Summary: Olean housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 46.9%, 2 bedroom homes decreased by 10.3%, 3 bedroom homes decreased by 2.8%, 4 bedroom homes increased by 24.4%, and 5+ bedroom homes decreased by 27.2%.
Housing Supply in Olean, NY
How many homes are available in Olean, NY?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 59 | 49 | -16.9% |
Summary: The Olean real estate market had 49 homes for sale in April 2024, a 16.9% decrease compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 7 | 6 | -14.3% |
| 3 Bedrooms | 28 | 23 | -17.9% |
| 4 Bedrooms | 17 | 13 | -23.5% |
| 5+ Bedrooms | 7 | 7 | 0.0% |
Summary: The Olean housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 14.3%, 3 bedroom homes decreased by 17.9%, 4 bedroom homes decreased by 23.5%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 16 | 5 | -68.8% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Olean, you could pay more than the asking price. 60% of homes here sold above asking price last month.
Summary: A total of 5 homes were sold or pending in Olean in April 2024, down by 68.8% month-over-month. Of the 5 sold homes, 40% were sold under asking, 0% were sold at asking, and 60% were sold over asking.
Days on Market for Olean, NY
How long does it take to sell a home in Olean, NY?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 52 Days | 49 Days | -5.4% |
Summary: Homes in Olean had an average of 49 days on market in Apr 2024, down by 5.4% compared to last year.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Olean are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 5 homes were sold in Olean; 40% of homes were sold within 30 days, 40% of homes were sold within 30 to 90 days, and 20% of homes were sold over 90 days.
