Is Olean, NY a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Olean has remained a Neutral Market.
Key Takeaway
Olean is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
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 May 2023
Key Takeaway
Homes in Olean have sold for 9.5% more than they did a year ago.
Summary: The median home sold price in Olean was $104,046 in May 2024, up 9.5% from last year, and the median price per square foot was $72.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $82.2K | $43.7K | -46.9% |
| 2 Bedrooms | $78K | $70K | -10.3% |
| 3 Bedrooms | $99.9K | $100K | 0.1% |
| 4 Bedrooms | $107.5K | $128K | +19.1% |
| 5+ Bedrooms | $161.1K | $142.5K | -11.5% |
Summary: Olean housing prices by bedroom type for May 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 increased by 0.1%, 4 bedroom homes increased by 19.1%, and 5+ bedroom homes decreased by 11.5%.
Housing Supply in Olean, NY
How many homes are available in Olean, NY?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 58 | 63 | +8.6% |
Summary: The Olean real estate market had 63 homes for sale in May 2024, a 8.6% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 1 | +100.0% |
| 2 Bedrooms | 8 | 8 | 0.0% |
| 3 Bedrooms | 28 | 30 | +7.1% |
| 4 Bedrooms | 15 | 19 | +26.7% |
| 5+ Bedrooms | 7 | 5 | -28.6% |
Summary: The Olean housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes remained the same, 3 bedroom homes increased by 7.1%, 4 bedroom homes increased by 26.7%, and 5+ bedroom homes decreased by 28.6%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 5 | 10 | +100.0% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
5 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Olean, you could pay more than the asking price. 50% of homes here sold above asking price last month.
Summary: A total of 10 homes were sold or pending in Olean in May 2024, up by 100.0% month-over-month. Of the 10 sold homes, 40% were sold under asking, 10% were sold at asking, and 50% 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
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 26 Days | 46 Days | +78.5% |
Summary: Homes in Olean had an average of 46 days on market in May 2024, up by 78.5% compared to last year.
Breakdown of Home Sale Times
6 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 Olean are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 10 homes were sold in Olean; 60% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 20% of homes were sold over 90 days.
