Is Olney / Oak Lane, PA 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, Olney / Oak Lane was a Seller's Market.
Key Takeaway
Olney / Oak Lane 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 Olney / Oak Lane, PA
How much do homes in Olney / Oak Lane, PA cost?
Median Sold Price
$194,017
$143/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Olney / Oak Lane have sold for 2.1% more than they did a year ago.
Summary: The median home sold price in Olney / Oak Lane was $194,017 in May 2024, up 2.1% from last year, and the median price per square foot was $143.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $76.2K | $280K | +267.2% |
| 2 Bedrooms | $129.9K | $140K | +7.7% |
| 3 Bedrooms | $184.9K | $186.2K | +0.7% |
| 4 Bedrooms | $240K | $240K | 0.0% |
| 5+ Bedrooms | $282.5K | $285K | +0.9% |
Summary: Olney / Oak Lane housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 267.2%, 2 bedroom homes increased by 7.7%, 3 bedroom homes increased by 0.7%, 4 bedroom homes did not change, and 5+ bedroom homes increased by 0.9%.
Median Sold Price Compared To Nearby Neighborhoods
| Olney / Oak Lane | $190K | $194K | +2.1% |
| Ogontz | $180K | $176.5K | -1.9% |
| Fern Rock | $190K | $183.5K | -3.4% |
| West Logan | $206K | $145K | -29.6% |
Housing Supply in Olney / Oak Lane, PA
How many homes are available in Olney / Oak Lane, PA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 482 | 508 | +5.4% |
Summary: The Olney / Oak Lane real estate market had 508 homes for sale in May 2024, a 5.4% 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 | 24 | 25 | +4.2% |
| 3 Bedrooms | 355 | 369 | +3.9% |
| 4 Bedrooms | 84 | 93 | +10.7% |
| 5+ Bedrooms | 19 | 21 | +10.5% |
Summary: The Olney / Oak Lane 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 increased by 4.2%, 3 bedroom homes increased by 3.9%, 4 bedroom homes increased by 10.7%, and 5+ bedroom homes increased by 10.5%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 78 | 74 | -5.1% |
Asking Price vs. Sold Price
30 Homes Were Sold
Under Asking
25 Homes Were Sold
At Asking
19 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Olney / Oak Lane, you may be able to get a good deal. 40.5% of homes here sold below asking price last month.
Summary: A total of 74 homes were sold or pending in Olney / Oak Lane in May 2024, down by 5.1% month-over-month. Of the 74 sold homes, 41% were sold under asking, 34% were sold at asking, and 26% were sold over asking.
Days on Market for Olney / Oak Lane, PA
How long does it take to sell a home in Olney / Oak Lane, PA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 48 Days | 45 Days | -4.5% |
Summary: Homes in Olney / Oak Lane had an average of 45 days on market in May 2024, down by 4.5% compared to last year.
Breakdown of Home Sale Times
38 Homes Were Sold
Under 30 Days
27 Homes Were Sold
In 30 - 90 Days
9 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Olney / Oak Lane are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 74 homes were sold in Olney / Oak Lane; 51% of homes were sold within 30 days, 36% of homes were sold within 30 to 90 days, and 12% of homes were sold over 90 days.
