Is Orchard Park, 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, Orchard Park has remained a Seller's Market.
Key Takeaway
Orchard Park is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Orchard Park, NY
How much do homes in Orchard Park, NY cost?
Median Sold Price
$387,000
$196/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Orchard Park have sold for 0.8% less than they did a year ago.
Summary: The median home sold price in Orchard Park was $387,000 in May 2024, down 0.8% from last year, and the median price per square foot was $196.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $256K | $285.5K | +11.5% |
| 3 Bedrooms | $320K | $345K | +7.8% |
| 4 Bedrooms | $492.5K | $504K | +2.3% |
| 5+ Bedrooms | $710K | $405K | -43.0% |
Summary: Orchard Park 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 11.5%, 3 bedroom homes increased by 7.8%, 4 bedroom homes increased by 2.3%, and 5+ bedroom homes decreased by 43%.
Housing Supply in Orchard Park, NY
How many homes are available in Orchard Park, NY?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 91 | 86 | -5.5% |
Summary: The Orchard Park real estate market had 86 homes for sale in May 2024, a 5.5% decrease 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 | 10 | 7 | -30.0% |
| 3 Bedrooms | 30 | 30 | 0.0% |
| 4 Bedrooms | 42 | 38 | -9.5% |
| 5+ Bedrooms | 9 | 11 | +22.2% |
Summary: The Orchard Park 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 30%, 3 bedroom homes remained the same, 4 bedroom homes decreased by 9.5%, and 5+ bedroom homes increased by 22.2%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 7 | 15 | +114.3% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
8 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Orchard Park, you could pay more than the asking price. 53.3% of homes here sold above asking price last month.
Summary: A total of 15 homes were sold or pending in Orchard Park in May 2024, up by 114.3% month-over-month. Of the 15 sold homes, 40% were sold under asking, 7% were sold at asking, and 53% were sold over asking.
Days on Market for Orchard Park, NY
How long does it take to sell a home in Orchard Park, NY?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 58 Days | 18 Days | -68.1% |
Summary: Homes in Orchard Park had an average of 18 days on market in May 2024, down by 68.1% compared to last year.
Breakdown of Home Sale Times
13 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Orchard Park are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 15 homes were sold in Orchard Park; 87% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
