Is Riga, 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, Riga was a Buyer's Market.
Key Takeaway
Riga is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Riga, NY
How much do homes in Riga, NY cost?
Median Sold Price
$256,049
$162/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Riga have sold for 21.6% more than they did a year ago.
Summary: The median home sold price in Riga was $256,049 in May 2024, up 21.6% from last year, and the median price per square foot was $162.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $151K | $156K | +3.3% |
| 3 Bedrooms | $198K | $255.5K | +29.0% |
| 4 Bedrooms | $276.5K | $270K | -2.4% |
| 5+ Bedrooms | $370K | $264K | -28.6% |
Summary: Riga 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 3.3%, 3 bedroom homes increased by 29%, 4 bedroom homes decreased by 2.4%, and 5+ bedroom homes decreased by 28.6%.
Median Sold Price Compared To Nearby Cities
| Wheatland | $172K | $247.5K | +43.9% |
| North Chili | $246.5K | $303K | +22.9% |
| Riga | $210.5K | $256K | +21.6% |
| Ogden | $233.2K | $275K | +17.9% |
| Churchville | $260K | $271K | +4.2% |
Housing Supply in Riga, NY
How many homes are available in Riga, NY?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 8 | 11 | +37.5% |
Summary: The Riga real estate market had 11 homes for sale in May 2024, a 37.5% 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 | 0 | 1 | +100.0% |
| 3 Bedrooms | 4 | 5 | +25.0% |
| 4 Bedrooms | 2 | 3 | +50.0% |
| 5+ Bedrooms | 2 | 2 | 0.0% |
Summary: The Riga 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 100%, 3 bedroom homes increased by 25%, 4 bedroom homes increased by 50%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 2 | 2 | 0.0% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
0 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Riga, you may be able to get a good deal. 50% of homes here sold below asking price last month.
Summary: A total of 2 homes were sold or pending in Riga in May 2024, the same as the previous month. Of the 2 sold homes, 50% were sold under asking, 0% were sold at asking, and 50% were sold over asking.
Days on Market for Riga, NY
How long does it take to sell a home in Riga, NY?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 8 Days | 7 Days | -12.5% |
Summary: Homes in Riga had an average of 7 days on market in May 2024, down by 12.5% compared to last year.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Riga are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 2 homes were sold in Riga; 100% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
