Is Erie County, NY a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Erie County is a seller's market

Buyer's
Market

Difference Since February 2023

Since last year, Erie County has remained a Seller's Market.

Key Takeaway

Erie County is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Erie County, NY

How much do homes in Erie County, NY cost?

Median Sold Price

$250,001

$170/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

+$5,481(+2.2%)

Key Takeaway

Homes in Erie County have sold for 2.2% more than they did a year ago.

Summary: The median home sold price in Erie County was $250,001 in February 2024, up 2.2% from last year, and the median price per square foot was $170.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $135K$154.2K
+14.3%
2 $192K$211.1K
+10.0%
3 $232.4K$248.7K
+7.0%
4 $329.7K$304.2K
-7.7%
5+ $374.1K$250K
-33.2%

Summary: Erie County housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes increased by 14.3%, 2 bedroom homes increased by 10%, 3 bedroom homes increased by 7%, 4 bedroom homes decreased by 7.7%, and 5+ bedroom homes decreased by 33.2%.

Median Sold Price Compared To Nearby Counties

Wyoming County
+8.6%
Cattaraugus County
+4.8%
Niagara County
+4.6%
Erie County
+2.2%
Genesee County
+1.6%

Housing Supply in Erie County, NY

How many homes are available in Erie County, NY?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
1,9831,729-12.8%

Summary: The Erie County real estate market had 1,729 homes for sale in February 2024, a 12.8% decrease compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 2021
+5.0%
2 238229
-3.8%
3 808706
-12.6%
4 538440
-18.2%
5+ 379333
-12.1%

Summary: The Erie County housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 5%, 2 bedroom homes decreased by 3.8%, 3 bedroom homes decreased by 12.6%, 4 bedroom homes decreased by 18.2%, and 5+ bedroom homes decreased by 12.1%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
532409-23.1%

Asking Price vs. Sold Price

177 Homes Were Sold
Under Asking

28 Homes Were Sold
At Asking

204 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Erie County, you could pay more than the asking price. 49.9% of homes here sold above asking price last month.

Summary: A total of 409 homes were sold or pending in Erie County in February 2024, down by 23.1% month-over-month. Of the 409 sold homes, 43% were sold under asking, 7% were sold at asking, and 50% were sold over asking.

Days on Market for Erie County, NY

How long does it take to sell a home in Erie County, NY?

Average Sale Time

Feb 2023Feb 2024CHANGE
26 Days31 Days+16.6%

Summary: Homes in Erie County had an average of 31 days on market in Feb 2024, up by 16.6% compared to last year.

Breakdown of Home Sale Times

270 Homes Were Sold
Under 30 Days

110 Homes Were Sold
In 30 - 90 Days

29 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Erie County are selling fast, if you're buying plan to act quickly.

Summary: During February 2024, 409 homes were sold in Erie County; 66% of homes were sold within 30 days, 27% of homes were sold within 30 to 90 days, and 7% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 28 Days Ago

Newest Listings in Erie County, NY

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