Is Erie County, NY a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since February 2023
Since last year, Erie County has remained a Seller's Market.
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
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
# BEDS# BEDROOMS | Feb 2023 | Feb 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $135K | $154.2K | +14.3% |
2 Bedrooms | $192K | $211.1K | +10.0% |
3 Bedrooms | $232.4K | $248.7K | +7.0% |
4 Bedrooms | $329.7K | $304.2K | -7.7% |
5+ Bedrooms | $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 | $152K | $165K | +8.6% |
Cattaraugus County | $139.8K | $146.6K | +4.8% |
Niagara County | $189.9K | $198.6K | +4.6% |
Erie County | $244.5K | $250K | +2.2% |
Genesee County | $175K | $177.8K | +1.6% |
Housing Supply in Erie County, NY
How many homes are available in Erie County, NY?
Number of Homes For Sale
Jan 2024 | Feb 2024 | CHANGE |
---|---|---|
1,983 | 1,729 | -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
# BEDS# BEDROOMS | Jan 2024 | Feb 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 20 | 21 | +5.0% |
2 Bedrooms | 238 | 229 | -3.8% |
3 Bedrooms | 808 | 706 | -12.6% |
4 Bedrooms | 538 | 440 | -18.2% |
5+ Bedrooms | 379 | 333 | -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 2024 | Feb 2024 | CHANGE |
---|---|---|
532 | 409 | -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
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 2023 | Feb 2024 | CHANGE |
---|---|---|
26 Days | 31 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
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.