Is Olean, NY a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
Since last year, Olean has remained a Seller's Market.
Housing Prices in Olean, NY
How much do homes in Olean, NY cost?
Median Sold Price
$105,500
$71/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in Olean was $105,500 in March 2024, up 11.2% from last year, and the median price per square foot was $71.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $82.2K | $43.7K | -46.9% |
2 Bedrooms | $78K | $72.3K | -7.3% |
3 Bedrooms | $96K | $104K | +8.4% |
4 Bedrooms | $112.5K | $128K | +13.8% |
5+ Bedrooms | $185.5K | $135K | -27.2% |
Summary: Olean housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 46.9%, 2 bedroom homes decreased by 7.3%, 3 bedroom homes increased by 8.4%, 4 bedroom homes increased by 13.8%, and 5+ bedroom homes decreased by 27.2%.
Housing Supply in Olean, NY
How many homes are available in Olean, NY?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
58 | 53 | -8.6% |
Summary: The Olean real estate market had 53 homes for sale in March 2024, a 8.6% decrease compared to February 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 0 | 0.0% |
2 Bedrooms | 6 | 7 | +16.7% |
3 Bedrooms | 26 | 23 | -11.5% |
4 Bedrooms | 16 | 16 | 0.0% |
5+ Bedrooms | 10 | 7 | -30.0% |
Summary: The Olean housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 16.7%, 3 bedroom homes decreased by 11.5%, 4 bedroom homes remained the same, and 5+ bedroom homes decreased by 30%.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
12 | 13 | +8.3% |
Asking Price vs. Sold Price
12 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Summary: A total of 13 homes were sold or pending in Olean in March 2024, up by 8.3% month-over-month. Of the 13 sold homes, 92% were sold under asking, 0% were sold at asking, and 8% were sold over asking.
Days on Market for Olean, NY
How long does it take to sell a home in Olean, NY?
Average Sale Time
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
52 Days | 39 Days | -25.3% |
Summary: Homes in Olean had an average of 39 days on market in Mar 2024, down by 25.3% compared to last year.
Breakdown of Home Sale Times
7 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Summary: During March 2024, 13 homes were sold in Olean; 54% of homes were sold within 30 days, 31% of homes were sold within 30 to 90 days, and 15% of homes were sold over 90 days.