Is Palermo, NY a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
At the same time last year, Palermo was a Buyer's Market.
Key Takeaway
Palermo is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Palermo, NY
How much do homes in Palermo, NY cost?
Median Sold Price
$197,500
$146/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Palermo have sold for 25.8% more than they did a year ago.
Summary: The median home sold price in Palermo was $197,500 in April 2024, up 25.8% from last year, and the median price per square foot was $146.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $60.5K | N/A |
| 2 Bedrooms | $121.9K | $145K | +18.9% |
| 3 Bedrooms | $215K | $247.5K | +15.1% |
| 4 Bedrooms | $152.3K | $99.9K | -34.4% |
| 5+ Bedrooms | - | $200K | N/A |
Summary: Palermo housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 18.9%, 3 bedroom homes increased by 15.1%, 4 bedroom homes decreased by 34.4%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
| Palermo | $157K | $197.5K | +25.8% |
| Volney | $151.8K | $189K | +24.5% |
| Hastings | $225K | $243K | +8.0% |
Housing Supply in Palermo, NY
How many homes are available in Palermo, NY?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 7 | 6 | -14.3% |
Summary: The Palermo real estate market had 6 homes for sale in April 2024, a 14.3% decrease compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 0 | 0 | 0.0% |
| 3 Bedrooms | 5 | 4 | -20.0% |
| 4 Bedrooms | 2 | 2 | 0.0% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Palermo housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes decreased by 20%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 0 | 4 | +100.0% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
0 Homes Were Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Palermo, you could pay more than the asking price. 75% of homes here sold above asking price last month.
Summary: A total of 4 homes were sold or pending in Palermo in April 2024, up by 100.0% month-over-month. Of the 4 sold homes, 25% were sold under asking, 0% were sold at asking, and 75% were sold over asking.
Days on Market for Palermo, NY
How long does it take to sell a home in Palermo, NY?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 85 Days | 13 Days | -84.7% |
Summary: Homes in Palermo had an average of 13 days on market in Apr 2024, down by 84.7% compared to last year.
Breakdown of Home Sale Times
3 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Palermo are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 4 homes were sold in Palermo; 75% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
