Is Penn Yan, 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, Penn Yan has remained a Seller's Market.
Key Takeaway
Penn Yan is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Penn Yan, NY
How much do homes in Penn Yan, NY cost?
Median Sold Price
$237,000
$163/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Penn Yan have sold for 12.9% more than they did a year ago.
Summary: The median home sold price in Penn Yan was $237,000 in March 2024, up 12.9% from last year, and the median price per square foot was $163.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $115K | $161.9K | +40.8% |
| 2 Bedrooms | $162.5K | $174.4K | +7.4% |
| 3 Bedrooms | $200K | $237.5K | +18.8% |
| 4 Bedrooms | $230K | $303.2K | +31.8% |
| 5+ Bedrooms | $1.0M | $350K | -66.6% |
Summary: Penn Yan housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 40.8%, 2 bedroom homes increased by 7.4%, 3 bedroom homes increased by 18.8%, 4 bedroom homes increased by 31.8%, and 5+ bedroom homes decreased by 66.6%.
Median Sold Price Compared To Nearby Cities
| Milo | $175K | $202.9K | +16.0% |
| Benton | $164.9K | $188K | +14.0% |
| Penn Yan | $210K | $237K | +12.9% |
Housing Supply in Penn Yan, NY
How many homes are available in Penn Yan, NY?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 23 | 24 | +4.3% |
Summary: The Penn Yan real estate market had 24 homes for sale in March 2024, a 4.3% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 8 | 4 | -50.0% |
| 3 Bedrooms | 11 | 15 | +36.4% |
| 4 Bedrooms | 1 | 1 | 0.0% |
| 5+ Bedrooms | 2 | 3 | +50.0% |
Summary: The Penn Yan 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 decreased by 50%, 3 bedroom homes increased by 36.4%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 50%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 5 | 7 | +40.0% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Penn Yan, you could pay more than the asking price. 42.9% of homes here sold above asking price last month.
Summary: A total of 7 homes were sold or pending in Penn Yan in March 2024, up by 40.0% month-over-month. Of the 7 sold homes, 29% were sold under asking, 29% were sold at asking, and 43% were sold over asking.
Days on Market for Penn Yan, NY
How long does it take to sell a home in Penn Yan, NY?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 20 Days | 20 Days | -0.3% |
Summary: Homes in Penn Yan had an average of 20 days on market in Mar 2024, down by 0.3% compared to last year.
Breakdown of Home Sale Times
6 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Penn Yan are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 7 homes were sold in Penn Yan; 86% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 14% of homes were sold over 90 days.
