Is Lima, NY a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Lima has remained a Seller's Market.
Key Takeaway
Lima is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Lima, NY
How much do homes in Lima, NY cost?
Median Sold Price
$236,000
$149/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Lima have sold for 6.5% more than they did a year ago.
Summary: The median home sold price in Lima was $236,000 in May 2024, up 6.5% from last year, and the median price per square foot was $149.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $180K | $68K | -62.2% |
| 3 Bedrooms | $200K | $224.7K | +12.4% |
| 4 Bedrooms | $300K | $281K | -6.3% |
| 5+ Bedrooms | $268.2K | $303.5K | +13.1% |
Summary: Lima housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 62.2%, 3 bedroom homes increased by 12.4%, 4 bedroom homes decreased by 6.3%, and 5+ bedroom homes increased by 13.1%.
Housing Supply in Lima, NY
How many homes are available in Lima, NY?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 4 | 5 | +25.0% |
Summary: The Lima real estate market had 5 homes for sale in May 2024, a 25.0% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 0 | 1 | +100.0% |
| 3 Bedrooms | 2 | 2 | 0.0% |
| 4 Bedrooms | 1 | 2 | +100.0% |
| 5+ Bedrooms | 1 | 0 | -100.0% |
Summary: The Lima housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 100%, 3 bedroom homes remained the same, 4 bedroom homes increased by 100%, and 5+ bedroom homes decreased by 100%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 2 | 1 | -50.0% |
Asking Price vs. Sold Price
0 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Lima, you could pay more than the asking price. 100% of homes here sold above asking price last month.
Summary: A total of 1 homes were sold or pending in Lima in May 2024, down by 50.0% month-over-month. Of the 1 sold homes, 0% were sold under asking, 0% were sold at asking, and 100% were sold over asking.
Days on Market for Lima, NY
How long does it take to sell a home in Lima, NY?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 6 Days | 9 Days | +50.0% |
Summary: Homes in Lima had an average of 9 days on market in May 2024, up by 50% compared to last year.
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Lima are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 1 homes were sold in Lima; 100% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
