Is Penn Yan, NY a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Penn Yan was a Seller's Market.
Key Takeaway
Penn Yan is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Penn Yan, NY
How much do homes in Penn Yan, NY cost?
Median Sold Price
$246,750
$168/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Penn Yan have sold for 21% more than they did a year ago.
Summary: The median home sold price in Penn Yan was $246,750 in May 2024, up 21% from last year, and the median price per square foot was $168.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $115K | $161.9K | +40.8% |
| 2 Bedrooms | $167.4K | $180K | +7.5% |
| 3 Bedrooms | $215K | $238.5K | +10.9% |
| 4 Bedrooms | $225K | $311K | +38.2% |
| 5+ Bedrooms | $1.0M | $350K | -66.6% |
Summary: Penn Yan housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 40.8%, 2 bedroom homes increased by 7.5%, 3 bedroom homes increased by 10.9%, 4 bedroom homes increased by 38.2%, and 5+ bedroom homes decreased by 66.6%.
Median Sold Price Compared To Nearby Cities
| Jerusalem | $244K | $370K | +51.6% |
| Penn Yan | $204K | $246.7K | +21.0% |
| Milo | $178.9K | $212K | +18.4% |
Housing Supply in Penn Yan, NY
How many homes are available in Penn Yan, NY?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 25 | 37 | +48.0% |
Summary: The Penn Yan real estate market had 37 homes for sale in May 2024, a 48.0% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 1 | +100.0% |
| 2 Bedrooms | 9 | 9 | 0.0% |
| 3 Bedrooms | 13 | 21 | +61.5% |
| 4 Bedrooms | 1 | 3 | +200.0% |
| 5+ Bedrooms | 2 | 3 | +50.0% |
Summary: The Penn Yan housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes remained the same, 3 bedroom homes increased by 61.5%, 4 bedroom homes increased by 200%, and 5+ bedroom homes increased by 50%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 4 | 4 | 0.0% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Penn Yan, you may be able to get a good deal. 50% of homes here sold below asking price last month.
Summary: A total of 4 homes were sold or pending in Penn Yan in May 2024, the same as the previous month. Of the 4 sold homes, 50% were sold under asking, 0% were sold at asking, and 50% 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
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 16 Days | 15 Days | -2.4% |
Summary: Homes in Penn Yan had an average of 15 days on market in May 2024, down by 2.4% compared to last year.
Breakdown of Home Sale Times
4 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Penn Yan are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 4 homes were sold in Penn Yan; 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.
IDX Disclaimer/Disclosure: The data on this website relating to real estate for sale comes in part from the IDX Program of the Multiple Listing Service of the Elmira-Corning Regional Association of REALTORS®, Inc.