Is Erie County, 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, Erie County has remained a Seller's Market.
Housing Prices in Erie County, NY
How much do homes in Erie County, NY cost?
Median Sold Price
$251,708
$170/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Erie County was $251,708 in May 2024, up 3.1% from last year, and the median price per square foot was $170.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $134.2K | $165K | +22.9% |
2 Bedrooms | $194.4K | $210.7K | +8.4% |
3 Bedrooms | $232.9K | $250K | +7.3% |
4 Bedrooms | $326K | $300.1K | -7.9% |
5+ Bedrooms | $343.3K | $250.1K | -27.1% |
Summary: Erie County housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 22.9%, 2 bedroom homes increased by 8.4%, 3 bedroom homes increased by 7.3%, 4 bedroom homes decreased by 7.9%, and 5+ bedroom homes decreased by 27.1%.
Median Sold Price Compared To Nearby Counties
Wyoming County | $150K | $165K | +10.0% |
Erie County | $244.1K | $251.7K | +3.1% |
Niagara County | $190K | $195.7K | +3.0% |
Genesee County | $175.1K | $180K | +2.8% |
Cattaraugus County | $145K | $146.5K | +1.0% |
Housing Supply in Erie County, NY
How many homes are available in Erie County, NY?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
2,444 | 2,526 | +3.4% |
Summary: The Erie County real estate market had 2,526 homes for sale in May 2024, a 3.4% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 30 | 24 | -20.0% |
2 Bedrooms | 316 | 295 | -6.6% |
3 Bedrooms | 1,050 | 1,092 | +4.0% |
4 Bedrooms | 640 | 698 | +9.1% |
5+ Bedrooms | 408 | 417 | +2.2% |
Summary: The Erie County housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 20%, 2 bedroom homes decreased by 6.6%, 3 bedroom homes increased by 4%, 4 bedroom homes increased by 9.1%, and 5+ bedroom homes increased by 2.2%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
513 | 505 | -1.6% |
Asking Price vs. Sold Price
122 Homes Were Sold
Under Asking
43 Homes Were Sold
At Asking
340 Homes Were Sold
Over Asking
Summary: A total of 505 homes were sold or pending in Erie County in May 2024, down by 1.6% month-over-month. Of the 505 sold homes, 24% were sold under asking, 9% were sold at asking, and 67% were sold over asking.
Days on Market for Erie County, NY
How long does it take to sell a home in Erie County, NY?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
23 Days | 22 Days | -2.7% |
Summary: Homes in Erie County had an average of 22 days on market in May 2024, down by 2.7% compared to last year.
Breakdown of Home Sale Times
425 Homes Were Sold
Under 30 Days
49 Homes Were Sold
In 30 - 90 Days
31 Homes Were Sold
Over 90 Days
Summary: During May 2024, 505 homes were sold in Erie County; 84% of homes were sold within 30 days, 10% of homes were sold within 30 to 90 days, and 6% of homes were sold over 90 days.