Is McKean County, PA 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, McKean County has remained a Seller's Market.
Key Takeaway
McKean County is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in McKean County, PA
How much do homes in McKean County, PA cost?
Median Sold Price
$101,760
$77/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in McKean County have sold for 4% less than they did a year ago.
Summary: The median home sold price in McKean County was $101,760 in May 2024, down 4% from last year, and the median price per square foot was $77.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $65K | $49.2K | -24.2% |
| 2 Bedrooms | $76.5K | $80K | +4.6% |
| 3 Bedrooms | $112.4K | $120K | +6.7% |
| 4 Bedrooms | $129K | $110.6K | -14.2% |
| 5+ Bedrooms | $144K | $155K | +7.6% |
Summary: McKean County housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 24.2%, 2 bedroom homes increased by 4.6%, 3 bedroom homes increased by 6.7%, 4 bedroom homes decreased by 14.2%, and 5+ bedroom homes increased by 7.6%.
Median Sold Price Compared To Nearby Counties
| McKean County | $106K | $101.7K | -4.0% |
| Cameron County | $67.5K | $60K | -11.1% |
Housing Supply in McKean County, PA
How many homes are available in McKean County, PA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 63 | 71 | +12.7% |
Summary: The McKean County real estate market had 71 homes for sale in May 2024, a 12.7% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 16 | 17 | +6.3% |
| 3 Bedrooms | 24 | 29 | +20.8% |
| 4 Bedrooms | 14 | 16 | +14.3% |
| 5+ Bedrooms | 8 | 8 | 0.0% |
Summary: The McKean County 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 6.3%, 3 bedroom homes increased by 20.8%, 4 bedroom homes increased by 14.3%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 10 | 13 | +30.0% |
Asking Price vs. Sold Price
10 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in McKean County, you may be able to get a good deal. 76.9% of homes here sold below asking price last month.
Summary: A total of 13 homes were sold or pending in McKean County in May 2024, up by 30.0% month-over-month. Of the 13 sold homes, 77% were sold under asking, 15% were sold at asking, and 8% were sold over asking.
Days on Market for McKean County, PA
How long does it take to sell a home in McKean County, PA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 70 Days | 53 Days | -23.9% |
Summary: Homes in McKean County had an average of 53 days on market in May 2024, down by 23.9% compared to last year.
Breakdown of Home Sale Times
8 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
4 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in McKean County are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 13 homes were sold in McKean County; 62% of homes were sold within 30 days, 8% of homes were sold within 30 to 90 days, and 31% of homes were sold over 90 days.
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