$1,413 Closing Credit*
$119,000
1,224 SqFt
3 Beds
•1 Full Bath, 1 Partial
Claudia Attard-Keary, Listing Office: Premier Listings Real Estate
Is Olean, NY a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 2023
At the same time last year, Olean was a Seller's Market.
Key Takeaway
Olean is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Olean, NY
How much do homes in Olean, NY cost?
Median Sold Price
$109,023
$72/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$9,123(+9.1%)
Key Takeaway
Homes in Olean have sold for 9.1% more than they did a year ago.
Summary: The median home sold price in Olean was $109,023 in November 2024, up 9.1% from last year, and the median price per square foot was $72.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $62.9K | $76K | +20.6% |
| 2 Bedrooms | $81K | $83K | +2.5% |
| 3 Bedrooms | $99K | $107.7K | +8.9% |
| 4 Bedrooms | $130K | $120K | -7.7% |
| 5+ Bedrooms | $139.4K | $125K | -10.4% |
Summary: Olean housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 20.6%, 2 bedroom homes increased by 2.5%, 3 bedroom homes increased by 8.9%, 4 bedroom homes decreased by 7.7%, and 5+ bedroom homes decreased by 10.4%.
Housing Supply in Olean, NY
How many homes are available in Olean, NY?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 77 | 83 | +7.8% |
Summary: The Olean real estate market had 83 homes for sale in November 2024, a 7.8% increase compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 12 | 15 | +25.0% |
| 3 Bedrooms | 39 | 38 | -2.6% |
| 4 Bedrooms | 20 | 20 | 0.0% |
| 5+ Bedrooms | 6 | 10 | +66.7% |
Summary: The Olean housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 25%, 3 bedroom homes decreased by 2.6%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 66.7%.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 12 | 13 | +8.3% |
Asking Price vs. Sold Price
9 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Olean, you may be able to get a good deal. 69.2% of homes here sold below asking price last month.
Summary: A total of 13 homes were sold or pending in Olean in November 2024, up by 8.3% month-over-month. Of the 13 sold homes, 69% were sold under asking, 15% were sold at asking, and 15% were sold over asking.
Days on Market for Olean, NY
How long does it take to sell a home in Olean, NY?
Average Sale Time
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 23 Days | 38 Days | +67.2% |
Summary: Homes in Olean had an average of 38 days on market in Nov 2024, up by 67.2% compared to last year.
Breakdown of Home Sale Times
7 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Olean are selling fast, if you're buying plan to act quickly.
Summary: During November 2024, 13 homes were sold in Olean; 54% of homes were sold within 30 days, 23% of homes were sold within 30 to 90 days, and 23% of homes were sold over 90 days.
