Is Elma, 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, Elma was a Neutral Market.
Key Takeaway
Elma is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Elma, NY
How much do homes in Elma, NY cost?
Median Sold Price
$375,000
$202/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Elma have sold for 0.7% more than they did a year ago.
Summary: The median home sold price in Elma was $375,000 in May 2024, up 0.7% from last year, and the median price per square foot was $202.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $128K | - | N/A |
| 2 Bedrooms | $260.5K | $300K | +15.2% |
| 3 Bedrooms | $351.2K | $354.5K | +0.9% |
| 4 Bedrooms | $471K | $395K | -16.1% |
| 5+ Bedrooms | $455.5K | $397.5K | -12.7% |
Summary: Elma 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 increased by 15.2%, 3 bedroom homes increased by 0.9%, 4 bedroom homes decreased by 16.1%, and 5+ bedroom homes decreased by 12.7%.
Median Sold Price Compared To Nearby Cities
| Aurora | $389.7K | $406K | +4.2% |
| Elma | $372.5K | $375K | +0.7% |
| Marilla | $340K | $321K | -5.6% |
Housing Supply in Elma, NY
How many homes are available in Elma, NY?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 32 | 28 | -12.5% |
Summary: The Elma real estate market had 28 homes for sale in May 2024, a 12.5% decrease 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 | 7 | 5 | -28.6% |
| 3 Bedrooms | 16 | 13 | -18.8% |
| 4 Bedrooms | 9 | 10 | +11.1% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Elma 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 decreased by 28.6%, 3 bedroom homes decreased by 18.8%, 4 bedroom homes increased by 11.1%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 3 | 9 | +200.0% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
7 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Elma, you could pay more than the asking price. 77.8% of homes here sold above asking price last month.
Summary: A total of 9 homes were sold or pending in Elma in May 2024, up by 200.0% month-over-month. Of the 9 sold homes, 22% were sold under asking, 0% were sold at asking, and 78% were sold over asking.
Days on Market for Elma, NY
How long does it take to sell a home in Elma, NY?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 19 Days | 6 Days | -64.5% |
Summary: Homes in Elma had an average of 6 days on market in May 2024, down by 64.5% compared to last year.
Breakdown of Home Sale Times
9 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 Elma are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 9 homes were sold in Elma; 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.
