Is Lackawanna, 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, Lackawanna has remained a Seller's Market.
Key Takeaway
Lackawanna is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Lackawanna, NY
How much do homes in Lackawanna, NY cost?
Median Sold Price
$194,000
$120/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Lackawanna have sold for 16.2% more than they did a year ago.
Summary: The median home sold price in Lackawanna was $194,000 in May 2024, up 16.2% from last year, and the median price per square foot was $120.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $100K | $127.5K | +27.5% |
| 3 Bedrooms | $170K | $185.7K | +9.3% |
| 4 Bedrooms | $177K | $225.5K | +27.4% |
| 5+ Bedrooms | $187.5K | $202.4K | +8.0% |
Summary: Lackawanna 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 27.5%, 3 bedroom homes increased by 9.3%, 4 bedroom homes increased by 27.4%, and 5+ bedroom homes increased by 8%.
Median Sold Price Compared To Nearby Cities
| Lackawanna | $167K | $194K | +16.2% |
| West Seneca | $236.4K | $251.1K | +6.2% |
| Buffalo | $224.8K | $229.9K | +2.3% |
Housing Supply in Lackawanna, NY
How many homes are available in Lackawanna, NY?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 47 | 42 | -10.6% |
Summary: The Lackawanna real estate market had 42 homes for sale in May 2024, a 10.6% 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 | 3 | 2 | -33.3% |
| 3 Bedrooms | 23 | 17 | -26.1% |
| 4 Bedrooms | 7 | 9 | +28.6% |
| 5+ Bedrooms | 14 | 14 | 0.0% |
Summary: The Lackawanna 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 33.3%, 3 bedroom homes decreased by 26.1%, 4 bedroom homes increased by 28.6%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 10 | 10 | 0.0% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
7 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Lackawanna, you could pay more than the asking price. 70% of homes here sold above asking price last month.
Summary: A total of 10 homes were sold or pending in Lackawanna in May 2024, the same as the previous month. Of the 10 sold homes, 20% were sold under asking, 10% were sold at asking, and 70% were sold over asking.
Days on Market for Lackawanna, NY
How long does it take to sell a home in Lackawanna, NY?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 16 Days | 30 Days | +84.1% |
Summary: Homes in Lackawanna had an average of 30 days on market in May 2024, up by 84.1% compared to last year.
Breakdown of Home Sale Times
6 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Lackawanna are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 10 homes were sold in Lackawanna; 60% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 20% of homes were sold over 90 days.
