16701 Housing Market Report January 2025•McKean County, Pennsylvania

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Housing Prices in 16701, PA

How much do homes in 16701, PA cost?

Housing Market Conditions

Is 16701, PA a buyer’s or seller’s market?

Housing Market Conditions

This is the supply and demand for houses in an area based on home prices and trends.

Buyer’s Market

A buyer’s market occurs when the number of available properties for sale exceeds the number of buyers looking to purchase. In a buyer’s market, the supply exceeds the demand.

Neutral Market

A neutral market occurs when the number of buyers looking to purchase properties meets the number of available properties for sale. In a balanced market, there are enough homes to meet the demand.

Seller’s Market

A seller’s market occurs when there are more buyers looking to purchase properties than there are available homes on the market. In a seller’s market, the demand exceeds the supply.

Seller'sMarket

Buyer'sMarket

16701 is a Seller's Market

Difference Since December 2024

Last month, 16701 was a Buyer's Market.

Insight

16701 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Median Sold Price

Median Sold Price
This is the middle price for which all homes in the area were sold. Half of all the homes sold were below this price, and half were above.
$132,500$96/SqFt
+$12,500
+10.4%

Based on all homes sold in January 2025

Insight

Homes in 16701 have sold for 10.4% more than they did a month ago.

Summary: The median home sold price in 16701 was $132,500 in January 2025, up 10.4% from last month, and the median price per square foot was $96.

Median Sold Price By Bedrooms

Median Sold Price By Bedrooms
This is the middle price for all homes actively listed in an area broken out by the number of bedrooms. Half of the homes are listed below this price, and half are above.
BedsDec 2024Jan 2025Change YoY
1--
N/A
2$87.1K$100K
+14.8%
3$96.9K$98K
+1.1%
4$120K$187.5K
+56.3%
5--
N/A

Summary: 16701 housing price by bedroom type for January 2025, compared to the previous year. The home price for 1 bedroom homes did not change. The home price for 2 bedroom homes increased by +14.8%. The home price for 3 bedroom homes increased by +1.1%. The home price for 4 bedroom homes increased by +56.3%. The home price for 5 bedroom homes did not change.

Housing supply in 16701, PA

How many homes are available in 16701, PA?

Number of Homes For Sale

Number of Homes For Sale
This is the total number of homes actively listed in an area.
Last Month2 months agoChange MoM
35Last MonthJan 2025
392 months agoDec 2024
-10.3 %
Change MoMDec – Jan

Summary: The 16701 real estate market had 35 homes for sale in Jan 2025, a 10.3 % decrease compared to Dec 2024.

Number of Homes Sold

Number of Homes Sold
This is the total number of both homes sold and pending in an area.
Last Month2 months agoChange MoM
6Last MonthJan 2025
52 months agoDec 2024
+20.0 %
Change MoMDec – Jan

Homes For Sale By Bedroom Count

Homes For Sale By Bedroom Count
This is the total number of homes actively listed in an area by number of bedrooms.
BedsDec 2024Jan 2025Change MoM
100
0.0%
265
-16.7%
31512
-20.0%
41615
-6.3%
523
+50.0%

Summary: 16701 housing inventory by bedroom type for January 2025, compared to the previous month. The inventory for 1 bedroom homes remained the same. The inventory for 2 bedroom homes decreased by -16.7%. The inventory for 3 bedroom homes decreased by -20.0%. The inventory for 4 bedroom homes decreased by -6.3%. The inventory for 5 bedroom homes increased by +50.0%.

Asking Price vs. Sold Price

How much do homes in 16701, PA cost?

Asking Price vs. Sold Price

The asking price is how much a home is listed for. The selling price is how much the home actually sold for.

Under Asking

Homes that sold for less than the asking price

At Asking

Homes that sold at their asking price

Over Asking

Homes that sold above the asking price

Over Asking Price2 Homes

At Asking Price1 Home

Under Asking Price3 Homes

Insight

If you're buying a home in 16701, you may be able to get a good deal. 50% of homes here sold below asking price last month.

Summary: A total of 6 homes were sold or pending in 16701 in January 2025, up by 20.0% month-over-month. Of the 6 sold homes, 50% were sold under asking, 17% were sold at asking, and and 33% were sold over asking.

Days on Market for 16701, PA

How long does it take to sell a home in 16701, PA?

Breakdown of Home Sale Times

Under 30 Days2 Homes

30 – 90 Days2 Homes

Over 90 Days2 Homes

Insight

Many homes in 16701 are selling fast, if you're buying plan to act quickly.

Summary: During January 2025, 6 homes were sold in 16701; 33% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 33% of homes were sold over 90 days.

Average Sale Time

Average Sale Time
This is the average number of days homes take to sell in an area.
Last Month1 month agoChange MoM
71 DaysLast MonthJan 2025
68 Days1 month agoDec 2024
+5.3 %
Change MoMDec – Jan

Summary: Homes in 16701 had an average listing age of 71 days in Jan 2025, up by 5.3% compared to the previous month.

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Newest Listings in 16701, PA

What homes are available in 16701, PA?

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MLS Disclaimers and Copyright

Based on information from New York State Alliance of MLS, West Branch Valley Association of Realtors MLS, and Northern Mountains of Pennsylvania MLS for the period 12/01/2024 - 02/01/2025

IDXThe data relating to real estate on this website comes in part from the Internet Data Exchange (IDX) Program of NYSAMLS’s. Real estate listings held by other firms are marked with theListing Broker’s Firm Name. Data provided is for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties that consumers may be interested in purchasing. All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither the listing broker(s) nor this firm shall be responsible for any typographical errors, misinformation, misprints, and shall be held totally
harmless.

© 2025 CNYIS, UNYREIS, WNYREIS. All rights reserved.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.

This advertisement does not suggest that the broker has a listing in this property or properties or that any property is currently available.
Last updated on: 2/6/2025, 7:20:50 AM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
© 2025 West Branch Valley Association of Realtors. All rights reserved. The listing information has been made available by the MLS and may not be the listing of the provider. All information deemed reliable, though not guaranteed. All measurements are approximate.

Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 2/6/2025, 7:16:00 AM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
IDX Information is provided by Northern Mountains of Pennsylvania MLS. Information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Listing(s) information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Copyright © 2025 Northern Mountains of Pennsylvania MLS. All rights reserved.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 2/6/2025, 7:16:01 AM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.