What is the average home price in Olean, NY?

Average home price in Olean, NY

The typical home in Olean, NY sold for $170,000 during May 2026. That is the median — half of the homes that sold went for more than that, half for less.

$170,000

Typical home sells for

May 2026

$115

Per square foot

$202,500

Asking, homes for sale

724th of 764

Rank among metros

most expensive

Almost everyone searches for the "average" price, and almost every published figure — including this one — is the median instead. The difference matters. A true average is dragged upward by a handful of very expensive sales, so in a metro with a few multi-million-dollar homes it can sit well above anything an ordinary buyer would ever pay. The median is simply the sale in the middle of the list, which is why it is the number that describes a normal home.

Of the 764 metro areas we track, Olean, NY is the 724th most expensive. The metro in the middle of that list sits at $295,938, so a typical home here costs about 43% less than one in a typical American metro area.

That middle-metro figure of $295,938 is usually lower than the national number you see quoted, and the reason is worth knowing. It counts every metro area once, from the largest to the smallest. Weight each metro by how many homes it actually sells instead, and the typical American sale comes out nearer $445,949, because the big expensive metros do a disproportionate share of the country's transacting. Both are true; they answer different questions.

Homes currently on the market in Olean, NY are asking a median of $202,500. Do not read the gap between that and $170,000 as a discount you can expect to negotiate. Those are two different sets of homes — one is what sold, the other is what has not sold yet — and asking prices skew high precisely because the homes priced too high are the ones still sitting there. The honest measure is what each home got against its own asking price, and in Olean, NY that came to 98%.

Measured by size rather than by house, homes in Olean, NY are selling for about $115 per square foot. That is the fairer comparison when you are weighing one neighborhood against another, or this year against last, because the typical price moves whenever the mix of what happens to sell shifts — a run of large houses lifts it without anything actually getting more expensive.

This page is about what a home costs, not which way that is heading. For the record, the figure is 11% lower than the same stretch a year ago.

Source: Redfin's published market data for the Olean, NY area, through May 2026.

Typical sale price, month by month.

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Figures come from Redfin's published market data for the Olean, NY area, through May 2026. Neighborhood Numbers is an independent data publisher and is not affiliated with Redfin. We update these pages when Redfin publishes, once a month.