Time Is of the Essence: Ellicottville Market Outlook
Ellicottville has always been one of Western New York’s most desirable destinations. It’s a place where year-round residents, skiers, second-home owners, and rental investors all intersect. Heck, its even the first place I ever bought my own home, so I get it as both an owner and a broker. Right now, the market is at a crossroads, and the timing of your next move matters more than ever.
Why Timing Matters
Three big factors are shaping today’s outlook:
- Short Term Rental Permits: I can see Ellicottville moving toward capping permits at the end of this year, which it only in the last year really started to require and oversee the permitting and requirements on owners. Still, I think its a good thing overall but, after mid-October, selling a property as a short term rental in town will essentially no longer be an option. The licenses are non transferable.
- Seasonal Risk: If there is a medium to poor winter, everyone suffers. Bookings will soften and owners relying on STR income to offset their mortgage may feel the pinch even more.
- Market Stability: Values remain strong today, but stricter STR rules and weaker rental demand this winter would cause prices to decline.
For buyers looking to live here year-round or simply enjoy a second home in peace, that shift could present opportunity. For sellers and rental investors, it may signal a closing window to maximize value for years to come.
Market by the Numbers
From a review of 157 active listings in and around Ellicottville:
- Median list price: $419,950
- Median size: 1,446 sq ft
- Median list price per square foot: $269
- Median days on market: 99
- Price reductions: 90 properties, or 57% of actives
- Typical reduction: $30,000 (about 7%)
Comparing the Village to the Town:
- Village of Ellicottville median PPSF: $258
- Town and surrounding areas median PPSF: $270
Average List Price Per Square Foot by Month
Prices per square foot have been steady to slightly soft since early summer, showing that momentum has slowed.
Median List Price by Month
Median list prices have flattened, another sign of a market that is no longer climbing aggressively.
Price Reductions by Month
Price reductions have become more common since late spring, with more than half of all current listings cutting from their original list price.
A Local Perspective
What makes this analysis different is that I’m not just reporting on sales. I manage short, mid, and long term rentals across Ellicottville and Western New York. That gives me a clear line of sight into how properties are performing both as investments and as homes.
On top of that, my team operates as a full-service brokerage, which means whether you want to buy, sell, or manage your property, we’re equipped to help.
What to Do Next
That said, if you’re leaning toward selling, timing may become important. It seems possible that STR permits could be restricted by the end of the year, and if that happens, selling as an STR in town may no longer be an option after mid-October.
If you’d like a custom plan for your property…whether that’s a pricing strategy, a rental performance outlook, or a long-term management option…just drop me a note with your address. I’ll put together a clear, no-pressure breakdown tailored to your situation.
About the Author and Broker:
Gregory Straus started building his real estate business in 2013, trademarked 716 Realty Group in 2017, and is the Real Estate Broker and CEO of 716 Realty Group WNY.