Northeast Ohio Real Estate Update – Q1/Q2 2018

This past year the real estate market in Northeast Ohio has seen considerable growth. With home sales surpassing the 2016 figure by about 3 % and the average home sales price rising by 6%, the market was looking hot.

Cleveland home values have increased an astounding 10.6 % and it appears these values will continue to increase by another 4.5% by the year’s end.

Akron saw an increase of 6.9 %, while Medina got a more modest boost of 4.4 %. Overall, the real estate market is favorable for the northern part of Ohio with the prediction that it will keep trending upward according to reputable sources.

Cuyahoga and Lorain Counties both saw substantial growth in the last year as well. Home sales surpassed expectations, and they do not appear to be slowing down. The county auditor in Lorain County had to readjust his estimates for 2017’s conveyance fees, which are based on home sales. In addition, the area saw a population growth of 1.7 percent, which helped drive the housing market. As a result, “the Lorain County Council approved rezoning for a new housing development of 151 homes at Jaeger and Kolbe Roads with prices between $250,000 to $275,000.”

For those who are interested in buying or selling in this area, the market is hot for both buyers and sellers for northeast Ohio. Here is a snapshot of some of the top growing areas in this region.

Strongsville, OH

The median price of homes in the Strongsville, Ohio area is $190k – $229,400. The value of homes has increased by 7.6 % in the last year. This upward trend is expected to continue to rise through 2019. The anticipated increase is 3.3 %.

The Strongsville market will be affected by foreclosures, which are at a rate that is slightly higher than the national average but lower than the Cleveland Metro area. The rate at which homes are predicted to be foreclosed is 2.6 for every 10,000. The national average is 1.6 and the Cleveland area is 4.0.

North Ridgeville, OH

The home market in North Ridgeville, OH has steadily climbed upward since 2012. The median listing price for a home in North Ridgeville is $170k – $229k. However, the home value index is at $178k. The median sales price that sellers have received has been $184k. Home values have increased by 7.6 % in the last year and are expected to continue to go up topping off at a 3.1 %.

The foreclosures of homes in the North Ridgeville, Ohio area are at 3.8 for every 10,000. This is above the national average, which is at 1.6.

North Olmstead, OH

Zillow considers the market temperature in this area hot. Home sales have been up 4.8 % the past year. The predictions for sales are expected to continue to rise by 2.5 % this coming year. Homeowners in North Olmstead are listing their homes for an average price of $145,900. Yet, the median sales price has been just over $151k. The home value index puts homes in this area at $157k. The foreclosure rate is 4.1 which is above both the national average and just slightly above the Cleveland Metro area.

If you are searching for your next house, an investment opportunity, or selling your home, understanding the market trends is important to get the best deal.

At North Ohio Property Inspection, we keep you updated on what’s happening in the everything homes in northeast Ohio. From home values to median list price to median sales price, we know how important this information is. If you are already in the process of selling your home, we offer comprehensive electronic home inspection reports that are easy to read and simple to understand.

Connect with us today and find out more information about the northeast Ohio market or about receiving your home inspection.