Northeast Ohio Real Estate: A Market in Transition

It's becoming a lot more difficult to sell a home in Northeast Ohio.

Our real estate market here in Northeast Ohio is transitioning from a strong seller's market to a strong buyer's market at an accelerated pace.

This is great news for home buyers, but... not so good news for home sellers!

A seller's market is favorable for home sellers because there aren't very many homes listed for sale. This limited supply of homes on the market forces buyers to compete with each other.

Well, the exact opposite happens in a buyer's market.

The number of homes listed for sale increases forcing sellers to start competing with each other by lowering their asking prices.

To illustrate how quickly our market has shifted, check out how the significant increase in the number of active home listings throughout 2024:

The number of homes listed for sale in our area has increased by 49.4% since January!

This rapid shift has made it a lot more difficult for sellers to sell their homes. Homes listed for sale are now sitting on the market for longer periods of time without much activity.

The only way many home sellers are able to get more buyer showings is by reducing their asking prices.

We can see this happening in this chart:

The column in the middle details the median closing price of homes sold during the month.

The median closing price has fallen from $230,000 to $215,000 within just a few months.

To see what's happening with the prices of homes currently listed for sale, consider this market summary for Northeast Ohio:

This is a summary of statistics of homes currently listed for sale.

If you study the average row, you can see that the average original asking price of homes listed for sale is $341,957.

In the "Listing Price" column, you can see that the average current asking price of homes listed for sale is down to $330,554.

The average price reduction for homes currently listed for sale is $11,403.

This is obviously a challenging situation to deal with if you're hoping to sell your home.

I hate to be a Robby Downer, but I honestly think this situation will get worse going forward if interest rates remain at the same levels.

Thankfully, there's an innovative strategy home sellers can use overcome our challenging market. I've outlined this strategy and how you can use it to get multiple offers on your home in a new free report.

You can get instant access to this report here:
https://northeastohioliving.com/5days