Lake County Real Estate Trends Report
Lake County Real Estate Market Trends
(July 2024 Through June 2025)
This detailed report analyzes residential property sales and listing in Lake County, Ohio, over the past year. It is designed to inform both buyers and sellers about current market dynamics, highlight key trends, and provide actionable recommendations for navigating today's real estate landscape!
Key Market Trends
1. Home Prices
Median Sale Price: Home prices have shown resilience, with the median sale price across Lake County properties remaining strong.
Price Growth: There has been moderate year-over-year appreciation, particularly in move-in-ready homes and properties in desirable school districts.
High-End Market: Luxury properties (above $700,000) continue to move, but at a slower pace compared to entry-level and mid-range homes.
2. Days on Market (DOM)
Quicker Sales: The average days on market for most homes has decreased, indicating robust buyer demand and limited inventory.
Hot Segments: Entry-level and mid-priced homes (under $350,000) are selling fastest, often within days of listing.
Luxury Segment: Higher-priced homes typically take longer to sell, with DOM extending beyond the county average.
3. Inventory
Low Inventory: The number of active listings remains below historical norms, contributing to upward pressure on prices and competitive bidding situations.
New Construction: There is a slight uptick in new construction listings, offering more options for buyers seeking turnkey properties.
4. Buyer Demand
Strong Demand: Buyer activity remains high, driven by favorable mortgage rates and continued interest from both local and relocating buyers.
Multiple Offers: Well-priced homes in good condition frequently receive multiple offers, especially in the $200,000–$400,000 range.
Neighborhood Highlights
Recommendations
For Buyers
Be Prepared: Get pre-approved for financing and be ready to act quickly when a suitable home hits the market.
Consider Flexibility: Expanding your search area or being open to homes needing minor updates can increase your options.
Competitive Offers: In popular price ranges, consider strong initial offers and flexible terms to stand out.
For Sellers
Strategic Pricing: Pricing your home accurately based on recent comparable sales is key to attracting multiple offers.
Presentation Matters: Homes that are clean, well-maintained, and move-in-ready command premium prices and sell faster.
Timing: Listing in the spring and early summer typically yields the most buyer activity, but demand remains steady year-round.
Market Outlook
Continued Seller’s Market: Limited inventory and strong demand suggest the seller’s market will persist in the near term.
Interest Rate Sensitivity: Changes in mortgage rates could impact affordability and buyer demand, but Lake County remains attractive due to its value and amenities.
Opportunities for Both Sides: Buyers benefit from new construction and a variety of neighborhoods, while sellers can capitalize on high demand and favorable pricing.
Neighborhoods with the Strongest Growth or Decline Trends
Strongest Growth Neighborhoods
1. Mentor
Median Sale Price: Up noticeably year-over-year, with many homes selling above $300,000.
Days on Market: Continues to decrease, often under 20 days for move-in-ready homes.
Drivers: Family-friendly amenities, strong schools, and steady influx of buyers.
2. Concord Township
Median Sale Price: Consistent upward trend, with several sales in the $400,000–$700,000 range.
Inventory: New construction and larger homes are attracting both move-up buyers and relocators.
Days on Market: Lower than county average for new and updated homes.
3. Willoughby
Median Sale Price: Increasing, with homes in desirable pockets frequently receiving multiple offers.
Market Activity: High turnover, especially for homes under $350,000.
4. Madison
Median Sale Price: Steady growth, especially for homes under $250,000.
Sales Velocity: Entry-level and mid-range homes are selling faster than in previous years.
Neighborhoods Showing Signs of Slower Growth
1. Kirtland
Median Sale Price: Remains high, but appreciation has slowed compared to other areas.
Days on Market: Longer, especially for properties above $500,000 or with unique features.
Market Note: Larger lots and luxury homes are taking more time to sell.
2. Eastlake
Median Sale Price: Modest growth, but price increases are less pronounced than in other cities.
Days on Market: Slightly higher for homes needing updates or in less central locations.
3. Willowick
Median Sale Price: Plateaued, with limited appreciation in the past year.
Market Activity: Homes in need of renovation stay on the market longer.
Key Takeaways
Growth Leaders: Mentor and Concord Township are the most robust, driven by buyer demand, new construction, and desirable amenities.
Emerging Markets: Willoughby and Madison are seeing increased activity, especially in affordable price ranges.
Slower Segments: Kirtland, Eastlake, and Willowick show slower appreciation or more days on market, particularly for higher-end or dated properties.
Recommendations
For Buyers: Consider emerging neighborhoods like Madison and Willoughby for better value and potential appreciation.
For Sellers: Properties in Mentor and Concord Township can command premium pricing if well-presented. In slower areas, focus on competitive pricing and updates to attract buyers.
Sales Velocity by City
Sales velocity—measured by average days on market (DOM)—is a key indicator of how quickly homes are selling in different areas. The following analysis highlights which Lake County locations are experiencing the fastest and slowest home sales based on recent MLS data.
Fastest Sales Velocity
These locations have the lowest average DOM, indicating strong buyer demand and quick turnover:
Slowest Sales Velocity
These locations have higher average DOM, indicating slower sales and potentially softer demand:
Key Takeaways
Mentor, Willoughby, Concord Township, Madison, and Painesville Township are the fastest-moving markets, with most homes selling in under a month.
Kirtland, Willowick, Eastlake, Wickliffe, and Kirtland Hills experience slower sales, especially for higher-priced or less updated homes.
Homes that are move-in-ready and priced competitively in desirable locations tend to sell the quickest.
Properties at higher price points or needing significant updates generally see longer marketing times.
Recommendations
For Sellers in Fast Markets: Be ready for quick negotiations and multiple offers. Proper pricing and presentation can maximize sale price.
For Sellers in Slow Markets: Consider updates, staging, and competitive pricing to reduce DOM and attract more buyers.
For Buyers in Fast Markets: Act quickly and be prepared with financing to compete in multiple-offer situations.
For Buyers in Slow Markets: Leverage longer DOM to negotiate better terms or pricing, especially on homes needing updates.
This report is based on a comprehensive review of recent MLS sales and listing data for Lake County, Ohio, covering the past 12 months.
