What does the real estate market look like right now?

by Madi Miller

The Ohio real estate market fluctuates as much as the weather does. As reported on Redfin, home prices in September were up 7% compared to 2021, with 12,843 houses sold this September while last year’s September saw a grand total of 15,378 houses sold.

It is typical for the market to have highs and lows. The median price for an average home in 2021 was $192,500. The average price of a home in September 2022 was $210,100. The direction and pace at which a home price changes is a major indicator of whether the market is strong or weak. Since homes are becoming less affordable to some, fewer people are buying.

Cleveland.com reported in Lakewood, Ohio, a house overlooking Lake Erie listed and sold for $7 million in September. Cuyahoga County is known for their “high comps,” comparable properties in a specific area that you’re looking to buy or sell in. However, this house marks the highest in value. The average comp sells for $1.2 million. The closest was a home selling for $3.3 million. This wide range of value for the real estate market especially for the Lakewood area makes the existing homes a higher value when listed.

Zoom into Bellbrook’s recently sold homes and you’ll see a shift in price compared to houses from the Cuyahoga County. A 3,982 square foot home sold for $515,000. To put it in perspective, that house overlooking Lake Erie consists of 10,474 square feet. 

Knowing the prices are higher right now, you can assume the competition to buy is slim. Since the prices are so high, it may not be a good idea to buy currently.

However depending on if and when you resell, you could really make a large profit out of it. In Bellbrook, a constant pattern continues. When putting a house up for sale, especially under 500k, it is either snatched quickly and gone or stays on the market for quite some time. The real estate market is tricky because it never stays the same. 

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