Is Lakewood, OH a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Lakewood has remained a Seller's Market.
Key Takeaway
Lakewood is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Lakewood, OH
How much do homes in Lakewood, OH cost?
Median Sold Price
$290,714
$153/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Lakewood have sold for 5.7% more than they did a year ago.
Summary: The median home sold price in Lakewood was $290,714 in May 2024, up 5.7% from last year, and the median price per square foot was $153.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $79.2K | $99K | +24.9% |
| 2 Bedrooms | $161.7K | $182K | +12.5% |
| 3 Bedrooms | $270K | $290K | +7.4% |
| 4 Bedrooms | $310.7K | $329.9K | +6.2% |
| 5+ Bedrooms | $342K | $380K | +11.1% |
Summary: Lakewood housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 24.9%, 2 bedroom homes increased by 12.5%, 3 bedroom homes increased by 7.4%, 4 bedroom homes increased by 6.2%, and 5+ bedroom homes increased by 11.1%.
Median Sold Price Compared To Nearby Cities
| Rocky River | $320K | $360K | +12.5% |
| Lakewood | $275K | $290.7K | +5.7% |
| Fairview Park | $248.5K | $258K | +3.8% |
| Cleveland | $155K | $159.8K | +3.1% |
Housing Supply in Lakewood, OH
How many homes are available in Lakewood, OH?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 160 | 173 | +8.1% |
Summary: The Lakewood real estate market had 173 homes for sale in May 2024, a 8.1% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 30 | 29 | -3.3% |
| 2 Bedrooms | 31 | 35 | +12.9% |
| 3 Bedrooms | 34 | 38 | +11.8% |
| 4 Bedrooms | 44 | 47 | +6.8% |
| 5+ Bedrooms | 21 | 24 | +14.3% |
Summary: The Lakewood housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 3.3%, 2 bedroom homes increased by 12.9%, 3 bedroom homes increased by 11.8%, 4 bedroom homes increased by 6.8%, and 5+ bedroom homes increased by 14.3%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 53 | 54 | +1.9% |
Asking Price vs. Sold Price
25 Homes Were Sold
Under Asking
7 Homes Were Sold
At Asking
22 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Lakewood, you may be able to get a good deal. 46.3% of homes here sold below asking price last month.
Summary: A total of 54 homes were sold or pending in Lakewood in May 2024, up by 1.9% month-over-month. Of the 54 sold homes, 46% were sold under asking, 13% were sold at asking, and 41% were sold over asking.
Days on Market for Lakewood, OH
How long does it take to sell a home in Lakewood, OH?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 28 Days | 27 Days | -5.2% |
Summary: Homes in Lakewood had an average of 27 days on market in May 2024, down by 5.2% compared to last year.
Breakdown of Home Sale Times
40 Homes Were Sold
Under 30 Days
9 Homes Were Sold
In 30 - 90 Days
5 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Lakewood are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 54 homes were sold in Lakewood; 74% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 9% of homes were sold over 90 days.
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