Is Willoughby, 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, Willoughby has remained a Seller's Market.
Key Takeaway
Willoughby is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Willoughby, OH
How much do homes in Willoughby, OH cost?
Median Sold Price
$238,000
$142/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Willoughby have sold for 2.9% less than they did a year ago.
Summary: The median home sold price in Willoughby was $238,000 in May 2024, down 2.9% from last year, and the median price per square foot was $142.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $80K | - | N/A |
| 2 Bedrooms | $139.9K | $156.9K | +12.2% |
| 3 Bedrooms | $245K | $238K | -2.9% |
| 4 Bedrooms | $344.9K | $389K | +12.8% |
| 5+ Bedrooms | $470.7K | $295K | -37.3% |
Summary: Willoughby housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 12.2%, 3 bedroom homes decreased by 2.9%, 4 bedroom homes increased by 12.8%, and 5+ bedroom homes decreased by 37.3%.
Median Sold Price Compared To Nearby Cities
| Willoughby Hills | $265K | $326K | +23.0% |
| Kirtland | $285K | $350K | +22.8% |
| Eastlake | $171.5K | $187.5K | +9.3% |
| Willoughby | $245K | $238K | -2.9% |
Housing Supply in Willoughby, OH
How many homes are available in Willoughby, OH?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 112 | 111 | -0.9% |
Summary: The Willoughby real estate market had 111 homes for sale in May 2024, a 0.9% decrease compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 25 | 24 | -4.0% |
| 3 Bedrooms | 62 | 60 | -3.2% |
| 4 Bedrooms | 21 | 22 | +4.8% |
| 5+ Bedrooms | 4 | 5 | +25.0% |
Summary: The Willoughby housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 4%, 3 bedroom homes decreased by 3.2%, 4 bedroom homes increased by 4.8%, and 5+ bedroom homes increased by 25%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 37 | 25 | -32.4% |
Asking Price vs. Sold Price
7 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
17 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Willoughby, you could pay more than the asking price. 68% of homes here sold above asking price last month.
Summary: A total of 25 homes were sold or pending in Willoughby in May 2024, down by 32.4% month-over-month. Of the 25 sold homes, 28% were sold under asking, 4% were sold at asking, and 68% were sold over asking.
Days on Market for Willoughby, OH
How long does it take to sell a home in Willoughby, OH?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 62 Days | 39 Days | -37.3% |
Summary: Homes in Willoughby had an average of 39 days on market in May 2024, down by 37.3% compared to last year.
Breakdown of Home Sale Times
15 Homes Were Sold
Under 30 Days
7 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Willoughby are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 25 homes were sold in Willoughby; 60% of homes were sold within 30 days, 28% of homes were sold within 30 to 90 days, and 12% of homes were sold over 90 days.
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