Is Mentor-on-the-Lake, 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, Mentor-on-the-Lake has remained a Seller's Market.
Key Takeaway
Mentor-on-the-Lake is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Mentor-on-the-Lake, OH
How much do homes in Mentor-on-the-Lake, OH cost?
Median Sold Price
$200,000
$143/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Mentor-on-the-Lake have sold for 11.1% more than they did a year ago.
Summary: The median home sold price in Mentor-on-the-Lake was $200,000 in May 2024, up 11.1% from last year, and the median price per square foot was $143.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $194K | $185K | -4.6% |
| 3 Bedrooms | $177K | $204.9K | +15.8% |
| 4 Bedrooms | $208.7K | $278K | +33.2% |
| 5+ Bedrooms | - | - | N/A |
Summary: Mentor-on-the-Lake 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 decreased by 4.6%, 3 bedroom homes increased by 15.8%, 4 bedroom homes increased by 33.2%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
| Mentor-on-the-Lake | $180K | $200K | +11.1% |
| Mentor | $239.9K | $248.5K | +3.6% |
Housing Supply in Mentor-on-the-Lake, OH
How many homes are available in Mentor-on-the-Lake, OH?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 19 | 22 | +15.8% |
Summary: The Mentor-on-the-Lake real estate market had 22 homes for sale in May 2024, a 15.8% increase 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 | 6 | 7 | +16.7% |
| 3 Bedrooms | 12 | 12 | 0.0% |
| 4 Bedrooms | 1 | 3 | +200.0% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Mentor-on-the-Lake 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 increased by 16.7%, 3 bedroom homes remained the same, 4 bedroom homes increased by 200%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 6 | 10 | +66.7% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Mentor-on-the-Lake, you may be able to get a good deal. 60% of homes here sold below asking price last month.
Summary: A total of 10 homes were sold or pending in Mentor-on-the-Lake in May 2024, up by 66.7% month-over-month. Of the 10 sold homes, 60% were sold under asking, 10% were sold at asking, and 30% were sold over asking.
Days on Market for Mentor-on-the-Lake, OH
How long does it take to sell a home in Mentor-on-the-Lake, OH?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 21 Days | 19 Days | -7.3% |
Summary: Homes in Mentor-on-the-Lake had an average of 19 days on market in May 2024, down by 7.3% compared to last year.
Breakdown of Home Sale Times
8 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Mentor-on-the-Lake are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 10 homes were sold in Mentor-on-the-Lake; 80% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
Copyright 2024 MLS Now. IDX information is provided exclusively for consumers’ personal, non-commercial use and that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information deemed reliable but not guaranteed to be accurate. Buyer to verify all information. The information provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Real estate listings held by brokerage firms other than this broker are marked with the Internet Data Exchange logo and detailed information about them includes the name of the listing broker(s). The photos may be altered, edited, enhanced or virtually staged.