Is Akron, 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, Akron has remained a Seller's Market.
Key Takeaway
Akron is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Akron, OH
How much do homes in Akron, OH cost?
Median Sold Price
$132,761
$100/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Akron have sold for 5.5% more than they did a year ago.
Summary: The median home sold price in Akron was $132,761 in May 2024, up 5.5% from last year, and the median price per square foot was $100.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $59K | $69.5K | +17.8% |
| 2 Bedrooms | $93.1K | $99.9K | +7.4% |
| 3 Bedrooms | $129.9K | $137.9K | +6.1% |
| 4 Bedrooms | $158.2K | $165K | +4.3% |
| 5+ Bedrooms | $160K | $180K | +12.5% |
Summary: Akron housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 17.8%, 2 bedroom homes increased by 7.4%, 3 bedroom homes increased by 6.1%, 4 bedroom homes increased by 4.3%, and 5+ bedroom homes increased by 12.5%.
Median Sold Price Compared To Nearby Cities
| Copley Township | $281.8K | $321K | +13.9% |
| Coventry Township | $178K | $199.9K | +12.3% |
| Cuyahoga Falls | $189.2K | $210.9K | +11.5% |
| Akron | $125.8K | $132.7K | +5.5% |
| Fairlawn | $287.1K | $273.8K | -4.6% |
Housing Supply in Akron, OH
How many homes are available in Akron, OH?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 853 | 864 | +1.3% |
Summary: The Akron real estate market had 864 homes for sale in May 2024, a 1.3% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 13 | 12 | -7.7% |
| 2 Bedrooms | 153 | 153 | 0.0% |
| 3 Bedrooms | 445 | 426 | -4.3% |
| 4 Bedrooms | 188 | 210 | +11.7% |
| 5+ Bedrooms | 54 | 63 | +16.7% |
Summary: The Akron housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 7.7%, 2 bedroom homes remained the same, 3 bedroom homes decreased by 4.3%, 4 bedroom homes increased by 11.7%, and 5+ bedroom homes increased by 16.7%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 272 | 266 | -2.2% |
Asking Price vs. Sold Price
101 Homes Were Sold
Under Asking
44 Homes Were Sold
At Asking
118 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Akron, you could pay more than the asking price. 44.9% of homes here sold above asking price last month.
Summary: A total of 266 homes were sold or pending in Akron in May 2024, down by 2.2% month-over-month. Of the 263 sold homes, 38% were sold under asking, 17% were sold at asking, and 45% were sold over asking.
Days on Market for Akron, OH
How long does it take to sell a home in Akron, OH?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 37 Days | 36 Days | -5.0% |
Summary: Homes in Akron had an average of 36 days on market in May 2024, down by 5% compared to last year.
Breakdown of Home Sale Times
156 Homes Were Sold
Under 30 Days
85 Homes Were Sold
In 30 - 90 Days
25 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Akron are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 266 homes were sold in Akron; 59% of homes were sold within 30 days, 32% of homes were sold within 30 to 90 days, and 9% of homes were sold over 90 days.
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The information is being provided by Columbus and Central Ohio Regional Multiple Listing Service. Information deemed reliable but not guaranteed. Information is provided for consumers' personal, non-commercial use, and may not be used for any purpose other than the identification of potential properties for purchase.