Is Lake County, 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, Lake County has remained a Seller's Market.
Housing Prices in Lake County, OH
How much do homes in Lake County, OH cost?
Median Sold Price
$218,090
$133/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Lake County was $218,090 in May 2024, up 9% from last year, and the median price per square foot was $133.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $70K | $119.9K | +71.3% |
2 Bedrooms | $138.2K | $153.3K | +11.0% |
3 Bedrooms | $191.5K | $208.4K | +8.8% |
4 Bedrooms | $297K | $315K | +6.0% |
5+ Bedrooms | $364.5K | $336K | -7.8% |
Summary: Lake County housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 71.3%, 2 bedroom homes increased by 11%, 3 bedroom homes increased by 8.8%, 4 bedroom homes increased by 6%, and 5+ bedroom homes decreased by 7.8%.
Median Sold Price Compared To Nearby Counties
Lake County | $200K | $218K | +9.0% |
Ashtabula County | $149.9K | $162.3K | +8.3% |
Geauga County | $330K | $347K | +5.1% |
Cuyahoga County | $182K | $190.8K | +4.8% |
Housing Supply in Lake County, OH
How many homes are available in Lake County, OH?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
713 | 769 | +7.9% |
Summary: The Lake County real estate market had 769 homes for sale in May 2024, a 7.9% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 1 | 1 | 0.0% |
2 Bedrooms | 125 | 119 | -4.8% |
3 Bedrooms | 388 | 417 | +7.5% |
4 Bedrooms | 162 | 190 | +17.3% |
5+ Bedrooms | 37 | 42 | +13.5% |
Summary: The Lake County 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 4.8%, 3 bedroom homes increased by 7.5%, 4 bedroom homes increased by 17.3%, and 5+ bedroom homes increased by 13.5%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
223 | 218 | -2.2% |
Asking Price vs. Sold Price
67 Homes Were Sold
Under Asking
41 Homes Were Sold
At Asking
110 Homes Were Sold
Over Asking
Summary: A total of 218 homes were sold or pending in Lake County in May 2024, down by 2.2% month-over-month. Of the 218 sold homes, 31% were sold under asking, 19% were sold at asking, and 50% were sold over asking.
Days on Market for Lake County, OH
How long does it take to sell a home in Lake County, OH?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
35 Days | 34 Days | -3.2% |
Summary: Homes in Lake County had an average of 34 days on market in May 2024, down by 3.2% compared to last year.
Breakdown of Home Sale Times
133 Homes Were Sold
Under 30 Days
69 Homes Were Sold
In 30 - 90 Days
16 Homes Were Sold
Over 90 Days
Summary: During May 2024, 218 homes were sold in Lake County; 61% of homes were sold within 30 days, 32% of homes were sold within 30 to 90 days, and 7% of homes were sold over 90 days.