Is Lorain 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, Lorain County has remained a Seller's Market.
Key Takeaway
Lorain County is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Lorain County, OH
How much do homes in Lorain County, OH cost?
Median Sold Price
$222,496
$131/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Lorain County have sold for 3.5% more than they did a year ago.
Summary: The median home sold price in Lorain County was $222,496 in May 2024, up 3.5% from last year, and the median price per square foot was $131.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $95K | $79K | -16.8% |
| 2 Bedrooms | $169K | $178.3K | +5.5% |
| 3 Bedrooms | $191.2K | $199.9K | +4.6% |
| 4 Bedrooms | $316.2K | $310.4K | -1.8% |
| 5+ Bedrooms | $277.5K | $337.5K | +21.6% |
Summary: Lorain County housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 16.8%, 2 bedroom homes increased by 5.5%, 3 bedroom homes increased by 4.6%, 4 bedroom homes decreased by 1.8%, and 5+ bedroom homes increased by 21.6%.
Median Sold Price Compared To Nearby Counties
| Medina County | $290K | $320.2K | +10.4% |
| Erie County | $187.8K | $206.6K | +10.0% |
| Cuyahoga County | $182K | $190.8K | +4.8% |
| Lorain County | $215K | $222.4K | +3.5% |
Housing Supply in Lorain County, OH
How many homes are available in Lorain County, OH?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 990 | 1,035 | +4.5% |
Summary: The Lorain County real estate market had 1,035 homes for sale in May 2024, a 4.5% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 4 | 2 | -50.0% |
| 2 Bedrooms | 129 | 146 | +13.2% |
| 3 Bedrooms | 510 | 528 | +3.5% |
| 4 Bedrooms | 289 | 293 | +1.4% |
| 5+ Bedrooms | 58 | 66 | +13.8% |
Summary: The Lorain County housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 50%, 2 bedroom homes increased by 13.2%, 3 bedroom homes increased by 3.5%, 4 bedroom homes increased by 1.4%, and 5+ bedroom homes increased by 13.8%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 287 | 312 | +8.7% |
Asking Price vs. Sold Price
98 Homes Were Sold
Under Asking
68 Homes Were Sold
At Asking
146 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Lorain County, you could pay more than the asking price. 46.8% of homes here sold above asking price last month.
Summary: A total of 312 homes were sold or pending in Lorain County in May 2024, up by 8.7% month-over-month. Of the 312 sold homes, 31% were sold under asking, 22% were sold at asking, and 47% were sold over asking.
Days on Market for Lorain County, OH
How long does it take to sell a home in Lorain County, OH?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 31 Days | 29 Days | -6.7% |
Summary: Homes in Lorain County had an average of 29 days on market in May 2024, down by 6.7% compared to last year.
Breakdown of Home Sale Times
211 Homes Were Sold
Under 30 Days
83 Homes Were Sold
In 30 - 90 Days
18 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Lorain County are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 312 homes were sold in Lorain County; 68% of homes were sold within 30 days, 27% of homes were sold within 30 to 90 days, and 6% of homes were sold over 90 days.
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