Is Medina, 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, Medina has remained a Seller's Market.
Key Takeaway
Medina is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Medina, OH
How much do homes in Medina, OH cost?
Median Sold Price
$350,000
$149/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Medina have sold for 7.7% more than they did a year ago.
Summary: The median home sold price in Medina was $350,000 in May 2024, up 7.7% from last year, and the median price per square foot was $149.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $190K | $204.7K | +7.8% |
| 3 Bedrooms | $299K | $320K | +7.0% |
| 4 Bedrooms | $388.7K | $419K | +7.8% |
| 5+ Bedrooms | $562.5K | $581K | +3.3% |
Summary: Medina 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 7.8%, 3 bedroom homes increased by 7%, 4 bedroom homes increased by 7.8%, and 5+ bedroom homes increased by 3.3%.
Median Sold Price Compared To Nearby Cities
| Medina City Township | $245.7K | $280K | +13.9% |
| Medina | $325K | $350K | +7.7% |
| Medina Township | $325K | $350K | +7.7% |
| York Township | $380K | $405K | +6.6% |
| Montville Township | $450K | $436.5K | -3.0% |
Housing Supply in Medina, OH
How many homes are available in Medina, OH?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 185 | 196 | +5.9% |
Summary: The Medina real estate market had 196 homes for sale in May 2024, a 5.9% 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 | 13 | 13 | 0.0% |
| 3 Bedrooms | 85 | 79 | -7.1% |
| 4 Bedrooms | 73 | 84 | +15.1% |
| 5+ Bedrooms | 14 | 20 | +42.9% |
Summary: The Medina 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 remained the same, 3 bedroom homes decreased by 7.1%, 4 bedroom homes increased by 15.1%, and 5+ bedroom homes increased by 42.9%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 58 | 65 | +12.1% |
Asking Price vs. Sold Price
19 Homes Were Sold
Under Asking
14 Homes Were Sold
At Asking
32 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Medina, you could pay more than the asking price. 49.2% of homes here sold above asking price last month.
Summary: A total of 65 homes were sold or pending in Medina in May 2024, up by 12.1% month-over-month. Of the 65 sold homes, 29% were sold under asking, 22% were sold at asking, and 49% were sold over asking.
Days on Market for Medina, OH
How long does it take to sell a home in Medina, OH?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 13 Days | 23 Days | +77.5% |
Summary: Homes in Medina had an average of 23 days on market in May 2024, up by 77.5% compared to last year.
Breakdown of Home Sale Times
48 Homes Were Sold
Under 30 Days
14 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Medina are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 65 homes were sold in Medina; 74% of homes were sold within 30 days, 22% of homes were sold within 30 to 90 days, and 5% of homes were sold over 90 days.
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