Is Parma, 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, Parma has remained a Seller's Market.
Key Takeaway
Parma is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Parma, OH
How much do homes in Parma, OH cost?
Median Sold Price
$200,000
$118/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Parma have sold for 9.8% more than they did a year ago.
Summary: The median home sold price in Parma was $200,000 in May 2024, up 9.8% from last year, and the median price per square foot was $118.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $91.5K | $89K | -2.7% |
| 2 Bedrooms | $145K | $157.9K | +8.9% |
| 3 Bedrooms | $180K | $198.4K | +10.3% |
| 4 Bedrooms | $200K | $225K | +12.5% |
| 5+ Bedrooms | $244K | $242.5K | -0.6% |
Summary: Parma housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 2.7%, 2 bedroom homes increased by 8.9%, 3 bedroom homes increased by 10.3%, 4 bedroom homes increased by 12.5%, and 5+ bedroom homes decreased by 0.6%.
Median Sold Price Compared To Nearby Cities
| Brooklyn | $175K | $199.9K | +14.2% |
| Seven Hills | $255.2K | $290K | +13.6% |
| Parma | $182.1K | $200K | +9.8% |
| Parma Heights | $186K | $197.7K | +6.3% |
Housing Supply in Parma, OH
How many homes are available in Parma, OH?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 220 | 230 | +4.5% |
Summary: The Parma real estate market had 230 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 | 2 | 0 | -100.0% |
| 2 Bedrooms | 10 | 7 | -30.0% |
| 3 Bedrooms | 150 | 163 | +8.7% |
| 4 Bedrooms | 48 | 54 | +12.5% |
| 5+ Bedrooms | 10 | 6 | -40.0% |
Summary: The Parma housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 100%, 2 bedroom homes decreased by 30%, 3 bedroom homes increased by 8.7%, 4 bedroom homes increased by 12.5%, and 5+ bedroom homes decreased by 40%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 84 | 83 | -1.2% |
Asking Price vs. Sold Price
19 Homes Were Sold
Under Asking
9 Homes Were Sold
At Asking
55 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Parma, you could pay more than the asking price. 66.3% of homes here sold above asking price last month.
Summary: A total of 83 homes were sold or pending in Parma in May 2024, down by 1.2% month-over-month. Of the 83 sold homes, 23% were sold under asking, 11% were sold at asking, and 66% were sold over asking.
Days on Market for Parma, OH
How long does it take to sell a home in Parma, OH?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 25 Days | 16 Days | -37.7% |
Summary: Homes in Parma had an average of 16 days on market in May 2024, down by 37.7% compared to last year.
Breakdown of Home Sale Times
67 Homes Were Sold
Under 30 Days
15 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Parma are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 83 homes were sold in Parma; 81% of homes were sold within 30 days, 18% of homes were sold within 30 to 90 days, and 1% of homes were sold over 90 days.
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