$5,807 Closing Credit*
$489,000
2,546 SqFt
3 Beds
•2 Full Baths, 1 Partial
Jake Lohser, Listing Office: Keller Williams Greater Metropolitan
Is Gates Mills, OH a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 2023
At the same time last year, Gates Mills was a Seller's Market.
Key Takeaway
Gates Mills is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Gates Mills, OH
How much do homes in Gates Mills, OH cost?
Median Sold Price
$625,000
$184/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
-$175,000(-21.9%)
Key Takeaway
Homes in Gates Mills have sold for 21.9% less than they did a year ago.
Summary: The median home sold price in Gates Mills was $625,000 in October 2024, down 21.9% from last year, and the median price per square foot was $184.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $745K | $459.1K | -38.4% |
| 3 Bedrooms | $492.2K | $438.5K | -10.9% |
| 4 Bedrooms | $743.6K | $705K | -5.2% |
| 5+ Bedrooms | $956K | $826.4K | -13.6% |
Summary: Gates Mills housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 38.4%, 3 bedroom homes decreased by 10.9%, 4 bedroom homes decreased by 5.2%, and 5+ bedroom homes decreased by 13.6%.
Median Sold Price Compared To Nearby Cities
| Mayfield Heights | $200K | $235K | +17.5% |
| Willoughby Hills | $287K | $335K | +16.7% |
| Chester Township | $316K | $344.5K | +9.0% |
| Mayfield | $340K | $367K | +7.9% |
| Gates Mills | $800K | $625K | -21.9% |
Housing Supply in Gates Mills, OH
How many homes are available in Gates Mills, OH?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 19 | 19 | 0.0% |
Summary: The Gates Mills real estate market had 19 homes for sale in October 2024, the same as September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 1 | 0 | -100.0% |
| 3 Bedrooms | 0 | 1 | +100.0% |
| 4 Bedrooms | 13 | 12 | -7.7% |
| 5+ Bedrooms | 5 | 6 | +20.0% |
Summary: The Gates Mills housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 100%, 3 bedroom homes increased by 100%, 4 bedroom homes decreased by 7.7%, and 5+ bedroom homes increased by 20%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 3 | 2 | -33.3% |
Asking Price vs. Sold Price
0 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Gates Mills, expect to pay close to the asking price. 50% of homes here sold near the asking price last month.
Summary: A total of 2 homes were sold or pending in Gates Mills in October 2024, down by 33.3% month-over-month. Of the 2 sold homes, 0% were sold under asking, 50% were sold at asking, and 50% were sold over asking.
Days on Market for Gates Mills, OH
How long does it take to sell a home in Gates Mills, OH?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 39 Days | 22 Days | -43.1% |
Summary: Homes in Gates Mills had an average of 22 days on market in Oct 2024, down by 43.1% compared to last year.
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Gates Mills are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 2 homes were sold in Gates Mills; 50% of homes were sold within 30 days, 50% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
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