$3,443 Closing Credit*
$289,900
1,433 SqFt
2 Beds
•2 Full Baths
Leslee T Salhany, Listing Office: Berkshire Hathaway HomeServices Simon & Salhany Realty
Is Lorain, OH a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 2023
Since last year, Lorain has remained a Seller's Market.
Key Takeaway
Lorain is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Lorain, OH
How much do homes in Lorain, OH cost?
Median Sold Price
$146,800
$101/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$9,850(+7.2%)
Key Takeaway
Homes in Lorain have sold for 7.2% more than they did a year ago.
Summary: The median home sold price in Lorain was $146,800 in November 2024, up 7.2% from last year, and the median price per square foot was $101.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $74.4K | $83K | +11.5% |
| 2 Bedrooms | $111.5K | $127.5K | +14.3% |
| 3 Bedrooms | $140K | $149.2K | +6.6% |
| 4 Bedrooms | $150K | $150K | 0.0% |
| 5+ Bedrooms | $135K | $160K | +18.5% |
Summary: Lorain housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 11.5%, 2 bedroom homes increased by 14.3%, 3 bedroom homes increased by 6.6%, 4 bedroom homes did not change, and 5+ bedroom homes increased by 18.5%.
Median Sold Price Compared To Nearby Cities
| Lorain | $136.9K | $146.8K | +7.2% |
| Sheffield | $345K | $357.5K | +3.6% |
| Amherst | $259.5K | $265K | +2.1% |
| Amherst Township | $256K | $259.9K | +1.5% |
Housing Supply in Lorain, OH
How many homes are available in Lorain, OH?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 268 | 277 | +3.4% |
Summary: The Lorain real estate market had 277 homes for sale in November 2024, a 3.4% increase compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 46 | 46 | 0.0% |
| 3 Bedrooms | 148 | 154 | +4.1% |
| 4 Bedrooms | 58 | 62 | +6.9% |
| 5+ Bedrooms | 15 | 14 | -6.7% |
Summary: The Lorain housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes increased by 4.1%, 4 bedroom homes increased by 6.9%, and 5+ bedroom homes decreased by 6.7%.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 60 | 73 | +21.7% |
Asking Price vs. Sold Price
27 Homes Were Sold
Under Asking
13 Homes Were Sold
At Asking
33 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Lorain, you could pay more than the asking price. 45.2% of homes here sold above asking price last month.
Summary: A total of 73 homes were sold or pending in Lorain in November 2024, up by 21.7% month-over-month. Of the 73 sold homes, 37% were sold under asking, 18% were sold at asking, and 45% were sold over asking.
Days on Market for Lorain, OH
How long does it take to sell a home in Lorain, OH?
Average Sale Time
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 28 Days | 39 Days | +39.2% |
Summary: Homes in Lorain had an average of 39 days on market in Nov 2024, up by 39.2% compared to last year.
Breakdown of Home Sale Times
42 Homes Were Sold
Under 30 Days
24 Homes Were Sold
In 30 - 90 Days
7 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Lorain are selling fast, if you're buying plan to act quickly.
Summary: During November 2024, 73 homes were sold in Lorain; 58% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 10% of homes were sold over 90 days.
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The information is being provided by Columbus and Central Ohio Regional Multiple Listing Service. Information deemed reliable but not guaranteed. Information is provided for consumers' personal, non-commercial use, and may not be used for any purpose other than the identification of potential properties for purchase.