$598,000
11.00 Acres
Land
Jeffrey Peterson, Listing Office: Berkshire Hathaway HomeServices Stouffer Realty
Is Novelty, 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, Novelty has remained a Seller's Market.
Key Takeaway
Novelty is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Novelty, OH
How much do homes in Novelty, OH cost?
Median Sold Price
$445,000
$163/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$80,000(+21.9%)
Key Takeaway
Homes in Novelty have sold for 21.9% more than they did a year ago.
Summary: The median home sold price in Novelty was $445,000 in November 2024, up 21.9% from last year, and the median price per square foot was $163.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $850K | $302.5K | -64.4% |
| 2 Bedrooms | $240K | $200K | -16.7% |
| 3 Bedrooms | $277.4K | $380K | +37.0% |
| 4 Bedrooms | $433K | $486K | +12.2% |
| 5+ Bedrooms | $887.5K | $751K | -15.4% |
Summary: Novelty housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 64.4%, 2 bedroom homes decreased by 16.7%, 3 bedroom homes increased by 37%, 4 bedroom homes increased by 12.2%, and 5+ bedroom homes decreased by 15.4%.
Median Sold Price Compared To Nearby Cities
| Novelty | $365K | $445K | +21.9% |
| Russell Township | $426.5K | $492K | +15.4% |
| Chesterland | $325K | $330K | +1.5% |
Housing Supply in Novelty, OH
How many homes are available in Novelty, OH?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 16 | 11 | -31.3% |
Summary: The Novelty real estate market had 11 homes for sale in November 2024, a 31.3% decrease compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 2 | 2 | 0.0% |
| 3 Bedrooms | 5 | 5 | 0.0% |
| 4 Bedrooms | 5 | 2 | -60.0% |
| 5+ Bedrooms | 4 | 2 | -50.0% |
Summary: The Novelty 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 remained the same, 4 bedroom homes decreased by 60%, and 5+ bedroom homes decreased by 50%.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 4 | 4 | 0.0% |
Asking Price vs. Sold Price
2 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 Novelty, you may be able to get a good deal. 50% of homes here sold below asking price last month.
Summary: A total of 4 homes were sold or pending in Novelty in November 2024, the same as the previous month. Of the 4 sold homes, 50% were sold under asking, 25% were sold at asking, and 25% were sold over asking.
Days on Market for Novelty, OH
How long does it take to sell a home in Novelty, OH?
Average Sale Time
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 20 Days | 27 Days | +35.4% |
Summary: Homes in Novelty had an average of 27 days on market in Nov 2024, up by 35.4% compared to last year.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Novelty are selling fast, if you're buying plan to act quickly.
Summary: During November 2024, 4 homes were sold in Novelty; 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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