Ohio Housing Market Analysis - August 2024
The Ohio housing market in August 2024 presents a complex landscape with varying trends across different metrics. While some indicators show positive growth, others reflect a cooling market compared to the previous year.
Price Trends
The Median Sales Price for homes in Ohio stands at $257,800, representing a slight decline of 0.9% year-over-year (YoY). Similarly, the Median List Price has decreased by 2.1% YoY, now at $250,900. Despite these declines, the median Price Per Square Foot has risen by 5.9% YoY to $158, and the Median List Price per square foot has increased by 8.1% YoY to $161. These figures suggest that while overall home prices have dipped, the value per square foot has appreciated, indicating a potential shift in buyer preferences towards smaller, more affordable homes.
Sales and Inventory
The number of Homes Sold in August 2024 is 12,222, marking a 3.9% decrease YoY. However, Pending Sales have increased by 5.1% YoY to 13,862, indicating a potential uptick in future transactions. New Listings have also risen by 3.6% YoY to 14,499, contributing to an overall inventory increase of 21.6% YoY, now at 25,165 homes. The Months of Supply, a critical indicator of market balance, has surged by 50.0% YoY to 2.1 months, suggesting a shift towards a more balanced market from a previously tight seller's market.
Market Dynamics
The Median Days on Market for homes in Ohio is now 34 days, reflecting a 9.0% increase YoY. This indicates that homes are taking slightly longer to sell compared to the previous year. The average sale to list ratio has decreased by 0.9% YoY to 99.2%, and the percentage of Homes Sold above list price has dropped by 5.5% YoY to 36.1%. These metrics suggest that buyers are gaining more negotiating power, and sellers may need to adjust their expectations accordingly.
Price Adjustments and Market Activity
The percentage of Price Drops has increased by 3.8% YoY to 31.2%, indicating that more sellers are reducing their asking prices to attract buyers. Additionally, the percentage of homes going off the market within two weeks has decreased by 5.3% YoY to 52.0%, further highlighting the cooling market conditions.
Conclusion
Overall, the Ohio housing market in August 2024 shows a mix of declining prices and increased inventory, coupled with longer selling times and more price adjustments. While the market is cooling compared to the previous year, the rise in Price Per Square Foot and Pending Sales suggests that demand remains robust, albeit with shifting buyer preferences. Sellers may need to be more flexible with pricing, while buyers could find more opportunities in this evolving market.
