Ohio Housing Market Analysis - July 2024

The Ohio housing market in July 2024 presents a nuanced picture with several key indicators showing both positive and negative trends. This analysis delves into the various metrics to provide a comprehensive overview of the current state of the market.

Median Sales and List Prices

The median sales price for homes in Ohio stands at $260,500, reflecting a slight decrease of 0.7% year-over-year (YoY). Similarly, the median list price has also seen a decline, now at $259,200, which is down by 1.8% YoY. These decreases suggest a slight cooling in the market, potentially offering opportunities for buyers.

Price Per Square Foot

Despite the overall decline in median prices, the median price per square foot has increased to $160, marking a significant rise of 6.6% YoY. The median list price per square foot has also seen an uptick, now at $160, up by 8.1% YoY. This indicates that while overall prices have dipped, the value of space within homes has appreciated.

Sales and Listings Activity

The number of homes sold in July 2024 reached 12,221, showing a healthy increase of 6.1% YoY. Pending sales also rose slightly to 14,060, up by 1.5% YoY. New listings have surged to 14,613, an 8.5% increase YoY, indicating a growing supply in the market. Inventory levels have seen a substantial rise, now at 24,157, up by 22.0% YoY. This increase in inventory has contributed to a higher months of supply, now at 2.0 months, a 30.0% increase YoY.

Market Dynamics

The median days on market for homes in Ohio is currently 32 days, which is an 8.0% increase YoY. This suggests that homes are taking slightly longer to sell compared to the previous year. The average sale to list ratio is 99.6%, down by 0.7% YoY, indicating that homes are selling very close to their list prices. The percentage of homes sold above list price has decreased to 40.4%, down by 3.8% YoY, and the percentage of price drops has also declined to 30.3%, down by 4.0% YoY. Additionally, the percentage of homes going off market within two weeks has dropped to 55.2%, a decrease of 5.6% YoY.

Conclusion

In summary, the Ohio housing market in July 2024 shows a mix of trends. While median sales and list prices have slightly decreased, the value per square foot has appreciated. Sales activity remains robust with increased inventory and new listings, although homes are taking a bit longer to sell. These dynamics suggest a market that is balancing between buyer and seller interests, with opportunities for both sides depending on specific circumstances.