Ohio Housing Market: November 2024 Analysis
The Ohio housing market in November 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price for homes in Ohio stands at $248,000, reflecting a modest year-over-year increase of 0.2%. This slight uptick suggests a stabilization in home prices, despite broader economic pressures.
Conversely, the Median List Price has decreased by 2.0% year-over-year, now at $239,500. This decline indicates a potential softening in seller expectations or a strategic adjustment to attract buyers in a competitive market. The median Price Per Square Foot has risen significantly by 7.8% to $155, while the Median List Price per square foot has increased by 8.5% to $157, highlighting a strong demand for space and possibly a shift towards higher-quality or larger homes.
In terms of sales activity, 9,996 homes were sold, marking a slight increase of 0.8% from the previous year. Pending Sales have shown a more robust growth of 5.7%, reaching 10,915, which could indicate a healthy pipeline of future transactions. However, New Listings have decreased by 4.7% to 9,799, suggesting a tightening in available inventory for prospective buyers.
Inventory levels have surged by 15.7% to 25,098, providing more options for buyers and potentially easing some of the competitive pressures seen in previous months. The Months of Supply have also increased significantly by 30.0% to 2.5 months, indicating a shift towards a more balanced market, though still favoring sellers slightly.
The Median Days on Market have increased by 10.0% to 40 days, suggesting that homes are taking longer to sell compared to last year. This could be a result of the increased inventory or changing buyer preferences. The average sale to list ratio has slightly decreased by 0.2% to 98.3%, while the percentage of Homes Sold above list price has dropped by 2.5% to 29.7%, indicating a cooling in competitive bidding scenarios.
Price Drops have decreased by 3.3% to 28.6%, which may reflect sellers' willingness to adjust prices to meet market demands. Additionally, the percentage of homes going off the market within two weeks has decreased by 3.8% to 41.3%, further supporting the notion of a more deliberate buying process.
Overall, the Ohio housing market in November 2024 shows signs of stabilization with increased inventory and a slight cooling in competitive dynamics. While some metrics indicate a slowdown, others suggest continued demand and interest in the market, painting a multifaceted picture of the current real estate landscape in the state.
