A Quarterly Market Update for Northeast Ohio

Northeastern Ohio Podcast with Michael Kaim

Let’s take a look at the year-to-year changes in our market.

Looking to buy a Home in Northeast Ohio? Search all Northeast Ohio homes for sale.

Selling Your Home in Northeast Ohio? Use our home evaluation tool.

Today, we’ll be discussing our fourth-quarter market update of the Northeast Ohio area.
The market has been great over the last year. There’s been an average 6% appreciation of home values in our markets—something we haven’t seen in years! Unfortunately, interest rates have risen. In October 2017, we were around 3.8% to 4%. Now, they’re closer to 5%. Outside of increased rates, the market is still strong and it’s a great time to buy. The economy is doing great as well, giving you more confidence in purchasing a property. This means it’s also a good time to invest in real estate.
What is in the forecast for the next couple of years? Economists are predicting an increase in prices for the next year and a steady rise in interest rates. Though rates will continue climbing, we’ll eventually see them come back down—it’s believed that these rates will begin receding in 2020.

“

Though rates will continue climbing, we’ll eventually see them come back down.

”

Here are some statistics I’ve found showing our year-to-year changes:

• Cuyahoga County: The average sale price is $126,000 with a 0.8% quarterly appreciation and 6.3% yearly appreciation.
• Geauga County: The average sale price is $230,000 with a 1.9% quarterly appreciation and 6.1% yearly appreciation.
• Lake County: The average sale price is $145,900 with a 0.8% quarterly appreciation and 5.1% yearly appreciation.
• Lorain County: The average sale price is $139,400 with a 1.9% quarterly appreciation and 6.7% yearly appreciation.
• Medina County: The average sale price is $196,000 with a 1.7% quarterly appreciation and 6.6% yearly appreciation.
• Portage County: The average sale price is $156,700 with a 2.5% quarterly appreciation and 4.3% yearly appreciation.
• Summit County: The average sale price is $131,200 with a 0.9% quarterly appreciation and 5.8% yearly appreciation.
• Carroll County: The average sale price is $106,000 with a 2.1% quarterly appreciation and 9.7% yearly appreciation.
• Stark County: The average sale price is $125,200 with a 1.5% quarterly appreciation and 6.9% yearly appreciation.

Because inventory is going to start decreasing as we head toward winter, it’s a great time to think about listing your home. We sold 267 properties in the winter months last year. We can help you do the same. If you are looking to buy or sell, have any questions, or would like further information, get in touch with us. We look forward to hearing from you.