Hudson, OH Housing Market Update - Q1 2023. How Much Do Homes in Hudson Cost?

2023 – First Quarter Housing Market Update – Hudson City School District

There are all sorts of different houses available in the Hudson School District, with a wide range of sizes and features, but the average home sold in the Hudson School District continues to be a 4-bedroom, 3-bathroom home sitting on just under 1 acre at approximately 2500 square feet.  Although there are a few condo sales in Hudson, with only 3 sales in Q1 of each year, the overwhelming majority of homes sold are single-family residences.

The number of single-family home sales in Hudson dipped from the first quarter of 2022 by 28%, but with a 6.5% increase in the median sale price, Hudson's sale prices continued to appreciate at a rate higher than the national average.  Despite higher interest rates, limited housing inventory continues to push prices higher.  Sellers continue to expect and ask for top dollar, but buyers have less purchasing power due to higher interest rates.  As a result, homes are spending just a few days longer on the market compared to the first quarter of 2022.  Unlike in Q1 2022, where Hudson homes sold for just over the asking price (102.7%), in Q1 2023 the average Hudson home sold for just under the final asking price (98.7%).

All of this tells us that despite inventory being scarce, sellers are standing firm, but buyers are also being patient.  When buyers do find the home they want, they are willing to pay for it – but not necessarily wildly over the asking price.  Throughout Northeast Ohio, we’ve observed that fairly-priced, well-maintained, good houses in desirable areas continue to attract multiple offers over the asking price.  However, properties with deferred maintenance or sellers with unreasonable initial price expectations are seeing less demand than we’ve experienced in recent years.  We observe this in the Days on Market data, where ~40% of the homes spent fewer than 10 days on the market without a price decrease.  Meanwhile another 40% of home sales aged on the market 50 days or more, with the majority of those having significant price decreases prior to selling.

The number of homes sold in Hudson (42 sales in Q1 ’23) is similar to the number of homes sold in the highly desirable Hudson School District (38 sales in Q1 ’23), but it’s important to note that not every home with a Hudson mailing address is in the Hudson School district, and there are some nearby pockets in neighboring communities without a Hudson mailing address that are still apart of the Hudson School District.  If you are interested in learning more about these hidden gems, view all homes for sale in Hudson here, or contact our team of local experts to learn more.   Like what you see?  Check out our previous blog post here.  

Year-Over-Year Comparison                                Q1 2022         Q1 2023   % Change

Single Family Homes Sold                                     49                    35                    (28.6%)

Median Sale Price for SF Homes Sold                  $422,500            $449,900        6.5%

Single Family Homes Sales < $300k                      7                      2

Single Family Homes Sales $300k -$374.9k         10                    7

Single Family Homes Sales $375k - $499.9k        15                    14

Single Family Homes Sales $500k - $749.9k        9                      8

Single Family Homes Sales $750k+                       8                      4

Average Interest Rate – 30 yr conventional           3.82%             6.37%             66.8%

Average Days on Market*                                       34                    38                    11.8%

Sale Price / Final List Price *                                  102.7%           98.7%             (4.0%)

Current Market Activity

Hudson SF Homes Under Contract as of 4/28/23                        47

Hudson SF Homes Active For Sale as of 4/28/23                         18

Hudson Condos Under Contract as of 4/28/23                             3

Hudson Condos Homes Active For Sale as of 4/28/23                 2

Are you passionate about real estate?  Do you wonder if becoming a Realtor is the right career choice for you?  Contact Daniel Somerville to learn more about whether you might be the perfect fit for a career in real estate.  We have all of the tools, coaching, resources, and courses to help you succeed.

*This data was taken from the middle of the market where most of the Hudson homes sales occur.  Sales below $300k and above $750k were excluded from these line items to maintain a consistent representative sample of the majority of homes sold.