Northeast Ohio Market Update January 1st – April 30th, 2023

by Daniel Somerville

Northeast Ohio Market Update January 1^st – April 30^th, 2023 (compared to the same period last year)

How have rising interest rates impacted home sales in your area? We looked at the home sales year-to-date by county in our Northeast Ohio market. Some counties such as Summit (+5.3%) and Lorain (+6.5%) have still seen strong price appreciation, while others such Stark (+3.3%) and Medina (+2.7%) have seen more modest gains. Meanwhile, other counties (Lake +1.1%, Cuyahoga +.6%, Portage 0.0%) have seen little to no price appreciation and Geauga County’s median sale price actually fell by 5.9%.

The biggest impact that rising interest rates have had on the housing market has been in the number of units sold. Sales in all 8 counties in our Northeast Ohio market have fallen by at least 13.5%, with homes sales in Stark, Lake, and Medina counties all plummeting by at least 19%. Across the board, we haven’t seen so few home sales in the first 4 months of the year since 2015.

So, although we’ve seen a modest reduction in the rate of increase of the median sale prices, we’ve seen a dramatic reduction in the number of units sold. My take: With prices still appreciating, it’s still a good time to sell, and with the rate of appreciation slowing, it’s also a great time to buy. But with sales significantly down across the board, it’s a challenging time for most folks associated with the real estate industry, so don’t be surprised to see some heavy attrition among real estate agents, lenders, brokers, and title companies.

If you are interested in learning more about Northeast Ohio real estate, view all homes for sale in Northeast Ohio here, or contact our team of local experts to learn more.

Like what you see? Check out our previous blog post here.

County Units Sold ’22 Units Sold ’23 % Change Median ’22 Median ’23 % Change

Summit 2,510 2,170 (13.5%) $160,000 $168,500 5.3%

Portage 560 460 (17.9%) $200,000 $200,000 0.0%

Stark 1,557 1,252 (19.6%) $167,000 $172,500 3.3%

Geauga 288 240 (16.7%) $309,700 $291,500 (5.9%)

Lake 1,078 865 (19.8%) $183,000 $185,000 1.1%

Medina 649 505 (22.2%) $260,000 $267,000 2.7%

Cuyahoga 5,902 5,054 (14.4%) $169,000 $170,000 .6%

Lorain 1,353 1,111 (17.9%) $185,000 $197,000 6.5%

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.