A Majestic Brick Hilltop Home in North Royalton
If you're in the market for a stunning home in Northeast Ohio, look no further than 12675 Pioneer Trail Drive in North Royalton. This majestic, brick, hilltop home boasts 4 bedrooms, 5 full bathrooms, and over 3,000 sq. ft. of living space, making it the perfect place for families or anyone who loves to entertain.From the moment you walk through the door, you'll be impressed by the care and attention that has gone into maintaining this home. The original owners have kept it in immaculate condition, and recent updates include new carpet (’22), a newer roof (’20), and water heater (‘21), granite countertops, and a breakfast room addition off the kitchen.The main level features a formal dining room and an office that could potentially be converted to a fifth bedroom. The lower level boasts a finished basement with a full bathroom and wet bar for entertaining, as well as storage space in the mechanical room. The second level is where you'll find the master bedroom with a gorgeous ensuite bath, and there are options for laundry on either the first or second levels.In addition to ample closet space throughout, there is also easily accessible storage space above the garage. Outside, the private backyard offers peaceful wooded views and even features a pergola and shed. The 3 car garage offers plenty of room for all of your cars and toys.One of the best things about this home is its location. Just minutes from I-71, I-77, and I-80, you'll have convenient access to everything you could want in Northeast Ohio. Whether you're commuting to work or running errands, this home is perfectly situated to make your life easier.Overall, 12675 Pioneer Trail Drive is a truly spectacular home that must be seen to be fully appreciated. If you're in the market for a luxurious, well-appointed home in North Royalton, this one is a must-see. Call today to schedule your showing before it's too late!
Current market conditions
As we approach the halfway mark of the year, it's time to take a look at the current real estate market conditions. The housing market has seen some significant changes in the past year, with the pandemic affecting many aspects of the market. Here is a market update on what is happening in the real estate industry.Inventory shortageOne of the major challenges in the current real estate market is the lack of inventory. Many homeowners are hesitant to list their homes for sale due to uncertainty about the pandemic, and as a result, the number of homes for sale has decreased. This has led to a highly competitive market, with buyers having to act fast to secure their dream home.Low-interest ratesOne of the positive aspects of the current real estate market is the continued low-interest rates. This has made it more affordable for buyers to enter the market and has helped to offset some of the rising home prices. The low-interest rates have also led to an increase in refinancing activity, as homeowners look to take advantage of the favorable conditions.Rising home pricesAnother trend in the current real estate market is the rise in home prices. The inventory shortage has led to increased competition among buyers, which has driven up prices. Homeowners who are looking to sell their homes are benefiting from this trend, as they are able to sell their properties for more than they would have in previous years.Remote workThe pandemic has led to a significant shift in the way people work, with many employers offering remote work options to their employees. This has led to an increase in demand for homes with more space, as people look to set up home offices and create more comfortable living arrangements. Properties in suburban and rural areas have seen a surge in demand, as people look to escape the crowded cities and enjoy a more relaxed lifestyle.ConclusionOverall, the current real estate market conditions are a mixed bag. The inventory shortage and rising home prices are making it challenging for buyers to enter the market, while low-interest rates are providing some relief. The pandemic has had a significant impact on the market, with remote work and lifestyle changes driving demand for certain types of properties. As we move forward, it will be interesting to see how the market evolves and adapts to the changing landscape.
Northeast Ohio Market Update January 1st – April 30th, 2023
Northeast Ohio Market Update January 1st – April 30th, 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. *Data pulled from MLS now stats as of 5/2/2023 for the period from 1/1-4/30.
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