Aurora, OH Housing Market Update - Q1 2023. How Much Do Homes in Aurora Cost?
2023 – First Quarter Housing Market Update – Aurora City School District There are all sorts of different homes available in the Aurora School District, with a wide range of sizes and features. The average single-family home sold in the Aurora School District continues to be a 4-bedroom, 3-bathroom home sitting on just over 1/2 acre with approximately 2300 square feet of living space. Aurora has a relatively high percentage of condos sold compared to the number of single-family home sales. The average condo sold in Aurora is a 3 bedroom, 3 bathroom home with approximately 2300 square feet of living area. The number of single-family home sales in Aurora dipped from the first quarter of 2022 by 23%, and the median sale price fell slightly by just under 4%. So higher interest rates created some downward pressure on Aurora home prices, despite limited housing inventory. 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 longer on the market compared to the first quarter of 2022. The sale price for Aurora homes sold has also dipped slightly from 99.3%, to 98.1% in Q1 2023. All of this tells us that despite inventory being scarce, sellers are trying to stand 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 as we have seen in recent years. 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. It's interesting to note that homes for sale in Aurora aged significantly longer on the market in Q1 2023, spending 59 days on the market compared to only 37 days in Q1 2022. As a result, 47% of properties sold in the Aurora school district in Q1 2023 had a price reduction prior to selling. If you are interested in learning more about Aurora real estate, view all homes for sale in Aurora 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 38 29 (23.7%) Median Sale Price for SF Homes Sold $362,500 $349,000 (3.7%) Single Family Homes Sales Single Family Homes Sales $300k -$374.9k 6 8 Single Family Homes Sales $375k - $499.9k 8 5 Single Family Homes Sales $500k - $749.9k 7 5 Single Family Homes Sales $750k+ 3 3 Aurora Condos Sold 10 18 80% Median Sale Price for Aurora Condos Sold $367,500 $342,500 5.0% Average Interest Rate – 30 yr conventional 3.82% 6.37% 66.8% Average Days on Market* 37 59 59.5% Sale Price / Final List Price * 99.3% 98.1% (1.2%) Current Market Activity Aurora SF Homes Under Contract as of 4/28/23 32 Aurora SF Homes Active For Sale as of 4/28/23 25 Aurora Condos Under Contract as of 4/28/23 10 Aurora Condos Homes Active For Sale as of 4/28/23 6 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 all Aurora homes sold including Aurora Condos and Aurora Single Family Homes.
How to choose a realtor?
When it comes to buying or selling a property, choosing the right realtor is crucial. A good realtor can make the process smooth and stress-free, while a bad one can leave you feeling frustrated and disappointed. With so many realtors to choose from, it can be overwhelming to know where to start. In this article, we'll explore what to look for when choosing a realtor for both buyers and sellers, discuss real estate news, and answer the question, "Is the lowest commission all that matters?" Sellers: When selling a property, it's important to work with a realtor who has experience in your local market. Look for a realtor who has a track record of successful sales in your area. You want a realtor who can price your property correctly, market it effectively, and negotiate with potential buyers to get you the best deal. Buyers: When buying a property, you want a realtor who is knowledgeable about the local market and can help you find the right property based on your needs and budget. Look for a realtor who has experience working with buyers like you and can provide references. You want a realtor who can negotiate on your behalf and guide you through the buying process. Real Estate News: Staying up-to-date on real estate news is important when choosing a realtor. A good realtor should be knowledgeable about current market conditions and trends. They should be able to provide you with insights into the local market and help you make informed decisions. Is the Lowest Commission All That Matters? No, the lowest commission is not all that matters when choosing a realtor. While it may be tempting to go with a realtor who offers the lowest commission, you often get what you pay for. A low commission may mean that the realtor is inexperienced or doesn't have a track record of successful sales. You want a realtor who is experienced, knowledgeable, and can get you the best deal possible. Why Should You Work with an Expert? Working with an expert realtor can make all the difference in your buying or selling experience. An expert realtor has the experience and knowledge to navigate the market and get you the best deal possible. They can guide you through the process and provide you with valuable insights into the local market. Additionally, an expert realtor can help you avoid common pitfalls and mistakes. In conclusion, choosing the right realtor is crucial when buying or selling a property. Look for a realtor who is experienced, knowledgeable, and has a track record of successful sales in your local market. Stay up-to-date on real estate news and be wary of choosing a realtor based solely on the lowest commission. Working with an expert can make all the difference in your buying or selling experience. Want to learn more? Contact us at www.expertrealestate.pro today. Like what you see? Check out our previous blog post here. 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. 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.
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 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.
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