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.
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