Is Berea, OH a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Berea has remained a Seller's Market.
Key Takeaway
Berea is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Berea, OH
How much do homes in Berea, OH cost?
Median Sold Price
$233,450
$131/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Berea have sold for 19.3% more than they did a year ago.
Summary: The median home sold price in Berea was $233,450 in May 2024, up 19.3% from last year, and the median price per square foot was $131.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $76.2K | $74.9K | -1.6% |
| 2 Bedrooms | $140.1K | $164.6K | +17.4% |
| 3 Bedrooms | $198.4K | $229.9K | +15.9% |
| 4 Bedrooms | $223.5K | $275K | +23.0% |
| 5+ Bedrooms | $245K | $287.5K | +17.3% |
Summary: Berea housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 1.6%, 2 bedroom homes increased by 17.4%, 3 bedroom homes increased by 15.9%, 4 bedroom homes increased by 23%, and 5+ bedroom homes increased by 17.3%.
Median Sold Price Compared To Nearby Cities
| Berea | $195.7K | $233.4K | +19.3% |
| Brook Park | $185K | $210K | +13.5% |
| Brookpark | $185K | $210K | +13.5% |
| Olmsted Falls | $235K | $247.5K | +5.3% |
| Middleburg Heights | $247.5K | $250K | +1.0% |
Housing Supply in Berea, OH
How many homes are available in Berea, OH?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 43 | 39 | -9.3% |
Summary: The Berea real estate market had 39 homes for sale in May 2024, a 9.3% decrease compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 6 | 2 | -66.7% |
| 3 Bedrooms | 24 | 18 | -25.0% |
| 4 Bedrooms | 10 | 13 | +30.0% |
| 5+ Bedrooms | 2 | 5 | +150.0% |
Summary: The Berea housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 66.7%, 3 bedroom homes decreased by 25%, 4 bedroom homes increased by 30%, and 5+ bedroom homes increased by 150%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 16 | 17 | +6.3% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
12 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Berea, you could pay more than the asking price. 70.6% of homes here sold above asking price last month.
Summary: A total of 17 homes were sold or pending in Berea in May 2024, up by 6.3% month-over-month. Of the 17 sold homes, 18% were sold under asking, 12% were sold at asking, and 71% were sold over asking.
Days on Market for Berea, OH
How long does it take to sell a home in Berea, OH?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 11 Days | 9 Days | -20.1% |
Summary: Homes in Berea had an average of 9 days on market in May 2024, down by 20.1% compared to last year.
Breakdown of Home Sale Times
17 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Berea are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 17 homes were sold in Berea; 100% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
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