Is Lorain, 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, Lorain has remained a Seller's Market.
Key Takeaway
Lorain is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Lorain, OH
How much do homes in Lorain, OH cost?
Median Sold Price
$139,900
$93/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Lorain have sold for 4.8% more than they did a year ago.
Summary: The median home sold price in Lorain was $139,900 in May 2024, up 4.8% from last year, and the median price per square foot was $93.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $76K | $72.9K | -4.0% |
| 2 Bedrooms | $96.9K | $117K | +20.7% |
| 3 Bedrooms | $134.7K | $141.9K | +5.3% |
| 4 Bedrooms | $160K | $143K | -10.6% |
| 5+ Bedrooms | $131K | $140K | +6.9% |
Summary: Lorain housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 4%, 2 bedroom homes increased by 20.7%, 3 bedroom homes increased by 5.3%, 4 bedroom homes decreased by 10.6%, and 5+ bedroom homes increased by 6.9%.
Median Sold Price Compared To Nearby Cities
| Amherst | $245K | $273.9K | +11.8% |
| Sheffield | $339.7K | $379.9K | +11.8% |
| Amherst Township | $240.5K | $265K | +10.2% |
| Sheffield Township | $132.2K | $142.5K | +7.8% |
| Lorain | $133.5K | $139.9K | +4.8% |
Housing Supply in Lorain, OH
How many homes are available in Lorain, OH?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 268 | 243 | -9.3% |
Summary: The Lorain real estate market had 243 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 | 3 | 1 | -66.7% |
| 2 Bedrooms | 40 | 47 | +17.5% |
| 3 Bedrooms | 157 | 134 | -14.6% |
| 4 Bedrooms | 56 | 48 | -14.3% |
| 5+ Bedrooms | 12 | 13 | +8.3% |
Summary: The Lorain housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 66.7%, 2 bedroom homes increased by 17.5%, 3 bedroom homes decreased by 14.6%, 4 bedroom homes decreased by 14.3%, and 5+ bedroom homes increased by 8.3%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 89 | 69 | -22.5% |
Asking Price vs. Sold Price
22 Homes Were Sold
Under Asking
14 Homes Were Sold
At Asking
33 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Lorain, you could pay more than the asking price. 47.8% of homes here sold above asking price last month.
Summary: A total of 69 homes were sold or pending in Lorain in May 2024, down by 22.5% month-over-month. Of the 69 sold homes, 32% were sold under asking, 20% were sold at asking, and 48% were sold over asking.
Days on Market for Lorain, OH
How long does it take to sell a home in Lorain, OH?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 27 Days | 40 Days | +48.8% |
Summary: Homes in Lorain had an average of 40 days on market in May 2024, up by 48.8% compared to last year.
Breakdown of Home Sale Times
38 Homes Were Sold
Under 30 Days
26 Homes Were Sold
In 30 - 90 Days
5 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Lorain are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 69 homes were sold in Lorain; 55% of homes were sold within 30 days, 38% of homes were sold within 30 to 90 days, and 7% of homes were sold over 90 days.
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