Is Painesville, 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, Painesville has remained a Seller's Market.
Key Takeaway
Painesville is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Painesville, OH
How much do homes in Painesville, OH cost?
Median Sold Price
$196,833
$121/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Painesville have sold for 4.5% more than they did a year ago.
Summary: The median home sold price in Painesville was $196,833 in May 2024, up 4.5% from last year, and the median price per square foot was $121.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $70K | $127.5K | +82.1% |
| 2 Bedrooms | $109K | $134K | +22.9% |
| 3 Bedrooms | $182.7K | $195.1K | +6.8% |
| 4 Bedrooms | $285K | $304.5K | +6.8% |
| 5+ Bedrooms | $240K | $260K | +8.3% |
Summary: Painesville housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 82.1%, 2 bedroom homes increased by 22.9%, 3 bedroom homes increased by 6.8%, 4 bedroom homes increased by 6.8%, and 5+ bedroom homes increased by 8.3%.
Median Sold Price Compared To Nearby Cities
| Fairport Harbor | $159.9K | $179.9K | +12.5% |
| Concord Township | $305K | $327.9K | +7.5% |
| Painesville Township | $186.3K | $198.6K | +6.6% |
| Painesville | $188.3K | $196.8K | +4.5% |
Housing Supply in Painesville, OH
How many homes are available in Painesville, OH?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 103 | 122 | +18.4% |
Summary: The Painesville real estate market had 122 homes for sale in May 2024, a 18.4% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 0 | -100.0% |
| 2 Bedrooms | 17 | 17 | 0.0% |
| 3 Bedrooms | 58 | 68 | +17.2% |
| 4 Bedrooms | 18 | 29 | +61.1% |
| 5+ Bedrooms | 9 | 8 | -11.1% |
Summary: The Painesville housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 100%, 2 bedroom homes remained the same, 3 bedroom homes increased by 17.2%, 4 bedroom homes increased by 61.1%, and 5+ bedroom homes decreased by 11.1%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 30 | 28 | -6.7% |
Asking Price vs. Sold Price
10 Homes Were Sold
Under Asking
7 Homes Were Sold
At Asking
11 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Painesville, you could pay more than the asking price. 39.3% of homes here sold above asking price last month.
Summary: A total of 28 homes were sold or pending in Painesville in May 2024, down by 6.7% month-over-month. Of the 28 sold homes, 36% were sold under asking, 25% were sold at asking, and 39% were sold over asking.
Days on Market for Painesville, OH
How long does it take to sell a home in Painesville, OH?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 37 Days | 32 Days | -13.1% |
Summary: Homes in Painesville had an average of 32 days on market in May 2024, down by 13.1% compared to last year.
Breakdown of Home Sale Times
13 Homes Were Sold
Under 30 Days
14 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Painesville has remained consistent over time.
Summary: During May 2024, 28 homes were sold in Painesville; 46% of homes were sold within 30 days, 50% of homes were sold within 30 to 90 days, and 4% of homes were sold over 90 days.
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