Is University Heights, 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, University Heights has remained a Seller's Market.
Key Takeaway
University Heights is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in University Heights, OH
How much do homes in University Heights, OH cost?
Median Sold Price
$268,593
$116/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in University Heights have sold for 15.8% more than they did a year ago.
Summary: The median home sold price in University Heights was $268,593 in May 2024, up 15.8% from last year, and the median price per square foot was $116.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $158.3K | $192.7K | +21.7% |
| 3 Bedrooms | $209.5K | $234.5K | +11.9% |
| 4 Bedrooms | $254.5K | $292K | +14.7% |
| 5+ Bedrooms | $375K | $293.5K | -21.7% |
Summary: University Heights housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 21.7%, 3 bedroom homes increased by 11.9%, 4 bedroom homes increased by 14.7%, and 5+ bedroom homes decreased by 21.7%.
Median Sold Price Compared To Nearby Cities
| University Heights | $232K | $268.5K | +15.8% |
| Shaker Heights | $284.5K | $305K | +7.2% |
| South Euclid | $162.3K | $168.4K | +3.7% |
| Cleveland Heights | $196K | $199.9K | +2.0% |
| Beachwood | $405K | $395K | -2.5% |
Housing Supply in University Heights, OH
How many homes are available in University Heights, OH?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 62 | 67 | +8.1% |
Summary: The University Heights real estate market had 67 homes for sale in May 2024, a 8.1% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 0 | 0 | 0.0% |
| 3 Bedrooms | 20 | 22 | +10.0% |
| 4 Bedrooms | 35 | 41 | +17.1% |
| 5+ Bedrooms | 7 | 4 | -42.9% |
Summary: The University Heights 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 remained the same, 3 bedroom homes increased by 10%, 4 bedroom homes increased by 17.1%, and 5+ bedroom homes decreased by 42.9%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 16 | 23 | +43.8% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
14 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in University Heights, you could pay more than the asking price. 60.9% of homes here sold above asking price last month.
Summary: A total of 23 homes were sold or pending in University Heights in May 2024, up by 43.8% month-over-month. Of the 23 sold homes, 22% were sold under asking, 17% were sold at asking, and 61% were sold over asking.
Days on Market for University Heights, OH
How long does it take to sell a home in University Heights, OH?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 28 Days | 23 Days | -17.8% |
Summary: Homes in University Heights had an average of 23 days on market in May 2024, down by 17.8% compared to last year.
Breakdown of Home Sale Times
17 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in University Heights are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 23 homes were sold in University Heights; 74% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 9% of homes were sold over 90 days.
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