Is Akron, OH a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Akron is a seller's market

Buyer's
Market

Difference Since May 2023

Since last year, Akron has remained a Seller's Market.

Key Takeaway

Akron is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Akron, OH

How much do homes in Akron, OH cost?

Median Sold Price

$132,761

$100/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$6,898(+5.5%)

Key Takeaway

Homes in Akron have sold for 5.5% more than they did a year ago.

Summary: The median home sold price in Akron was $132,761 in May 2024, up 5.5% from last year, and the median price per square foot was $100.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $59K$69.5K
+17.8%
2 $93.1K$99.9K
+7.4%
3 $129.9K$137.9K
+6.1%
4 $158.2K$165K
+4.3%
5+ $160K$180K
+12.5%

Summary: Akron housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 17.8%, 2 bedroom homes increased by 7.4%, 3 bedroom homes increased by 6.1%, 4 bedroom homes increased by 4.3%, and 5+ bedroom homes increased by 12.5%.

Median Sold Price Compared To Nearby Cities

Copley Township
+13.9%
Coventry Township
+12.3%
Cuyahoga Falls
+11.5%
Akron
+5.5%
Fairlawn
-4.6%

Housing Supply in Akron, OH

How many homes are available in Akron, OH?

Number of Homes For Sale

Apr 2024May 2024CHANGE
853864+1.3%

Summary: The Akron real estate market had 864 homes for sale in May 2024, a 1.3% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 1312
-7.7%
2 153153
0.0%
3 445426
-4.3%
4 188210
+11.7%
5+ 5463
+16.7%

Summary: The Akron housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 7.7%, 2 bedroom homes remained the same, 3 bedroom homes decreased by 4.3%, 4 bedroom homes increased by 11.7%, and 5+ bedroom homes increased by 16.7%.

Number of Homes Sold

Apr 2024May 2024CHANGE
272266-2.2%

Asking Price vs. Sold Price

101 Homes Were Sold
Under Asking

44 Homes Were Sold
At Asking

118 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Akron, you could pay more than the asking price. 44.9% of homes here sold above asking price last month.

Summary: A total of 266 homes were sold or pending in Akron in May 2024, down by 2.2% month-over-month. Of the 263 sold homes, 38% were sold under asking, 17% were sold at asking, and 45% were sold over asking.

Days on Market for Akron, OH

How long does it take to sell a home in Akron, OH?

Average Sale Time

May 2023May 2024CHANGE
37 Days36 Days-5.0%

Summary: Homes in Akron had an average of 36 days on market in May 2024, down by 5% compared to last year.

Breakdown of Home Sale Times

156 Homes Were Sold
Under 30 Days

85 Homes Were Sold
In 30 - 90 Days

25 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Akron are selling fast, if you're buying plan to act quickly.

Summary: During May 2024, 266 homes were sold in Akron; 59% of homes were sold within 30 days, 32% of homes were sold within 30 to 90 days, and 9% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 18 Days Ago

Newest Listings in Akron, OH

Nearby Markets to Akron, OH

What housing markets are near Akron, OH?