Is Gates Mills, OH a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
Since last year, Gates Mills has remained a Seller's Market.
Key Takeaway
Gates Mills is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Gates Mills, OH
How much do homes in Gates Mills, OH cost?
Median Sold Price
$800,000
$164/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Gates Mills have sold for 44.1% more than they did a year ago.
Summary: The median home sold price in Gates Mills was $800,000 in March 2024, up 44.1% from last year, and the median price per square foot was $164.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $487.5K | - | N/A |
| 3 Bedrooms | $392K | $482.5K | +23.1% |
| 4 Bedrooms | $540K | $775K | +43.5% |
| 5+ Bedrooms | $797.5K | $975K | +22.3% |
Summary: Gates Mills housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes did not change, 3 bedroom homes increased by 23.1%, 4 bedroom homes increased by 43.5%, and 5+ bedroom homes increased by 22.3%.
Median Sold Price Compared To Nearby Cities
| Gates Mills | $555K | $800K | +44.1% |
| Willoughby Hills | $272.5K | $324K | +18.9% |
| Mayfield Heights | $195K | $215K | +10.3% |
| Chester Township | $320K | $325K | +1.6% |
| Mayfield | $356K | $340K | -4.5% |
Housing Supply in Gates Mills, OH
How many homes are available in Gates Mills, OH?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 10 | 14 | +40.0% |
Summary: The Gates Mills real estate market had 14 homes for sale in March 2024, a 40.0% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 1 | 1 | 0.0% |
| 3 Bedrooms | 1 | 1 | 0.0% |
| 4 Bedrooms | 7 | 9 | +28.6% |
| 5+ Bedrooms | 1 | 3 | +200.0% |
Summary: The Gates Mills housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes remained the same, 4 bedroom homes increased by 28.6%, and 5+ bedroom homes increased by 200%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 0 | 3 | +100.0% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Gates Mills, you may be able to get a good deal. 66.7% of homes here sold below asking price last month.
Summary: A total of 3 homes were sold or pending in Gates Mills in March 2024, up by 100.0% month-over-month. Of the 3 sold homes, 67% were sold under asking, 0% were sold at asking, and 33% were sold over asking.
Days on Market for Gates Mills, OH
How long does it take to sell a home in Gates Mills, OH?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 110 Days | 37 Days | -66.1% |
Summary: Homes in Gates Mills had an average of 37 days on market in Mar 2024, down by 66.1% compared to last year.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Gates Mills are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 3 homes were sold in Gates Mills; 67% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
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