Is Lake County, 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, Lake County has remained a Seller's Market.
Key Takeaway
Lake County is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Lake County, OH
How much do homes in Lake County, OH cost?
Median Sold Price
$214,836
$132/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Lake County have sold for 8% more than they did a year ago.
Summary: The median home sold price in Lake County was $214,836 in March 2024, up 8% from last year, and the median price per square foot was $132.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $72K | $97.4K | +35.3% |
| 2 Bedrooms | $135K | $152.8K | +13.2% |
| 3 Bedrooms | $189.6K | $205K | +8.1% |
| 4 Bedrooms | $296K | $309.8K | +4.7% |
| 5+ Bedrooms | $375K | $329.5K | -12.1% |
Summary: Lake County housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 35.3%, 2 bedroom homes increased by 13.2%, 3 bedroom homes increased by 8.1%, 4 bedroom homes increased by 4.7%, and 5+ bedroom homes decreased by 12.1%.
Median Sold Price Compared To Nearby Counties
| Lake County | $198.9K | $214.8K | +8.0% |
| Cuyahoga County | $181.5K | $189.4K | +4.4% |
| Ashtabula County | $149.9K | $155.4K | +3.7% |
| Geauga County | $330K | $340K | +3.0% |
Housing Supply in Lake County, OH
How many homes are available in Lake County, OH?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 615 | 664 | +8.0% |
Summary: The Lake County real estate market had 664 homes for sale in March 2024, a 8.0% 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 | 102 | 105 | +2.9% |
| 3 Bedrooms | 356 | 375 | +5.3% |
| 4 Bedrooms | 125 | 147 | +17.6% |
| 5+ Bedrooms | 32 | 37 | +15.6% |
Summary: The Lake County 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 increased by 2.9%, 3 bedroom homes increased by 5.3%, 4 bedroom homes increased by 17.6%, and 5+ bedroom homes increased by 15.6%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 149 | 203 | +36.2% |
Asking Price vs. Sold Price
94 Homes Were Sold
Under Asking
37 Homes Were Sold
At Asking
72 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Lake County, you may be able to get a good deal. 46.3% of homes here sold below asking price last month.
Summary: A total of 203 homes were sold or pending in Lake County in March 2024, up by 36.2% month-over-month. Of the 203 sold homes, 46% were sold under asking, 18% were sold at asking, and 35% were sold over asking.
Days on Market for Lake County, OH
How long does it take to sell a home in Lake County, OH?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 43 Days | 44 Days | +1.7% |
Summary: Homes in Lake County had an average of 44 days on market in Mar 2024, up by 1.7% compared to last year.
Breakdown of Home Sale Times
103 Homes Were Sold
Under 30 Days
71 Homes Were Sold
In 30 - 90 Days
29 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Lake County are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 203 homes were sold in Lake County; 51% of homes were sold within 30 days, 35% of homes were sold within 30 to 90 days, and 14% of homes were sold over 90 days.
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