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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Lakewood is a seller's market

Buyer's
Market

Difference Since July 2021

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

Key Takeaway

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

How much do homes in Lakewood, OH cost?

Median Sold Price

$265,000

$136/sqft

Based on all homes sold in the last 12 months.

Difference Since July 2021

+$25,000(+10.4%)

Key Takeaway

Homes in Lakewood have sold for 10.4% more than they did a year ago.

Median Sold Price By Bedroom Count

# BEDSJul 2021Jul 2022%
1 $85.4K$71.5K
-16.3%
2 $144.5K$170K
+17.6%
3 $235K$250.6K
+6.7%
4 $255.9K$284.5K
+11.2%
5+ $300K$320K
+6.7%

Median Sold Price Compared To Nearby Cities

Cleveland
+10.8%
Fairview Park
+10.7%
Lakewood
+10.4%
Rocky River
+8.3%

How many homes are available in Lakewood, OH?

Number of Homes For Sale

Jun 2022Jul 2022%
263253-3.8%

Homes For Sale By Bedroom Count

# BEDSJun 2022Jul 2022%
1 2025
+25.0%
2 3332
-3.0%
3 8480
-4.8%
4 7371
-2.7%
5+ 5345
-15.1%

Number of Homes Sold

Jun 2022Jul 2022%
8079-1.3%

Asking Price vs. Sold Price

22 Homes Were Sold
Under Asking

12 Homes Were Sold
At Asking

45 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Lakewood, you could pay more than the asking price. 57% of homes here sold above asking price last month.

Average Sale Time

Jul 2021Jul 2022%
23 Days24 Days+4.7%

Breakdown of Home Sale Times

62 Homes Were Sold
Under 30 Days

15 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

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

About Lakewood, OH

Homes for sale in Lakewood, OH have reached 253. In July 2022 in Lakewood, OH there were 3.8% less homes for sale than in June 2022. Listings spent 24 days on the market in July 2022, and had a median list price of $265,000 during the same period. Listing prices have changed in this real estate market between June 2022 and July 2022: 1 bedroom properties became 16.3% more cheaper, prices of 2 bedrooms properties went up by 17.6%, 3 bedrooms properties became 6.7% more expensive, 4 bedrooms properties became 11.2% more expensive, 5 bedrooms properties prices increased by 6.7%. Housing inventory have changed in this real estate market: 1 bedroom homes inventory increased by 25%, 2 bedrooms homes inventory decreased by 3%, number of 3 bedrooms homes decreased by 4.8%, 4 bedrooms homes inventory decreased by 2.7%, volume of 5 bedrooms homes went down by 15.1%. In July 2022 more than 45 listings in Lakewood, OH were sold above the asking price. During the same period more than 12 listings were sold at asking price, while more than 22 were sold below.

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