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

Housing Market Conditions



Gauge showing Lorain is a seller's market


Difference Since January 2023

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

Key Takeaway

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

Housing Prices in Lorain, OH

How much do homes in Lorain, OH cost?

Median Sold Price



Based on all homes sold in the last 12 months.

Difference Since January 2023


Key Takeaway

Homes in Lorain have sold for 7.4% more than they did a year ago.

Summary: The median home sold price in Lorain was $138,100 in January 2024, up 7.4% from last year, and the median price per square foot was $92.

Median Sold Price By Bedroom Count

# BEDSJan 2023Jan 2024CHANGE
1 $75K$63.9K
2 $90K$115K
3 $130.8K$141.1K
4 $155K$145K
5+ $123.5K$136K

Summary: Lorain housing prices by bedroom type for January 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 14.7%, 2 bedroom homes increased by 27.8%, 3 bedroom homes increased by 7.9%, 4 bedroom homes decreased by 6.5%, and 5+ bedroom homes increased by 10.1%.

Median Sold Price Compared To Nearby Cities

Sheffield Township
Amherst Township

Housing Supply in Lorain, OH

How many homes are available in Lorain, OH?

Number of Homes For Sale

Dec 2023Jan 2024CHANGE

Summary: The Lorain real estate market had 229 homes for sale in January 2024, a 3.4% decrease compared to December 2023.

Homes For Sale By Bedroom Count

# BEDSDec 2023Jan 2024CHANGE
1 34
2 2933
3 140138
4 5042
5+ 1512

Summary: The Lorain housing inventory by bedroom type for January 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 33.3%, 2 bedroom homes increased by 13.8%, 3 bedroom homes decreased by 1.4%, 4 bedroom homes decreased by 16%, and 5+ bedroom homes decreased by 20%.

Number of Homes Sold

Dec 2023Jan 2024CHANGE

Asking Price vs. Sold Price

24 Homes Were Sold
Under Asking

7 Homes Were Sold
At Asking

15 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Lorain, you may be able to get a good deal. 52.2% of homes here sold below asking price last month.

Summary: A total of 46 homes were sold or pending in Lorain in January 2024, down by 14.8% month-over-month. Of the 46 sold homes, 52% were sold under asking, 15% were sold at asking, and 33% were sold over asking.

Days on Market for Lorain, OH

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

Average Sale Time

Jan 2023Jan 2024CHANGE
53 Days36 Days-33.1%

Summary: Homes in Lorain had an average of 36 days on market in Jan 2024, down by 33.1% compared to last year.

Breakdown of Home Sale Times

21 Homes Were Sold
Under 30 Days

22 Homes Were Sold
In 30 - 90 Days

3 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Avg time on Rocket Homes in Lorain has remained consistent over time.

Summary: During January 2024, 46 homes were sold in Lorain; 46% of homes were sold within 30 days, 48% of homes were sold within 30 to 90 days, and 7% 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 29 Days Ago

Newest Listings in Lorain, OH

Nearby Markets to Lorain, OH

What housing markets are near Lorain, OH?