Is Lorain, 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, 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
$139,433
$92/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Lorain have sold for 7.2% more than they did a year ago.
Summary: The median home sold price in Lorain was $139,433 in March 2024, up 7.2% from last year, and the median price per square foot was $92.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $76K | $63.9K | -15.9% |
| 2 Bedrooms | $97K | $115K | +18.6% |
| 3 Bedrooms | $133K | $141.9K | +6.7% |
| 4 Bedrooms | $155K | $140K | -9.7% |
| 5+ Bedrooms | $130K | $137K | +5.4% |
Summary: Lorain housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 15.9%, 2 bedroom homes increased by 18.6%, 3 bedroom homes increased by 6.7%, 4 bedroom homes decreased by 9.7%, and 5+ bedroom homes increased by 5.4%.
Median Sold Price Compared To Nearby Cities
| Amherst | $247K | $273K | +10.5% |
| Amherst Township | $241.5K | $265.1K | +9.8% |
| Lorain | $130.1K | $139.4K | +7.2% |
| Sheffield | $354K | $345K | -2.5% |
Housing Supply in Lorain, OH
How many homes are available in Lorain, OH?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 243 | 263 | +8.2% |
Summary: The Lorain real estate market had 263 homes for sale in March 2024, a 8.2% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 1 | -50.0% |
| 2 Bedrooms | 33 | 36 | +9.1% |
| 3 Bedrooms | 145 | 150 | +3.4% |
| 4 Bedrooms | 49 | 60 | +22.4% |
| 5+ Bedrooms | 14 | 16 | +14.3% |
Summary: The Lorain housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 50%, 2 bedroom homes increased by 9.1%, 3 bedroom homes increased by 3.4%, 4 bedroom homes increased by 22.4%, and 5+ bedroom homes increased by 14.3%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 46 | 66 | +43.5% |
Asking Price vs. Sold Price
24 Homes Were Sold
Under Asking
16 Homes Were Sold
At Asking
26 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Lorain, you could pay more than the asking price. 39.4% of homes here sold above asking price last month.
Summary: A total of 66 homes were sold or pending in Lorain in March 2024, up by 43.5% month-over-month. Of the 66 sold homes, 36% were sold under asking, 24% were sold at asking, and 39% 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
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 41 Days | 40 Days | -1.4% |
Summary: Homes in Lorain had an average of 40 days on market in Mar 2024, down by 1.4% compared to last year.
Breakdown of Home Sale Times
38 Homes Were Sold
Under 30 Days
17 Homes Were Sold
In 30 - 90 Days
11 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Lorain are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 66 homes were sold in Lorain; 58% of homes were sold within 30 days, 26% of homes were sold within 30 to 90 days, and 17% of homes were sold over 90 days.
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