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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Lorain is a seller's market

Buyer's
Market

Difference Since September 2021

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.

How much do homes in Lorain, OH cost?

Median Sold Price

$123,175

$84/sqft

Based on all homes sold in the last 12 months.

Difference Since September 2021

+$15,250(+14.1%)

Key Takeaway

Homes in Lorain have sold for 14.1% more than they did a year ago.

Median Sold Price By Bedroom Count

# BEDSSep 2021Sep 2022%
1 $43K$224.5K
+422.2%
2 $82K$83.5K
+1.8%
3 $108.2K$126.2K
+16.6%
4 $151.2K$146K
-3.5%
5+ $98.9K$115.9K
+17.2%

Median Sold Price Compared To Nearby Cities

Amherst Township
+42.1%
Sheffield
+32.8%
Sheffield Township
+28.5%
Lorain
+14.1%
Amherst
+10.0%

How many homes are available in Lorain, OH?

Number of Homes For Sale

Aug 2022Sep 2022%
285267-6.3%

Homes For Sale By Bedroom Count

# BEDSAug 2022Sep 2022%
1 10
-100.0%
2 3132
+3.2%
3 167149
-10.8%
4 7171
0.0%
5+ 1515
0.0%

Number of Homes Sold

Aug 2022Sep 2022%
9182-9.9%

Asking Price vs. Sold Price

40 Homes Were Sold
Under Asking

15 Homes Were Sold
At Asking

27 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. 48.8% of homes here sold below asking price last month.

Average Sale Time

Sep 2021Sep 2022%
39 Days27 Days-29.4%

Breakdown of Home Sale Times

47 Homes Were Sold
Under 30 Days

31 Homes Were Sold
In 30 - 90 Days

4 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Lorain 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 Lorain, OH

Number of homes for sale in Lorain, OH real estate market have reached 267. The number of homes for sale in Lorain, OH decreased by 6.3% between August 2022 and September 2022. In September 2022 median list price was $123,175 and the average listing age was 27 days. From August 2022 through September 2022, the following changes in listing prices were observed in this housing market: prices of 1 bedroom properties went up by 422.2%, prices of 2 bedrooms properties increased by 1.8%, 3 bedrooms properties became 16.6% more expensive, 4 bedrooms properties became 3.5% more cheaper, prices of 5 bedrooms properties went up by 17.2%. Volume of homes for sale in this real estate market have seen the following changes: the quantity of 1 bedroom homes went down by 100%, number of 2 bedrooms homes increased by 3.2%, volume of 3 bedrooms homes went down by 10.8%, number of 4 bedrooms homes remained the same, the quantity of 5 bedrooms homes have not changed. In September 2022, from all listings sold in Lorain, OH there were more than 27 sold above asking price, over 40 sold below and more than 15 were sold right at the asked price.

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