Is Lorain, OH a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since June 2023
Since last year, Lorain has remained a Seller's Market.
Housing Prices in Lorain, OH
How much do homes in Lorain, OH cost?
Median Sold Price
$140,000
$93/sqft
Based on all homes sold in the last 12 months.
Difference Since June 2023
Summary: The median home sold price in Lorain was $140,000 in June 2024, up 3.9% from last year, and the median price per square foot was $93.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Jun 2023 | Jun 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $75K | $76.2K | +1.6% |
2 Bedrooms | $96.9K | $122.5K | +26.4% |
3 Bedrooms | $138.3K | $141.9K | +2.6% |
4 Bedrooms | $157.7K | $150K | -4.9% |
5+ Bedrooms | $128.5K | $155K | +20.6% |
Summary: Lorain housing prices by bedroom type for June 2024 compared to the previous year: The home price of 1 bedroom homes increased by 1.6%, 2 bedroom homes increased by 26.4%, 3 bedroom homes increased by 2.6%, 4 bedroom homes decreased by 4.9%, and 5+ bedroom homes increased by 20.6%.
Median Sold Price Compared To Nearby Cities
Sheffield Township | $132.5K | $150K | +13.2% |
Sheffield | $339.5K | $380K | +11.9% |
Amherst | $246K | $271.5K | +10.4% |
Amherst Township | $241.5K | $260K | +7.7% |
Lorain | $134.7K | $140K | +3.9% |
Housing Supply in Lorain, OH
How many homes are available in Lorain, OH?
Number of Homes For Sale
May 2024 | Jun 2024 | CHANGE |
---|---|---|
238 | 229 | -3.8% |
Summary: The Lorain real estate market had 229 homes for sale in June 2024, a 3.8% decrease compared to May 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | May 2024 | Jun 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 1 | 1 | 0.0% |
2 Bedrooms | 47 | 52 | +10.6% |
3 Bedrooms | 132 | 116 | -12.1% |
4 Bedrooms | 44 | 47 | +6.8% |
5+ Bedrooms | 14 | 13 | -7.1% |
Summary: The Lorain housing inventory by bedroom type for June 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 10.6%, 3 bedroom homes decreased by 12.1%, 4 bedroom homes increased by 6.8%, and 5+ bedroom homes decreased by 7.1%.
Number of Homes Sold
May 2024 | Jun 2024 | CHANGE |
---|---|---|
73 | 54 | -26.0% |
Asking Price vs. Sold Price
25 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
25 Homes Were Sold
Over Asking
Summary: A total of 54 homes were sold or pending in Lorain in June 2024, down by 26.0% month-over-month. Of the 54 sold homes, 46% were sold under asking, 7% were sold at asking, and 46% 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
Jun 2023 | Jun 2024 | CHANGE |
---|---|---|
28 Days | 32 Days | +13.3% |
Summary: Homes in Lorain had an average of 32 days on market in Jun 2024, up by 13.3% compared to last year.
Breakdown of Home Sale Times
27 Homes Were Sold
Under 30 Days
24 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Summary: During June 2024, 54 homes were sold in Lorain; 50% of homes were sold within 30 days, 44% of homes were sold within 30 to 90 days, and 6% of homes were sold over 90 days.