Is Mentor, 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, Mentor has remained a Seller's Market.
Key Takeaway
Mentor is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Mentor, OH
How much do homes in Mentor, OH cost?
Median Sold Price
$245,062
$141/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Mentor have sold for 5.4% more than they did a year ago.
Summary: The median home sold price in Mentor was $245,062 in March 2024, up 5.4% from last year, and the median price per square foot was $141.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $83.5K | $99.7K | +19.4% |
| 2 Bedrooms | $136.5K | $150K | +9.9% |
| 3 Bedrooms | $217.5K | $231K | +6.2% |
| 4 Bedrooms | $321.2K | $335K | +4.3% |
| 5+ Bedrooms | $400K | $377K | -5.8% |
Summary: Mentor housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 19.4%, 2 bedroom homes increased by 9.9%, 3 bedroom homes increased by 6.2%, 4 bedroom homes increased by 4.3%, and 5+ bedroom homes decreased by 5.8%.
Median Sold Price Compared To Nearby Cities
| Mentor-on-the-Lake | $176K | $190K | +8.0% |
| Mentor | $232.5K | $245K | +5.4% |
| Painesville | $189.2K | $195.5K | +3.3% |
Housing Supply in Mentor, OH
How many homes are available in Mentor, OH?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 144 | 147 | +2.1% |
Summary: The Mentor real estate market had 147 homes for sale in March 2024, a 2.1% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 26 | 22 | -15.4% |
| 3 Bedrooms | 77 | 79 | +2.6% |
| 4 Bedrooms | 30 | 33 | +10.0% |
| 5+ Bedrooms | 11 | 13 | +18.2% |
Summary: The Mentor housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 15.4%, 3 bedroom homes increased by 2.6%, 4 bedroom homes increased by 10%, and 5+ bedroom homes increased by 18.2%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 37 | 52 | +40.5% |
Asking Price vs. Sold Price
27 Homes Were Sold
Under Asking
7 Homes Were Sold
At Asking
18 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Mentor, you may be able to get a good deal. 51.9% of homes here sold below asking price last month.
Summary: A total of 52 homes were sold or pending in Mentor in March 2024, up by 40.5% month-over-month. Of the 52 sold homes, 52% were sold under asking, 13% were sold at asking, and 35% were sold over asking.
Days on Market for Mentor, OH
How long does it take to sell a home in Mentor, OH?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 36 Days | 47 Days | +30.6% |
Summary: Homes in Mentor had an average of 47 days on market in Mar 2024, up by 30.6% compared to last year.
Breakdown of Home Sale Times
25 Homes Were Sold
Under 30 Days
20 Homes Were Sold
In 30 - 90 Days
7 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Mentor are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 52 homes were sold in Mentor; 48% of homes were sold within 30 days, 38% of homes were sold within 30 to 90 days, and 13% of homes were sold over 90 days.
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The information is being provided by Columbus and Central Ohio Regional Multiple Listing Service. Information deemed reliable but not guaranteed. Information is provided for consumers' personal, non-commercial use, and may not be used for any purpose other than the identification of potential properties for purchase.