Is Mentor-on-the-Lake, OH a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Mentor-on-the-Lake is a seller's market

Buyer's
Market

Difference Since November 2023

Since last year, Mentor-on-the-Lake has remained a Seller's Market.

Key Takeaway

Mentor-on-the-Lake is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Mentor-on-the-Lake, OH

How much do homes in Mentor-on-the-Lake, OH cost?

Median Sold Price

$216,500

$141/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

+$31,550(+17.1%)

Key Takeaway

Homes in Mentor-on-the-Lake have sold for 17.1% more than they did a year ago.

Summary: The median home sold price in Mentor-on-the-Lake was $216,500 in November 2024, up 17.1% from last year, and the median price per square foot was $141.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 --
N/A
2 $190K$190K
0.0%
3 $180K$222.7K
+23.7%
4 $202.5K$287.4K
+42.0%
5+ -$180K
N/A

Summary: Mentor-on-the-Lake housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes did not change, 3 bedroom homes increased by 23.7%, 4 bedroom homes increased by 42%, and 5+ bedroom homes did not change.

Median Sold Price Compared To Nearby Cities

Mentor-on-the-Lake
+17.1%
Mentor
+7.7%

Housing Supply in Mentor-on-the-Lake, OH

How many homes are available in Mentor-on-the-Lake, OH?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
2423-4.2%

Summary: The Mentor-on-the-Lake real estate market had 23 homes for sale in November 2024, a 4.2% decrease compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 00
0.0%
2 23
+50.0%
3 2120
-4.8%
4 10
-100.0%
5+ 00
0.0%

Summary: The Mentor-on-the-Lake housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 50%, 3 bedroom homes decreased by 4.8%, 4 bedroom homes decreased by 100%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
67+16.7%

Asking Price vs. Sold Price

3 Homes Were Sold
Under Asking

3 Homes Were Sold
At Asking

1 Home Was Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Mentor-on-the-Lake, you may be able to get a good deal. 42.9% of homes here sold below asking price last month.

Summary: A total of 7 homes were sold or pending in Mentor-on-the-Lake in November 2024, up by 16.7% month-over-month. Of the 7 sold homes, 43% were sold under asking, 43% were sold at asking, and 14% were sold over asking.

Days on Market for Mentor-on-the-Lake, OH

How long does it take to sell a home in Mentor-on-the-Lake, OH?

Average Sale Time

Nov 2023Nov 2024CHANGE
58 Days24 Days-57.6%

Summary: Homes in Mentor-on-the-Lake had an average of 24 days on market in Nov 2024, down by 57.6% compared to last year.

Breakdown of Home Sale Times

5 Homes Were Sold
Under 30 Days

2 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Mentor-on-the-Lake are selling fast, if you're buying plan to act quickly.

Summary: During November 2024, 7 homes were sold in Mentor-on-the-Lake; 71% of homes were sold within 30 days, 29% of homes were sold within 30 to 90 days, and 0% 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 13 Days Ago

Newest Listings in Mentor-on-the-Lake, OH

Nearby Markets to Mentor-on-the-Lake, OH

What housing markets are near Mentor-on-the-Lake, OH?