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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Novelty is a seller's market

Buyer's
Market

Difference Since February 2023

At the same time last year, Novelty was a Buyer's Market.

Key Takeaway

Novelty is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Novelty, OH

How much do homes in Novelty, OH cost?

Median Sold Price

$399,950

$150/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

+$14,950(+3.9%)

Key Takeaway

Homes in Novelty have sold for 3.9% more than they did a year ago.

Summary: The median home sold price in Novelty was $399,950 in February 2024, up 3.9% from last year, and the median price per square foot was $150.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 -$624.9K
N/A
2 -$217.5K
N/A
3 $315K$280K
-11.1%
4 $440K$454.5K
+3.3%
5+ $500K$1.0M
+100.0%

Summary: Novelty housing prices by bedroom type for February 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 decreased by 11.1%, 4 bedroom homes increased by 3.3%, and 5+ bedroom homes increased by 100%.

Median Sold Price Compared To Nearby Cities

Novelty
+3.9%
Chesterland
0.0%

Housing Supply in Novelty, OH

How many homes are available in Novelty, OH?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
550.0%

Summary: The Novelty real estate market had 5 homes for sale in February 2024, the same as January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 01
+100.0%
2 00
0.0%
3 22
0.0%
4 32
-33.3%
5+ 00
0.0%

Summary: The Novelty housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes remained the same, 3 bedroom homes remained the same, 4 bedroom homes decreased by 33.3%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
13+200.0%

Asking Price vs. Sold Price

1 Home Was Sold
Under Asking

1 Home Was Sold
At Asking

1 Home Was Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Novelty, you may be able to get a good deal. 33.3% of homes here sold below asking price last month.

Summary: A total of 3 homes were sold or pending in Novelty in February 2024, up by 200.0% month-over-month. Of the 3 sold homes, 33% were sold under asking, 33% were sold at asking, and 33% were sold over asking.

Days on Market for Novelty, OH

How long does it take to sell a home in Novelty, OH?

Average Sale Time

Feb 2023Feb 2024CHANGE
83 Days44 Days-46.6%

Summary: Homes in Novelty had an average of 44 days on market in Feb 2024, down by 46.6% compared to last year.

Breakdown of Home Sale Times

1 Home Was 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

Avg time on Rocket Homes in Novelty has remained consistent over time.

Summary: During February 2024, 3 homes were sold in Novelty; 33% of homes were sold within 30 days, 67% 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 18 Days Ago

Newest Listings in Novelty, OH

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