Is Sheffield Lake, OH a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Sheffield Lake is a seller's market

Buyer's
Market

Difference Since September 2023

Since last year, Sheffield Lake has remained a Seller's Market.

Key Takeaway

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

Housing Prices in Sheffield Lake, OH

How much do homes in Sheffield Lake, OH cost?

Median Sold Price

$195,000

$141/sqft

Based on all homes sold in the last 12 months.

Difference Since September 2023

+$4,000(+2.1%)

Key Takeaway

Homes in Sheffield Lake have sold for 2.1% more than they did a year ago.

Summary: The median home sold price in Sheffield Lake was $195,000 in September 2024, up 2.1% from last year, and the median price per square foot was $141.

Median Sold Price By Bedroom Count

# BEDSSep 2023Sep 2024CHANGE
1 --
N/A
2 $184.9K$155K
-16.2%
3 $182K$185K
+1.6%
4 $244.5K$210K
-14.1%
5+ $265K$281.2K
+6.1%

Summary: Sheffield Lake housing prices by bedroom type for September 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 16.2%, 3 bedroom homes increased by 1.6%, 4 bedroom homes decreased by 14.1%, and 5+ bedroom homes increased by 6.1%.

Median Sold Price Compared To Nearby Cities

Avon Lake
+13.8%
Sheffield Lake
+2.1%

Housing Supply in Sheffield Lake, OH

How many homes are available in Sheffield Lake, OH?

Number of Homes For Sale

Aug 2024Sep 2024CHANGE
4033-17.5%

Summary: The Sheffield Lake real estate market had 33 homes for sale in September 2024, a 17.5% decrease compared to August 2024.

Homes For Sale By Bedroom Count

# BEDSAug 2024Sep 2024CHANGE
1 00
0.0%
2 76
-14.3%
3 2723
-14.8%
4 42
-50.0%
5+ 22
0.0%

Summary: The Sheffield Lake housing inventory by bedroom type for September 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 14.3%, 3 bedroom homes decreased by 14.8%, 4 bedroom homes decreased by 50%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Aug 2024Sep 2024CHANGE
1411-21.4%

Asking Price vs. Sold Price

4 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

6 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Sheffield Lake, you could pay more than the asking price. 54.5% of homes here sold above asking price last month.

Summary: A total of 11 homes were sold or pending in Sheffield Lake in September 2024, down by 21.4% month-over-month. Of the 11 sold homes, 36% were sold under asking, 9% were sold at asking, and 55% were sold over asking.

Days on Market for Sheffield Lake, OH

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

Average Sale Time

Sep 2023Sep 2024CHANGE
30 Days29 Days-4.8%

Summary: Homes in Sheffield Lake had an average of 29 days on market in Sep 2024, down by 4.8% compared to last year.

Breakdown of Home Sale Times

8 Homes Were Sold
Under 30 Days

2 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Sheffield Lake are selling fast, if you're buying plan to act quickly.

Summary: During September 2024, 11 homes were sold in Sheffield Lake; 73% of homes were sold within 30 days, 18% of homes were sold within 30 to 90 days, and 9% 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 30 Days Ago

Newest Listings in Sheffield Lake, OH

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