Is Westlake, OH a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, Westlake has remained a Seller's Market.
Key Takeaway
Westlake is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Westlake, OH
How much do homes in Westlake, OH cost?
Median Sold Price
$369,000
$160/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Westlake have sold for 4.3% more than they did a year ago.
Summary: The median home sold price in Westlake was $369,000 in April 2024, up 4.3% from last year, and the median price per square foot was $160.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $86K | $125.3K | +45.7% |
| 2 Bedrooms | $176K | $196.5K | +11.6% |
| 3 Bedrooms | $349.9K | $375K | +7.2% |
| 4 Bedrooms | $490K | $501K | +2.2% |
| 5+ Bedrooms | $850K | $740K | -12.9% |
Summary: Westlake housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 45.7%, 2 bedroom homes increased by 11.6%, 3 bedroom homes increased by 7.2%, 4 bedroom homes increased by 2.2%, and 5+ bedroom homes decreased by 12.9%.
Median Sold Price Compared To Nearby Cities
| Rocky River | $323.5K | $360K | +11.3% |
| Bay Village | $340K | $374K | +10.0% |
| North Olmsted | $227.7K | $245K | +7.6% |
| Westlake | $353.7K | $369K | +4.3% |
| Fairview Park | $250K | $257.9K | +3.2% |
Housing Supply in Westlake, OH
How many homes are available in Westlake, OH?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 101 | 98 | -3.0% |
Summary: The Westlake real estate market had 98 homes for sale in April 2024, a 3.0% decrease compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 3 | 1 | -66.7% |
| 2 Bedrooms | 17 | 17 | 0.0% |
| 3 Bedrooms | 38 | 34 | -10.5% |
| 4 Bedrooms | 32 | 36 | +12.5% |
| 5+ Bedrooms | 11 | 10 | -9.1% |
Summary: The Westlake housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 66.7%, 2 bedroom homes remained the same, 3 bedroom homes decreased by 10.5%, 4 bedroom homes increased by 12.5%, and 5+ bedroom homes decreased by 9.1%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 31 | 23 | -25.8% |
Asking Price vs. Sold Price
13 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
8 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Westlake, you may be able to get a good deal. 56.5% of homes here sold below asking price last month.
Summary: A total of 23 homes were sold or pending in Westlake in April 2024, down by 25.8% month-over-month. Of the 23 sold homes, 57% were sold under asking, 9% were sold at asking, and 35% were sold over asking.
Days on Market for Westlake, OH
How long does it take to sell a home in Westlake, OH?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 22 Days | 37 Days | +63.6% |
Summary: Homes in Westlake had an average of 37 days on market in Apr 2024, up by 63.6% compared to last year.
Breakdown of Home Sale Times
14 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
4 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Westlake are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 23 homes were sold in Westlake; 61% of homes were sold within 30 days, 22% of homes were sold within 30 to 90 days, and 17% of homes were sold over 90 days.
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