Is Willoughby, 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, Willoughby has remained a Seller's Market.
Key Takeaway
Willoughby is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Willoughby, OH
How much do homes in Willoughby, OH cost?
Median Sold Price
$245,000
$141/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Willoughby have sold for 0.9% less than they did a year ago.
Summary: The median home sold price in Willoughby was $245,000 in March 2024, down 0.9% 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 | $80K | - | N/A |
| 2 Bedrooms | $135K | $160K | +18.5% |
| 3 Bedrooms | $248.9K | $237.7K | -4.5% |
| 4 Bedrooms | $325.5K | $391.5K | +20.3% |
| 5+ Bedrooms | $489K | $330K | -32.5% |
Summary: Willoughby housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 18.5%, 3 bedroom homes decreased by 4.5%, 4 bedroom homes increased by 20.3%, and 5+ bedroom homes decreased by 32.5%.
Median Sold Price Compared To Nearby Cities
| Willoughby Hills | $272.5K | $324K | +18.9% |
| Kirtland | $299K | $339.4K | +13.5% |
| Eastlake | $165K | $180K | +9.1% |
| Willoughby | $247.2K | $245K | -0.9% |
Housing Supply in Willoughby, OH
How many homes are available in Willoughby, OH?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 74 | 85 | +14.9% |
Summary: The Willoughby real estate market had 85 homes for sale in March 2024, a 14.9% 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 | 19 | 22 | +15.8% |
| 3 Bedrooms | 37 | 43 | +16.2% |
| 4 Bedrooms | 12 | 16 | +33.3% |
| 5+ Bedrooms | 6 | 4 | -33.3% |
Summary: The Willoughby 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 increased by 15.8%, 3 bedroom homes increased by 16.2%, 4 bedroom homes increased by 33.3%, and 5+ bedroom homes decreased by 33.3%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 17 | 17 | 0.0% |
Asking Price vs. Sold Price
9 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
5 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Willoughby, you may be able to get a good deal. 52.9% of homes here sold below asking price last month.
Summary: A total of 17 homes were sold or pending in Willoughby in March 2024, the same as the previous month. Of the 17 sold homes, 53% were sold under asking, 18% were sold at asking, and 29% were sold over asking.
Days on Market for Willoughby, OH
How long does it take to sell a home in Willoughby, OH?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 37 Days | 66 Days | +79.7% |
Summary: Homes in Willoughby had an average of 66 days on market in Mar 2024, up by 79.7% compared to last year.
Breakdown of Home Sale Times
9 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
5 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Willoughby are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 17 homes were sold in Willoughby; 53% of homes were sold within 30 days, 18% of homes were sold within 30 to 90 days, and 29% of homes were sold over 90 days.
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