Is Bay Village, OH a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Bay Village has remained a Seller's Market.
Key Takeaway
Bay Village is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Bay Village, OH
How much do homes in Bay Village, OH cost?
Median Sold Price
$376,250
$185/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Bay Village have sold for 10.7% more than they did a year ago.
Summary: The median home sold price in Bay Village was $376,250 in May 2024, up 10.7% from last year, and the median price per square foot was $185.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $115K | $181K | +57.4% |
| 2 Bedrooms | $260.6K | $320.5K | +23.0% |
| 3 Bedrooms | $290K | $312.9K | +7.9% |
| 4 Bedrooms | $420K | $487.5K | +16.1% |
| 5+ Bedrooms | $518.5K | $703K | +35.6% |
Summary: Bay Village housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 57.4%, 2 bedroom homes increased by 23%, 3 bedroom homes increased by 7.9%, 4 bedroom homes increased by 16.1%, and 5+ bedroom homes increased by 35.6%.
Median Sold Price Compared To Nearby Cities
| Rocky River | $320K | $360K | +12.5% |
| Bay Village | $340K | $376.2K | +10.7% |
Housing Supply in Bay Village, OH
How many homes are available in Bay Village, OH?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 56 | 69 | +23.2% |
Summary: The Bay Village real estate market had 69 homes for sale in May 2024, a 23.2% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 3 | 6 | +100.0% |
| 3 Bedrooms | 20 | 28 | +40.0% |
| 4 Bedrooms | 23 | 24 | +4.3% |
| 5+ Bedrooms | 10 | 11 | +10.0% |
Summary: The Bay Village housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 100%, 3 bedroom homes increased by 40%, 4 bedroom homes increased by 4.3%, and 5+ bedroom homes increased by 10%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 17 | 20 | +17.6% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
14 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Bay Village, you could pay more than the asking price. 70% of homes here sold above asking price last month.
Summary: A total of 20 homes were sold or pending in Bay Village in May 2024, up by 17.6% month-over-month. Of the 20 sold homes, 20% were sold under asking, 10% were sold at asking, and 70% were sold over asking.
Days on Market for Bay Village, OH
How long does it take to sell a home in Bay Village, OH?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 22 Days | 10 Days | -50.6% |
Summary: Homes in Bay Village had an average of 10 days on market in May 2024, down by 50.6% compared to last year.
Breakdown of Home Sale Times
17 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Bay Village are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 20 homes were sold in Bay Village; 85% of homes were sold within 30 days, 15% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
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