Is Lorain, 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, Lorain has remained a Seller's Market.
Key Takeaway
Lorain is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Lorain, OH
How much do homes in Lorain, OH cost?
Median Sold Price
$139,900
$93/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Lorain have sold for 5.5% more than they did a year ago.
Summary: The median home sold price in Lorain was $139,900 in April 2024, up 5.5% from last year, and the median price per square foot was $93.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $76K | $72.9K | -4.0% |
| 2 Bedrooms | $96.9K | $115K | +18.6% |
| 3 Bedrooms | $133.8K | $141.7K | +5.9% |
| 4 Bedrooms | $155.4K | $139.9K | -10.0% |
| 5+ Bedrooms | $132K | $137.5K | +4.2% |
Summary: Lorain housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 4%, 2 bedroom homes increased by 18.6%, 3 bedroom homes increased by 5.9%, 4 bedroom homes decreased by 10%, and 5+ bedroom homes increased by 4.2%.
Median Sold Price Compared To Nearby Cities
| Sheffield Township | $120K | $139.2K | +16.0% |
| Amherst | $248K | $273.8K | +10.4% |
| Amherst Township | $242K | $265K | +9.5% |
| Lorain | $132.5K | $139.9K | +5.5% |
Housing Supply in Lorain, OH
How many homes are available in Lorain, OH?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 268 | 266 | -0.7% |
Summary: The Lorain real estate market had 266 homes for sale in April 2024, a 0.7% decrease compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 3 | +50.0% |
| 2 Bedrooms | 36 | 40 | +11.1% |
| 3 Bedrooms | 156 | 155 | -0.6% |
| 4 Bedrooms | 56 | 54 | -3.6% |
| 5+ Bedrooms | 18 | 14 | -22.2% |
Summary: The Lorain housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 50%, 2 bedroom homes increased by 11.1%, 3 bedroom homes decreased by 0.6%, 4 bedroom homes decreased by 3.6%, and 5+ bedroom homes decreased by 22.2%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 74 | 87 | +17.6% |
Asking Price vs. Sold Price
38 Homes Were Sold
Under Asking
8 Homes Were Sold
At Asking
41 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Lorain, you could pay more than the asking price. 47.1% of homes here sold above asking price last month.
Summary: A total of 87 homes were sold or pending in Lorain in April 2024, up by 17.6% month-over-month. Of the 87 sold homes, 44% were sold under asking, 9% were sold at asking, and 47% were sold over asking.
Days on Market for Lorain, OH
How long does it take to sell a home in Lorain, OH?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 47 Days | 48 Days | +1.3% |
Summary: Homes in Lorain had an average of 48 days on market in Apr 2024, up by 1.3% compared to last year.
Breakdown of Home Sale Times
45 Homes Were Sold
Under 30 Days
29 Homes Were Sold
In 30 - 90 Days
13 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Lorain are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 87 homes were sold in Lorain; 52% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 15% of homes were sold over 90 days.
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