Is Mentor, 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, Mentor has remained a Seller's Market.
Key Takeaway
Mentor is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Mentor, OH
How much do homes in Mentor, OH cost?
Median Sold Price
$249,966
$141/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Mentor have sold for 6.4% more than they did a year ago.
Summary: The median home sold price in Mentor was $249,966 in April 2024, up 6.4% from last year, and the median price per square foot was $141.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $83.5K | $99.7K | +19.4% |
| 2 Bedrooms | $135K | $150K | +11.1% |
| 3 Bedrooms | $217.8K | $236K | +8.3% |
| 4 Bedrooms | $319.7K | $336K | +5.1% |
| 5+ Bedrooms | $409.9K | $374K | -8.8% |
Summary: Mentor housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 19.4%, 2 bedroom homes increased by 11.1%, 3 bedroom homes increased by 8.3%, 4 bedroom homes increased by 5.1%, and 5+ bedroom homes decreased by 8.8%.
Median Sold Price Compared To Nearby Cities
| Mentor-on-the-Lake | $177K | $194.2K | +9.7% |
| Mentor | $234.8K | $249.9K | +6.4% |
| Painesville | $186.6K | $196K | +5.0% |
Housing Supply in Mentor, OH
How many homes are available in Mentor, OH?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 150 | 148 | -1.3% |
Summary: The Mentor real estate market had 148 homes for sale in April 2024, a 1.3% decrease compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 24 | 29 | +20.8% |
| 3 Bedrooms | 80 | 76 | -5.0% |
| 4 Bedrooms | 33 | 32 | -3.0% |
| 5+ Bedrooms | 13 | 11 | -15.4% |
Summary: The Mentor housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 20.8%, 3 bedroom homes decreased by 5%, 4 bedroom homes decreased by 3%, and 5+ bedroom homes decreased by 15.4%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 57 | 46 | -19.3% |
Asking Price vs. Sold Price
16 Homes Were Sold
Under Asking
7 Homes Were Sold
At Asking
23 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Mentor, you could pay more than the asking price. 50% of homes here sold above asking price last month.
Summary: A total of 46 homes were sold or pending in Mentor in April 2024, down by 19.3% month-over-month. Of the 46 sold homes, 35% were sold under asking, 15% were sold at asking, and 50% were sold over asking.
Days on Market for Mentor, OH
How long does it take to sell a home in Mentor, OH?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 44 Days | 34 Days | -23.4% |
Summary: Homes in Mentor had an average of 34 days on market in Apr 2024, down by 23.4% compared to last year.
Breakdown of Home Sale Times
23 Homes Were Sold
Under 30 Days
21 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Mentor are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 46 homes were sold in Mentor; 50% of homes were sold within 30 days, 46% of homes were sold within 30 to 90 days, and 4% of homes were sold over 90 days.
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The information is being provided by Columbus and Central Ohio Regional Multiple Listing Service. Information deemed reliable but not guaranteed. Information is provided for consumers' personal, non-commercial use, and may not be used for any purpose other than the identification of potential properties for purchase.