Is Novelty, OH a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Novelty was a Seller's Market.
Key Takeaway
Novelty is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Novelty, OH
How much do homes in Novelty, OH cost?
Median Sold Price
$426,500
$156/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Novelty have sold for 21% more than they did a year ago.
Summary: The median home sold price in Novelty was $426,500 in May 2024, up 21% from last year, and the median price per square foot was $156.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $577.5K | N/A |
| 2 Bedrooms | - | $217.5K | N/A |
| 3 Bedrooms | $306K | $339.5K | +10.9% |
| 4 Bedrooms | $435K | $513K | +17.9% |
| 5+ Bedrooms | $500K | $937.5K | +87.5% |
Summary: Novelty housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes did not change, 3 bedroom homes increased by 10.9%, 4 bedroom homes increased by 17.9%, and 5+ bedroom homes increased by 87.5%.
Median Sold Price Compared To Nearby Cities
| South Russell | $390K | $510K | +30.8% |
| Novelty | $352.5K | $426.5K | +21.0% |
| Chesterland | $320K | $344.5K | +7.7% |
| Russell Township | $417.2K | $434K | +4.0% |
Housing Supply in Novelty, OH
How many homes are available in Novelty, OH?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 7 | 14 | +100.0% |
Summary: The Novelty real estate market had 14 homes for sale in May 2024, a 100.0% 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 | 1 | 2 | +100.0% |
| 3 Bedrooms | 3 | 3 | 0.0% |
| 4 Bedrooms | 2 | 5 | +150.0% |
| 5+ Bedrooms | 1 | 4 | +300.0% |
Summary: The Novelty 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 remained the same, 4 bedroom homes increased by 150%, and 5+ bedroom homes increased by 300%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 1 | 2 | +100.0% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
1 Home Was Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Novelty, you may be able to get a good deal. 50% of homes here sold below asking price last month.
Summary: A total of 2 homes were sold or pending in Novelty in May 2024, up by 100.0% month-over-month. Of the 2 sold homes, 50% were sold under asking, 50% were sold at asking, and 0% were sold over asking.
Days on Market for Novelty, OH
How long does it take to sell a home in Novelty, OH?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 159 Days | 52 Days | -67.1% |
Summary: Homes in Novelty had an average of 52 days on market in May 2024, down by 67.1% compared to last year.
Breakdown of Home Sale Times
0 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Novelty has remained consistent over time.
Summary: During May 2024, 2 homes were sold in Novelty; 0% of homes were sold within 30 days, 100% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
Copyright 2024 MLS Now. IDX information is provided exclusively for consumers’ personal, non-commercial use and that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information deemed reliable but not guaranteed to be accurate. Buyer to verify all information. The information provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Real estate listings held by brokerage firms other than this broker are marked with the Internet Data Exchange logo and detailed information about them includes the name of the listing broker(s). The photos may be altered, edited, enhanced or virtually staged.