Is South Akron, 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, South Akron has remained a Seller's Market.
Key Takeaway
South Akron is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in South Akron, OH
How much do homes in South Akron, OH cost?
Median Sold Price
$80,000
$65/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in South Akron have sold for 2.2% more than they did a year ago.
Summary: The median home sold price in South Akron was $80,000 in May 2024, up 2.2% from last year, and the median price per square foot was $65.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $11.5K | $49.7K | +332.6% |
| 2 Bedrooms | $78K | $66.9K | -14.2% |
| 3 Bedrooms | $77.2K | $90K | +16.6% |
| 4 Bedrooms | $65K | $73.3K | +12.8% |
| 5+ Bedrooms | $133.4K | $120K | -10.1% |
Summary: South Akron housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 332.6%, 2 bedroom homes decreased by 14.2%, 3 bedroom homes increased by 16.6%, 4 bedroom homes increased by 12.8%, and 5+ bedroom homes decreased by 10.1%.
Median Sold Price Compared To Nearby Neighborhoods
| East Akron | $63K | $72.5K | +15.1% |
| South Akron | $78.2K | $80K | +2.2% |
| University of Akron | $101.5K | $97K | -4.4% |
Housing Supply in South Akron, OH
How many homes are available in South Akron, OH?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 28 | 28 | 0.0% |
Summary: The South Akron real estate market had 28 homes for sale in May 2024, the same as April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 8 | 8 | 0.0% |
| 3 Bedrooms | 12 | 12 | 0.0% |
| 4 Bedrooms | 6 | 5 | -16.7% |
| 5+ Bedrooms | 2 | 3 | +50.0% |
Summary: The South Akron 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 remained the same, 3 bedroom homes remained the same, 4 bedroom homes decreased by 16.7%, and 5+ bedroom homes increased by 50%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 8 | 6 | -25.0% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in South Akron, you may be able to get a good deal. 60% of homes here sold below asking price last month.
Summary: A total of 6 homes were sold or pending in South Akron in May 2024, down by 25.0% month-over-month. Of the 5 sold homes, 60% were sold under asking, 20% were sold at asking, and 20% were sold over asking.
Days on Market for South Akron, OH
How long does it take to sell a home in South Akron, OH?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 33 Days | 23 Days | -30.5% |
Summary: Homes in South Akron had an average of 23 days on market in May 2024, down by 30.5% compared to last year.
Breakdown of Home Sale Times
5 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in South Akron are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 6 homes were sold in South Akron; 83% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
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