Is Vermilion, 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, Vermilion was a Seller's Market.
Key Takeaway
Vermilion is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Vermilion, OH
How much do homes in Vermilion, OH cost?
Median Sold Price
$221,000
$137/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Vermilion have sold for 9.1% more than they did a year ago.
Summary: The median home sold price in Vermilion was $221,000 in May 2024, up 9.1% from last year, and the median price per square foot was $137.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $118.5K | $136.4K | +15.1% |
| 2 Bedrooms | $165K | $175K | +6.1% |
| 3 Bedrooms | $190K | $190K | 0.0% |
| 4 Bedrooms | $275K | $285K | +3.6% |
| 5+ Bedrooms | $525K | $437.5K | -16.7% |
Summary: Vermilion housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 15.1%, 2 bedroom homes increased by 6.1%, 3 bedroom homes did not change, 4 bedroom homes increased by 3.6%, and 5+ bedroom homes decreased by 16.7%.
Median Sold Price Compared To Nearby Cities
| Vermilion | $202.5K | $221K | +9.1% |
| Vermilion | $205K | $221K | +7.8% |
| Vermilion Township | $205K | $220K | +7.3% |
| Brownhelm Township | $239.9K | $225K | -6.2% |
Housing Supply in Vermilion, OH
How many homes are available in Vermilion, OH?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 61 | 61 | 0.0% |
Summary: The Vermilion real estate market had 61 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 | 2 | 1 | -50.0% |
| 2 Bedrooms | 21 | 15 | -28.6% |
| 3 Bedrooms | 26 | 26 | 0.0% |
| 4 Bedrooms | 9 | 15 | +66.7% |
| 5+ Bedrooms | 3 | 4 | +33.3% |
Summary: The Vermilion housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 50%, 2 bedroom homes decreased by 28.6%, 3 bedroom homes remained the same, 4 bedroom homes increased by 66.7%, and 5+ bedroom homes increased by 33.3%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 18 | 6 | -66.7% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Vermilion, you could pay more than the asking price. 50% of homes here sold above asking price last month.
Summary: A total of 6 homes were sold or pending in Vermilion in May 2024, down by 66.7% month-over-month. Of the 6 sold homes, 33% were sold under asking, 17% were sold at asking, and 50% were sold over asking.
Days on Market for Vermilion, OH
How long does it take to sell a home in Vermilion, OH?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 22 Days | 29 Days | +30.1% |
Summary: Homes in Vermilion had an average of 29 days on market in May 2024, up by 30.1% compared to last year.
Breakdown of Home Sale Times
4 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Vermilion are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 6 homes were sold in Vermilion; 67% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 17% of homes were sold over 90 days.
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