Northeast Ohio home prices rise while the number of homes sold dips: See how 14 counties
CLEVELAND, Ohio — While the number of homes sold in Ohio dropped in March compared to the same month last year, average sale prices continued to rise.
Leading the pack in Northeast Ohio was Geauga County, where the average sale price last month was $435,042, a 27.9% increase from March 2020, according to numbers from the Independence-based regional listing service MLS Now.
Sixty-three homes sold in the Geauga County last month, compared to 79 in the same month last year.
Prices were up in 12 of the 14 counties in Northeast Ohio.
The average sale prices across Northeast Ohio ranged from $147,752 in Columbiana County to Geauga County’s high of $435,042, according to MLS Now. In Cuyahoga County it was $234,192.
Statewide, the average sales price was $247,123, an 11.1% increase from March 2021, according to the Ohio REALTORS trade association. Sales numbers were down 4.8%.
The low sales numbers and increased prices are more evidence of a competitive market. Too few homes on the market to meet the demand of people seeking to buy are driving prices up.
The most sales activity generally occurs during the spring and summer, and with that prices can also rise, so agents said not to expect the market to cool down in the short term, even as interest rates are rising.
Not everybody feels that way, though. Ohio REALTORS President John Mangas said in a statement that the sales last month were higher than the number of homes sold in March 2019, which may mean that the market is returning to the levels it was at before the coronavirus pandemic.
Here are the 14 Northeast Ohio counties, ranked by change in average sales price from March 2021 to March 2022.
1. Geauga – $435,042, an increase of 27.9%
2. Medina – $324,799, an increase of 25.3%
3. Portage – $259,869, an increase of 17.4%
4. Cuyahoga – $234,192, an increase of 16%
5. Mahoning – $171,812, an increase of 16%
6. Stark – $211,283, an increase of 14.9%
7. Columbiana – $147,752 an increase of 13.7%
8. Trumbull – $155,866, an increase of 12.8%
9. Lorain – $240,379, an increase of 12.4%
10. Lake – $225,555, an increase of 10.5%
11. Wayne – $194,727, an increase of 10.2%
12. Summit – $198,563, an increase of 1.4%
13. Ashtabula – $148,805, a decrease of 0.9%
14. Ashland – $168,739, a decrease of 15.9%
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