Northeast Ohio Real Estate Market Update: June 2024

Hello, I’m Mike Ferrante with Century 21 HomeStar and the 21 Mike Team. We serve Greater Cleveland and all of Northeast Ohio, and it’s time for a quick Greater Cleveland real estate market update. Make sure to smash that subscribe button and like and follow the 21 Mike Team so you don’t miss future updates. Visit 21mike.com if you want to schedule an appointment with me or someone on the team.

Market Overview

The number of listings and sales jumped almost 20% last month, so what does that mean for Northeast Ohio real estate? Let’s dive into the numbers and analyze the current trends.

Active Listings and Sales

In May 2024, we saw a significant increase in active residential listings and sales. Here are the key points:

Active Listings:
- Last month: 2,084 listings, up from 1,725 the month before.
- Compared to last year: Up from 1,986 listings in May 2023.
- Compared to five years ago: We had 4,599 listings in May 2019, indicating we’re still in an inventory shortage.
Sales:
- Last month: 1,300 sales, up from 1,144 the month before.
- Compared to last year: Down slightly from 1,370 sales in May 2023.
- Compared to five years ago: There were 1,671 sales in May 2019.

The market has slowed down primarily due to the lack of inventory and higher interest rates.

Median Sale Price and Days to Sell

Median sales price and the median days to sell, provide a strong indication of the market’s health:

Median Sale Price:
- Last month: $222,700, up from $200,000 the month before.
- Compared to last year: $193,000 in May 2023.
- Compared to five years ago: $155,000 in May 2019.

Prices continue to increase steadily.

Days to Sell:
- Last month: 12 days median to sell a home, down from 20 days the month before.
- Compared to last year: 13 days in May 2023.
- Compared to five years ago: 40 days in May 2019.

This is a clear indication of a seller’s market, with homes selling faster and at higher prices.

What to Expect Moving Forward

Prices: Values are expected to continue rising.
Market Time: Homes will likely sell even faster.
Interest Rates: No significant changes are anticipated, maintaining the current market dynamics.

Advice for Sellers and Buyers

Sellers: It’s a great time to sell. The market is hot, and homes are selling quickly at increasing prices.
Buyers: Prepare for competition. The market remains challenging with limited inventory and high demand.

For more detailed insights and personalized advice, don’t hesitate to reach out. The 21 Mike Team is here to help you navigate the Northeast Ohio real estate market.

For more updates and real estate tips, follow us on social media and visit 21mike.com. If you have any questions or need assistance with your real estate needs, feel free to contact us anytime.

Stay tuned for more updates, and happy selling and buying!

For more great Real Estate content:

You can listen to our Podcast FREE BEER AND REAL ESTATE or YouTube for Mike’s weekly classes!!!

https://freebeerandrealestate.buzzsprout.com/

SCHEDULE AN APPOINTMENT WITH MIKE: 21Mike.com

EMAIL: MIKE@21MIKE.COM

CHECK OUT OUR TRAINING VIDEOS ON YOUTUBE: https://www.youtube.com/user/21mikec21

FACEBOOK: facebook.com/21MikeTeam

TRAINING ON ZOOM, TUESDAYS AT 11:30 EST: https://bit.ly/3r9Lw2c