MARKET DATA
This graph highlights the current days on market (CDOM) as well as the average sales prices vs asking price for homes priced $450,000+ in five counties within northeast Ohio. While the days on market peaked in February, this is not entirely unusual due to the seasonality of our market. The current 43 DOM represents a 22% decline compared to 2023, and less than half that of May 2019. As important, the sales price line graph illustrates buyers are willing to pay for perceived value when a home is priced appropriately.
The blue bar graph below shows the average price per square foot continues to be elevated. Year-over-year, $173/SF represents an increase of 8.81% compared to May 2023.
While elevated interest rates certainly present headwinds, clearly national headlines are not necessarily representative of every local market. Buyers have adjusted financing expectations and are planning accordingly.