Ohio Home Prices Rise, Sales Drop

Ohio home sales dropped from a year ago, but average prices continue to rise, according to Ohio REALTORS.

Home sales in November 2023 declined 8.6% with 9,730 homes sold compared to November 2022. Home sale prices increased 8.1% to an average of $270,071 per home, up more than $20,000 from a year earlier, according to data from the Ohio REALTORS on new and existing single-family homes, as well as condominiums and co-ops.

Statewide, seven of the 14 markets experienced an increase in the average price for the month, compared to November 2022, including the 23-county region that includes Mahoning, Columbiana and Trumbull counties. The average price in this eastern Ohio region rose 6.2% from $222,348 in 2022 to $236,159, while the number of sales dropped sharply by 13.2%.

Year to date in 2023, this region’s home sales are down 14.6%, but average sales are 3.7% higher than in 2022.

“Ohio’s housing market continues to see ongoing trends like low inventory. However, signs of improvement are emerging, particularly in the realm of mortgage rates, where we are starting to see a noticeable decrease in rates. Home prices remain high proving that owning a home is an excellent investment,” says Ralph Mantica, president of Ohio REALTORS.

“An Ohio REALTOR serves as a professional partner, guiding buyers and sellers through the intricate process of home buying and selling, to successfully achieve their housing goals.”

Copyright 2024 The Business Journal, Youngstown, Ohio.