BEACHWOOD, Ohio — After months of homes selling for record-breaking prices, new data shows Northeast Ohio’s real estate market starting to level off and even correct itself.
Data from MLS Now, the realty listing service throughout northeast Ohio, shows after months of exponential growth, the average home sale price started to level off and fell to $223,000 for September.
That’s down from $237,000, the pandemic-high this past June.
At the same time, MLS Now shows homes are starting to inch toward staying on the market a little longer, now averaging more than 30 days for the first time since May.
News 5 has reported extensively on Northeast Ohio’s fast-paced real estate market this year, which included some house hunters waiving inspections, covering appraisal gaps and even buying homes sight-unseen before they hit the market.
Roland and Jada Cross decided to build their new home in Beachwood, after seeing a handful of their offers outmatched against others earlier this year. Roland Cross admitted one of their rejected offers was about $100,000 over the asking price.
“After that [offer], this was enough,” their realtor, Denise Franklin, said. “It forced me and other realtors to think outside the box.”
“It was crazy,” Roland Cross said. “I felt like homes were going off the market 30 minutes after they were put on. I didn’t even want to leave town because what if we find a house that we like and we have to go and see it.”
Franklin told News 5 she’s seen the slowdown firsthand, now seeing homes up for sale receive three or four offers, compared to similar homes receiving a dozen offers this past summer.
“It was a terrible market, now it’s just a bad market,” she laughed. “Even though it’s a seller's market, I don’t want buyers to give up. That’s why I say come on back. It’s easing up some and you’ll be okay.”