Northeast Ohio home prices rise while the number of homes sold dips

Here is a story from https://www.cleveland.com/ that talks about the sale prices and the amount of homes sold.

" While the number of homes sold in Ohio dropped in March compared to the same month last year, average sale prices continued to rise"

The reason for the drop in sales is because people do not want to move with their lower interest rates. This will cause a continuation of inventory being depleted. Just looked at the MLS today 10/20/22 and 192 listings came on the market and 400 went off the market. They were either sold or under contract.

That is a 2-1 going off the real estate market to every new one coming on.

Cuyahoga – $234,192, an increase of 16% and Lake – $225,555, an increase of 10.5% is from Cleveland.com from March 2021-March 2022

With the ever going inflation prices the cost of building a new property will be much more expensive to build. This will assist homes in even going up more.

That means that until we can get this economy moving and inflation down prices are going to probably continue to rise in prices. Most homeowners have low interest rates and will probably stay planted where they are currently living.

The deals will be in buying homes for cash and leasing them. Rents are not going down but up. With less real estate to live in, more demand will be placed on finding good rental properties to live and dwell in.

Getting a good deal today is a bit easier and you still need to get quality real estate that will attract good paying tenants.

Check out our Resume and call me (Brett) 216-703-5740 Fathom Realty or Whatsapp 

 

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