Mentor, Ohio Real Estate Market Update – November 2023
Market Competitiveness and Prices
The Mentor housing market is very competitive. The median sale price of a home in Mentor was $241,000 last month, up 0.2% since last year. The median sale price per square foot in Mentor is $148, up 4.6% since last year.
In October 2023, homes in Mentor sold after 14 days on the market compared to 22 days last year. There were 54 homes sold in October this year, up from 51 last year.
Mentor’s real estate market has a high Redfin Compete Score™, indicating its competitive nature. Homes typically sell for around the list price and go pending in about 19 days. The most sought-after homes can sell for approximately 3% above list price and go pending in as little as 5 days.
Migration and Relocation Trends
Between August and October 2023, 20% of Mentor homebuyers looked to move out of Mentor, while 80% sought to stay within the metropolitan area. Buyers from metros like Los Angeles, New York, and San Francisco showed interest in moving to Mentor. Conversely, Mentor residents looking to move predominantly searched within the Mentor metropolitan area, with Youngstown being the most popular destination.
Housing Stock and Appreciation Rates
Mentor predominantly features single-family detached homes, accounting for 75.80% of the city’s housing units. The majority of homes are owner-occupied, three and four-bedroom dwellings, primarily in single-family detached homes.
Real estate appreciation rates in Mentor have generally aligned with the national average over the past decade, averaging 5.28% annually. However, in the last year, Mentor’s appreciation rate has been slightly lower at 1.88%, trailing behind most American communities. The latest quarter showed a surge in appreciation rates at 3.87%, indicating a potential uptick in the city’s real estate investment strength.
A significant portion of Mentor’s housing was built between 1970 and 1999, giving parts of the town a distinct look reminiscent of the ’70s and early ’80s. Housing built between 1940-1969 accounts for 35.57% of the stock, with a lesser amount dating from 2000 and later (8.58%) and some even predating 1939 (4.85%).
Recent Market Activity
Over the past year, there have been 1,071 real estate transactions in Mentor. The median value for residential home transactions during this period was approximately $264,721. Currently, Mentor has 98 properties in foreclosure, 1 bank-owned property, 7 properties headed for auction, and 7 properties for sale.
Comparing October 2022 to October 2023, there was a 21.64% increase in the median listing price (from $209,900 to $255,300) and a 6.33% rise in the median sold price (from $240,100 to $255,300). The number of homes for sale dramatically decreased by 91.11%, and the homes sold decreased by 14.40%.
Robert Davis
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