Real Estate Market in Akron, Ohio – November 2023
Akron real estate market
Akron, Ohio’s real estate market is a dynamic and evolving landscape, reflecting broader national trends while also showcasing unique local characteristics. As of late 2023, the Akron housing market presents a fascinating mix of affordability, competitive pricing, and rapid market movements, appealing to both buyers and investors.
Current Market Trends
- Median Home Prices: As of September 2023, the median home price in Akron was approximately $120,214, marking a 6.7% increase from the previous year. This price elevation suggests a market that, while still affordable, is gradually gaining in value.
- Competitive Market Conditions: The Akron housing market is rated as very competitive, scoring 75 out of 100. The average home price was around $136,000 last month, up 8.4% from the previous year.
- Price Variations by Bedroom Type: Different types of homes have seen varying price increases. For instance, the price of 1-bedroom homes increased by 56.4%, 2-bedroom homes by 19.2%, 3-bedroom homes by 4.4%, 4-bedroom homes by 7.2%, and homes with 5 or more bedrooms by 42.3% compared to the previous year.
- Rising Interest Rates: The Federal Reserve’s interest rate hikes in 2023 to combat inflation have led to increased mortgage rates, impacting affordability for some buyers.
- Inventory Levels: There has been a significant decrease in the number of homes for sale – from 1,835 homes in September 2022 to 1,510 homes in September 2023. This low inventory is a key driver of the competitive market conditions.
- Strong Demand: High demand for homes in Akron is fueled by factors like the presence of Fortune 500 companies and a relatively low cost of living, attracting buyers from various regions.
Market Dynamics
- Median Days to Pending: Homes in Akron are moving swiftly, with the median number of days for a home to go pending being around 7 days.
- Sale to List Ratio: The median sale to list ratio as of August 31, 2023, was 1.007, indicating homes generally sell very close to their list prices.
- Sales Over List Price: Approximately 51.8% of homes are selling over the list price, highlighting the market’s competitive nature.
- Sales Under List Price: Conversely, 35.1% of home sales occur below the list price, presenting opportunities for buyers to find deals.
Market Predictions
- Future Trends: The Akron MSA Housing Market Predictions anticipate a moderate growth in housing market prices, with an expected increase of 0.4% by October 31, 2023, 0.6% by December 31, 2023, and 1.4% by September 30, 2024.
Key Advice for Market Participants
- For Buyers: It’s advised to get pre-approved for a mortgage, work with a knowledgeable real estate agent, and be prepared to act quickly due to the fast-moving nature of the market.
- For Sellers and Investors: The strengthening market, indicated by the 4.0% growth in average home value to $115,161, presents favorable conditions for sellers and investors considering the Akron market.
Akron real estate market
The Akron real estate market is currently a vibrant and competitive environment. Its mix of affordability, rapid sales, and a trend of increasing home values makes it an attractive market for both buyers and investors. However, the rising interest rates and lower inventory levels necessitate swift and strategic actions for those looking to participate in this market
Linda Brown
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