March Housing Market Report

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Knowing what’s happening in your local housing market is important for REALTORS® when assisting homeowners, renters, and inspiring homeowners. The Akron Cleveland Association of REALTORS® provides you with up-to-date market reports for Cuyahoga and Summit counties. Market report stats are pulled from NORMLS on a monthly basis to provide ACAR members with current and accurate information.

Cuyahoga County

Median Sold Price

Cuyahoga county had a 8.8% increase in medium sold price of $92,500 compared to last year which was $85,000. The number of properties also increased to 1127 from 1009. The overall medium sold price for the year is $84,995 which represented an 8.9% compared to 2014’s year to date price which was $78,000.

Average Days on Market

In March the average days on market have increased by 1 from last year to a total of 122 days.  The average days on market for year to date are the same as in was 2014 with 122 days on average.

New Properties for sale

New listings have increased from 2140 in March 2014 to 2198 for March 2015. New listing for year to date has decreased by 182 bringing the total for 2015 to 5193.

Closed Sales

The number of closed sales for March increased by 11.7% with 1127 closed sales for 2015. The year to date also increased by 5.1% which represents 133 when compared to last year. This brings the total for 2015 to 2756.

Summit County

Median Sold Price

For Summit County the median sold price was $99,200. This is a $3,200 increase from the previous year where the average price in March 2014 was $97,000. Compared to last year, the overall median sold price for year to date decreased from $96,000 to $87,900 current.  We are seeing an increase in the number of properties. Last month 604 were sold compared to March 2014 where there was only 482 properties sold.

Average Days on Market

Last month average days on market increased to 114 days, March 2014 had an average of 98 days on market. Overall for the year, the average has decreased by 9 days with an average of 107 days.

New Properties for sale

New listing increased from 958 to 1027 in March when compared to last year’s.  For the year to date, new properties increased by 188 properties which represents an increase of 7.6% for 2015.

Closed Sales

Closed sales rose by 25% last month compared to the previous year. For the overall year, the number of closed sales rose by 219 bringing the total for 2015 thus far to 1419.

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