Is Shaker Heights, OH a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Shaker Heights has remained a Seller's Market.
Key Takeaway
Shaker Heights is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Shaker Heights, OH
How much do homes in Shaker Heights, OH cost?
Median Sold Price
$305,000
$118/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Shaker Heights have sold for 7.2% more than they did a year ago.
Summary: The median home sold price in Shaker Heights was $305,000 in May 2024, up 7.2% from last year, and the median price per square foot was $118.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $58K | $45K | -22.4% |
| 2 Bedrooms | $86.2K | $80.5K | -6.7% |
| 3 Bedrooms | $183.9K | $215K | +16.9% |
| 4 Bedrooms | $335K | $325K | -3.0% |
| 5+ Bedrooms | $448.2K | $460K | +2.6% |
Summary: Shaker Heights housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 22.4%, 2 bedroom homes decreased by 6.7%, 3 bedroom homes increased by 16.9%, 4 bedroom homes decreased by 3%, and 5+ bedroom homes increased by 2.6%.
Median Sold Price Compared To Nearby Cities
| University Heights | $232K | $268.5K | +15.8% |
| Shaker Heights | $284.5K | $305K | +7.2% |
| Cleveland Heights | $196K | $199.9K | +2.0% |
| Beachwood | $405K | $395K | -2.5% |
Housing Supply in Shaker Heights, OH
How many homes are available in Shaker Heights, OH?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 149 | 152 | +2.0% |
Summary: The Shaker Heights real estate market had 152 homes for sale in May 2024, a 2.0% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 3 | 3 | 0.0% |
| 2 Bedrooms | 23 | 25 | +8.7% |
| 3 Bedrooms | 25 | 29 | +16.0% |
| 4 Bedrooms | 56 | 55 | -1.8% |
| 5+ Bedrooms | 42 | 40 | -4.8% |
Summary: The Shaker Heights housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 8.7%, 3 bedroom homes increased by 16%, 4 bedroom homes decreased by 1.8%, and 5+ bedroom homes decreased by 4.8%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 41 | 45 | +9.8% |
Asking Price vs. Sold Price
11 Homes Were Sold
Under Asking
8 Homes Were Sold
At Asking
26 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Shaker Heights, you could pay more than the asking price. 57.8% of homes here sold above asking price last month.
Summary: A total of 45 homes were sold or pending in Shaker Heights in May 2024, up by 9.8% month-over-month. Of the 45 sold homes, 24% were sold under asking, 18% were sold at asking, and 58% were sold over asking.
Days on Market for Shaker Heights, OH
How long does it take to sell a home in Shaker Heights, OH?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 27 Days | 36 Days | +35.8% |
Summary: Homes in Shaker Heights had an average of 36 days on market in May 2024, up by 35.8% compared to last year.
Breakdown of Home Sale Times
30 Homes Were Sold
Under 30 Days
9 Homes Were Sold
In 30 - 90 Days
6 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Shaker Heights are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 45 homes were sold in Shaker Heights; 67% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 13% of homes were sold over 90 days.
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