Is Sheffield Lake, 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, Sheffield Lake has remained a Seller's Market.
Key Takeaway
Sheffield Lake is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Sheffield Lake, OH
How much do homes in Sheffield Lake, OH cost?
Median Sold Price
$192,500
$135/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Sheffield Lake have sold for 4.1% more than they did a year ago.
Summary: The median home sold price in Sheffield Lake was $192,500 in May 2024, up 4.1% from last year, and the median price per square foot was $135.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $165K | $165K | 0.0% |
| 3 Bedrooms | $180K | $190K | +5.6% |
| 4 Bedrooms | $210K | $200K | -4.8% |
| 5+ Bedrooms | $175K | $266.2K | +52.1% |
Summary: Sheffield Lake housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes did not change, 3 bedroom homes increased by 5.6%, 4 bedroom homes decreased by 4.8%, and 5+ bedroom homes increased by 52.1%.
Median Sold Price Compared To Nearby Cities
| Sheffield | $339.7K | $379.9K | +11.8% |
| Avon Lake | $334.2K | $366K | +9.5% |
| Sheffield Lake | $185K | $192.5K | +4.1% |
Housing Supply in Sheffield Lake, OH
How many homes are available in Sheffield Lake, OH?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 28 | 32 | +14.3% |
Summary: The Sheffield Lake real estate market had 32 homes for sale in May 2024, a 14.3% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 5 | 3 | -40.0% |
| 3 Bedrooms | 13 | 14 | +7.7% |
| 4 Bedrooms | 9 | 13 | +44.4% |
| 5+ Bedrooms | 1 | 2 | +100.0% |
Summary: The Sheffield Lake 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 decreased by 40%, 3 bedroom homes increased by 7.7%, 4 bedroom homes increased by 44.4%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 7 | 12 | +71.4% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
5 Homes Were Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Sheffield Lake, expect to pay close to the asking price. 41.7% of homes here sold near the asking price last month.
Summary: A total of 12 homes were sold or pending in Sheffield Lake in May 2024, up by 71.4% month-over-month. Of the 12 sold homes, 33% were sold under asking, 42% were sold at asking, and 25% were sold over asking.
Days on Market for Sheffield Lake, OH
How long does it take to sell a home in Sheffield Lake, OH?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 27 Days | 32 Days | +16.7% |
Summary: Homes in Sheffield Lake had an average of 32 days on market in May 2024, up by 16.7% compared to last year.
Breakdown of Home Sale Times
8 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Sheffield Lake are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 12 homes were sold in Sheffield Lake; 67% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 8% of homes were sold over 90 days.
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