Is Solon, 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, Solon has remained a Seller's Market.
Key Takeaway
Solon is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Solon, OH
How much do homes in Solon, OH cost?
Median Sold Price
$418,000
$144/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Solon have sold for 4.5% more than they did a year ago.
Summary: The median home sold price in Solon was $418,000 in May 2024, up 4.5% from last year, and the median price per square foot was $144.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $210K | $224.5K | +6.9% |
| 3 Bedrooms | $286.7K | $318K | +10.9% |
| 4 Bedrooms | $465K | $445K | -4.3% |
| 5+ Bedrooms | $630K | $682.5K | +8.3% |
Summary: Solon 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 increased by 6.9%, 3 bedroom homes increased by 10.9%, 4 bedroom homes decreased by 4.3%, and 5+ bedroom homes increased by 8.3%.
Median Sold Price Compared To Nearby Cities
| Chagrin Falls | $450.6K | $539.6K | +19.8% |
| Bainbridge Township | $420K | $469K | +11.7% |
| Solon | $400K | $418K | +4.5% |
| Moreland Hills | $739.7K | $655K | -11.5% |
Housing Supply in Solon, OH
How many homes are available in Solon, OH?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 63 | 80 | +27.0% |
Summary: The Solon real estate market had 80 homes for sale in May 2024, a 27.0% 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 | 1 | 2 | +100.0% |
| 3 Bedrooms | 20 | 19 | -5.0% |
| 4 Bedrooms | 29 | 49 | +69.0% |
| 5+ Bedrooms | 13 | 10 | -23.1% |
Summary: The Solon 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 100%, 3 bedroom homes decreased by 5%, 4 bedroom homes increased by 69%, and 5+ bedroom homes decreased by 23.1%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 18 | 22 | +22.2% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
14 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Solon, you could pay more than the asking price. 63.6% of homes here sold above asking price last month.
Summary: A total of 22 homes were sold or pending in Solon in May 2024, up by 22.2% month-over-month. Of the 22 sold homes, 23% were sold under asking, 14% were sold at asking, and 64% were sold over asking.
Days on Market for Solon, OH
How long does it take to sell a home in Solon, OH?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 23 Days | 36 Days | +58.1% |
Summary: Homes in Solon had an average of 36 days on market in May 2024, up by 58.1% compared to last year.
Breakdown of Home Sale Times
13 Homes Were Sold
Under 30 Days
7 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Solon are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 22 homes were sold in Solon; 59% of homes were sold within 30 days, 32% of homes were sold within 30 to 90 days, and 9% of homes were sold over 90 days.
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