Ohio's home sales activity cools, prices rise in March
The number of homes sold throughout Ohio in March fell from the pace set during the month at year ago, while average prices continued to climb, according to Ohio REALTORS.
Homes sales in March 2023 reached 10,730, an 8.5% decline from the 11,721 sales recorded during the month a year ago. The average sales price across Ohio in March reached $253,826, a 2.5% increase from the $247,525 mark posted in March 2022.
“Ohio’s housing market continued to face the challenges of a higher mortgage rate environment, combined with ongoing tight inventory levels of homes listed for sale in March,” said Ohio REALTORS President Ralph Mantica. “However, we are beginning to see an uptick in homes being marketed for sale in many Ohio marketplaces and a stabilization of interest rates – providing improved conditions as we enter into the traditional spring home buying season.”
Around the state, 11 of the 15 of the markets tracked experienced an increase in average price for the month compared to March 2022. Additionally, three local markets showed an increase in sales activity compared to a year ago.
Sales activity during the first quarter of 2023 reached 25,997, a 15.1% decrease from the 30,609 sales reached during the first three months of 2022. The average price in the first quarter of 2023 of $245,744 is a 3.3% increase from the $237,834 mark reached during the period a year ago.
Data provided to Ohio REALTORS by Multiple Listing Services includes residential closings for new and existing single-family homes and condominiums/co-ops.
Ohio REALTORS, with more than 36,000 members, is the largest professional trade association in Ohio.
CLICK HERE for a market-by-market analysis of sales activity throughout Ohio.
