Ohio home sales cool in March, average prices rise
The number of homes sold throughout Ohio in March fell from the pace set during the month a year ago, posting a 4.8% decrease, according to Ohio REALTORS.
Homes sales in March 2022 reached 11,832, a 4.8% decline from the 12,429 sales recorded during the month a year ago. The average sales price across Ohio in March reached $247,123, an 11.1% increase from the $222,421 mark posted during the month in 2021.
“Ohio’s housing market experienced cooling sales in March, while average prices posted double-digit gains,” said Ohio REALTORS President John Mangas. “Overall, conditions in the marketplace are extremely competitive. Would-be buyers continue to face the challenges presented by historic low levels of homes listed for sale, combined with slight increases in interest rates.
“It is worth noting that sales in March 2022 did surpass the 11,551 sales reached during the month in 2019, a possible indication that market activity is returning to pre-pandemic levels,” Mangas added.
Around the state, 12 of the 15 of the markets tracked experienced an increase in average price for the month compared to March 2021. Additionally, five local markets showed an increase in sales activity compared to 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.