Geauga County currently leans in favor of sellers, with a seller’s market gauge reading of 32. Inventory is still relatively tight at 2.7 months of supply, even after a sharp year-over-year increase. Homes continue to move at a reasonable pace, spending a median of 27 days on the market, slightly faster than a year ago.
Home values are holding near the upper end for Ohio, with a typical home value of about $399,000 compared with roughly $269,000 statewide. Prices have softened month over month, with the typical home value down a bit more than 8 percent since August, yet they are only slightly lower than a year ago. Sellers are still achieving strong results, as the average sale-to-list price sits just under 100 percent and the share of homes selling above list has climbed more than 13 percent year over year.
Sales activity has cooled, which helps explain the shift in supply. Homes sold in September are down nearly 30 percent from a year earlier, and pending sales have fallen almost 18 percent, even though new listings are up modestly over the same period. Active listings have also dropped almost 13 percent year over year, showing that demand remains solid despite fewer closings. With these mixed signals, buyers and sellers in Geauga County can both benefit from Agent Pronto’s help in finding an experienced local agent to navigate the current market dynamics.
