Homes for Sale Painesville Ohio

Homes for Sale Painesville Ohio

Homes for Sale in Painesville Ohio: November 2023

The Painesville, Ohio real estate market as of November 2023 presents a dynamic and competitive landscape, influenced by various economic and local factors. This article aims to provide an insightful overview of the current market trends, prices, and factors impacting homes for sale in Painesville, Ohio.

Current Market Trends

- Market Competitiveness: Painesville's housing market is very competitive, with homes selling in about 30.5 days on average. This rapid turnover is indicative of a high demand in the local market.


- Sale Price Trends: The median sale price of a home in Painesville was $242K, down 13.3% since last year. However, the median sale price per square foot has risen to $140, up 22.8% from the previous year.

Pricing and Sales Dynamics

- Median Listing Price: As of October 2023, the median listing price was $242.4K, showing an upward trend of 32.8% year-over-year.


- Sale-to-List Price Ratio: Homes in Painesville generally sell for approximately the asking price, signaling a balanced interaction between buyers and sellers.


- Seller's Market: The current market dynamics favor sellers, with more buyers looking for homes than available listings.

Housing Types and Affordability

- Housing Mix: The most common type of housing in Painesville is single-family detached homes, which constitute 62.03% of the city's housing units. There's also a significant presence of large apartment complexes and small apartment buildings.


- Affordability: Painesville is known for having some of the most affordable house prices in Ohio and the nation, with a median house value of $133,673.

Market Appreciation and Investment Potential

- Appreciation Rates: Over the last decade, Painesville has experienced lower real estate appreciation rates compared to the national average. However, recent trends indicate a strong appreciation rate, potentially signaling robust investment opportunities.

Economic Indicators

- Population and Ownership: Painesville has a population of 20,591, with a relatively balanced mix of homeowners and renters.


- Monthly Costs: The average monthly cost of homeownership in Painesville is $1,320.

This overview provides a snapshot of the Painesville real estate market as of November 2023, offering valuable insights for potential buyers, sellers, and investors. The market demonstrates a blend of affordability and competitiveness, with recent trends indicating a shift towards higher appreciation rates and a favorable environment for sellers.

For more detailed information and the latest listings in Painesville, Ohio, visit me at.


https://agentsgather.com/homes-for-sale-painesville-ohio/

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