The real estate housing market landscape is ever-changing, and understanding the current market conditions is important for both buyers and sellers. In this blog post, I delve into the current state of the housing market for Northeast Ohio. Drawing from recent data and trends, I'll shed light on factors like listing prices, market competitiveness, and predictions for the future. Whether you're considering buying a home, selling your property, or investing in the region, this comprehensive overview will provide valuable insights to inform your decisions.
Northeast Ohio Housing Market Statistics Through June 2023
Housing Inventory
This information was pulled from the MLS for most of northeast Ohio. The counties included in the statistics below include Ashtabula, Cuyahoga, Carroll, Columbiana, Geauga, Holmes, Lake, Lorain, Mahoning, Medina, Portage, Stark, Summit, Trumbull, Tuscarawas, and Wayne.
Months Supply of Inventory
“Months Supply of Inventory” (MSI), is a term used in real estate to measure the number of months it would take for the current inventory of homes on the market to sell given the current sales pace.
This metric is important because it helps gauge the balance between supply (the number of homes for sale) and demand (the rate at which homes sell). A low month of inventory indicates a seller's market where homes are selling quickly, often leading to higher prices. A high month of inventory suggests a buyer's market, where homes may take longer to sell and prices could be lower. Understanding this concept can help buyers and sellers make more informed decisions in the real estate market.
When comparing the average MSI from the first half of 2022 to the corresponding period in 2023, there has been a modest increase in the MSI for Northeast Ohio this year.
- January 2023 - June 2023: 1.68
- January 2022 - June 2022: 1.33
New Listings to Come on the Market
“New listings” in the housing market refer to the number of properties that have been put up for sale within a specific period, usually within a month. This term is crucial as it is a strong indicator of the real estate market's activity level and overall health.
The importance of new listings coming on the housing market is multifold for these 3 reasons:
1. Supply and Demand Balance
The addition of new listings expands the inventory of available homes for sale. When buyer demand remains constant, this increase in supply has the potential to create a more balanced market or even a buyer's market. Conversely, if there are fewer new homes entering the market, demand remains high.
2. Buyer Options
More new listings mean more choices for potential home buyers. This can make the home-buying process less stressful, as buyers have a larger pool of homes to choose from. When the housing market has fewer homes available, buyers must be more adaptable with their preferences and make quick decisions about making offers. In a market with lower inventory, homes tend to sell quickly.
3. Price Impact
The number of new listings can impact home prices. If new listings flood the market, it could put downward pressure on prices. Conversely, a shortage of new listings could lead to increased competition among buyers, potentially driving prices up.
The number of new listings added to the market during the first half of 2022 has shown a significant decrease when compared to the same period in 2023. This year, there has been a reduction of 5,240 new homes available for sale. I believe there are sellers who are hesitant to list their homes due to the prospect of buying a new property at a higher interest rate than what they have with their current mortgage. Despite the stable housing prices resulting from low inventory, this alone isn't sufficient motivation for some people to move unless necessary.
- January 2023 - June 2023: 25,874
- January 2022 - June 2022: 31,114
Home Sales
Tracking home sales in housing market statistics refers to the process of monitoring the number of residential properties that have been sold over a specific period, typically on a monthly or yearly basis. This data is a key indicator of the health and activity level of the real estate market.
The importance of tracking home sales includes:
Market Health Indicator
A high number of sales indicates a strong market with high demand, while a low number might suggest a weaker market with less buyer interest.
Trend Identification
Tracking home sales allows us to identify trends over time. For example, consistent increases in sales might indicate a growing market, whereas consistent decreases could signal a slowing market.
Demand Assessment
The volume of home sales can help gauge the level of demand for housing in a particular area. High sales volumes suggest high demand, which could lead to price increases. Conversely, low sales volumes could indicate low demand, potentially leading to price decreases.
Economic Indicator:
Home sales are often used as an economic indicator. Strong home sales can signal a healthy economy as they often coincide with consumer confidence, low unemployment rates, and wage growth. A decline in home sales is often indicative of heightened financial uncertainty or other factors that cause prospective buyers to delay their home purchases.
When compared to the home sales in the first half of 2023 to the same period in 2022, there has been a decrease of 10,707 homes sold this year. I believe increased interest rates have led potential buyers to adopt a cautious approach, causing them to postpone their purchase decisions in anticipation of possible interest rate reductions.
- January 2023 - June 2023: 20,407
- January 2022 - June 2022: 31,114
Days on Market
"Days on Market" (DOM) is a key metric in real estate that refers to the length of time a property has been listed for sale on the market before it goes under contract. This time starts from the moment the property is officially listed for sale and ends when the seller has accepted an offer from a buyer.
Here's why DOM is important:
1. Buyer Interest:
A shorter DOM indicates high buyer interest as the property was able to attract a buyer quickly. Conversely, a longer DOM might suggest low buyer interest or issues with the property, such as overpricing or less desirable features.
2. Pricing Strategy:
DOM can inform pricing strategies. If similar homes in the area are selling quickly (low DOM), it suggests the market is active and prices may be set higher. If homes are taking a long time to sell (high DOM), it might indicate the need for a lower price to attract buyers.
3. Negotiation Power:
DOM can impact negotiation power. Sellers of properties with a high DOM may be more motivated to negotiate on price or terms, while those with a low DOM may feel they have the upper hand in negotiations.
4. Market Temperature:
DOM helps gauge whether it's a buyer's or seller's market. A lower average DOM indicates a seller's market (high demand, low supply), while a higher average DOM points towards a buyer's market (low demand, high supply).


In the first half of 2023, homes took an average of 6 additional days to sell compared to the same period in 2022. Sellers on average, should be prepared to have their home on the market a little longer than last year. I believe homes are staying on the market longer because some sellers are overpricing their homes thinking the market is the same as 2022, and because there are less buyers looking at homes due to the increase in interest rates.
- January 2023 - June 2023: 42 days
- January 2022 - June 2022: 36 days
Median Sale Price
"Median Sale Price" is a statistic in real estate that represents the middle point of all home prices in a specific area during a certain period. In other words, half the homes sold for more than the median sale price, and half sold for less.
Tracking the median sale price is important for several reasons:
1. Market Trends:
Changes in the median sale price can indicate whether the market is appreciating or depreciating. A rising median sale price suggests that home values are increasing, while a falling median sale price could signal a downturn in the market.
2. Affordability:
The median sale price can give potential buyers an idea of what they might expect to pay for a home. It provides a benchmark for comparing home prices in different areas, helping buyers determine where they might get the most value for their money.
3. Pricing Strategy:
For sellers, understanding the median sale price can help them set a competitive price for their property. If their home is priced significantly above the median, it may take longer to sell.
4. Investment Decisions:
Investors use the median sale price to assess the potential return on investment in a given market. A high median sale price could indicate a strong market with good potential for profit, while a low median could suggest a weaker market with lower returns.
5. Economic Indicator:
The median sale price can also serve as a broad indicator of economic health. Rising home prices often coincide with a strong economy, while falling prices can signal an economic slowdown.
Comparing the median sale prices of homes sold in the first half of 2022 to 2023, this year has witnessed an increase of nearly five thousand dollars in home prices. Even though home prices have increased in some areas, it's still very important to not overprice your home in this market. Talking with a real estate professional is key in making sure your home doesn't become "stale" due to an overpricing strategy.
- January 2023 - June 2023: $190,167
- January 2022 - June 2022: $185,433
Factors Affecting the Housing Market Over the Past Year
The real estate housing market from 2022 to 2023 has been influenced by several key factors. Here are the main ones I believe are important to be aware of:
1. High Mortgage Rates:
Mortgage rates have risen, making it more expensive for buyers to finance a home purchase. This has the potential to dampen demand and slow down the pace of home sales.
2. Elevated Home Prices:
Home prices have remained high due to strong demand and limited supply. This has made it more challenging for first-time buyers to enter the market.
3. Constrained Housing Inventory:
There's been a scarcity of homes available for sale, which has intensified competition among buyers, driving up prices further.
4. Inflation and Rising Interest Rates:
Inflation has led to increased living costs and higher interest rates. These factors can impact both buyers' ability to afford a home and sellers' willingness to sell.
These factors interplay to shape the housing market's dynamics, influencing home prices, the pace of sales, and the overall balance between buyers and sellers.
Will the Housing Market Crash Soon in Northeast Ohio?
Based on the information available, and with my expertise in the housing market for Northeast Ohio, here’s a summary of my perspective and what I believe will happen in the near future.
1. Market Shift:
The real estate market in Ohio is currently experiencing a notable shift, as median sale prices continue to rise in 2023. This uptrend indicates a robust market, yet there are indications of a potential correction on the horizon. I anticipate this correction to be gradual, although there are differing views suggesting it may have more significant implications.
2. Price Growth:
According to Zillow, 40 of the 46 metros in Ohio are expected to see some growth in the average home price by September 2023. This indicates a stable market rather than one poised for a crash. I agree with this information.
3. Sales Decline:
Home sales have declined in Northeast Ohio for 2023, and while this is a sign of cooling, it doesn't necessarily predict a crash.
4 Supply Shortage:
The availability of homes has been on a decline since 2023, resulting in rising prices. If this trend continues, it could potentially trigger localized housing bubbles in specific areas of Northeast Ohio. However, I remain skeptical of their magnitude, as I don't anticipate significant bubble formations in our area.
5. National Outlook:
Fannie Mae has predicted a national home price drop of 4.2% in 2023, followed by another 2.3% dip in 2024. If this trend extends to Ohio, it could lead to a market slowdown, though not necessarily a crash.

In summary, although there are indications of a cooling market in Northeast Ohio, a complete crash does not appear to be the prevailing viewpoint among myself and numerous other experts. Nevertheless, real estate markets can be impacted by numerous unpredictable factors, and forecasting the future with absolute certainty remains an elusive endeavor.
Factors that Exert Significant Influence on Housing Market Crashes
Several factors can contribute to a housing market crash. Here are some of the most significant ones:
1. Overvaluation:
If homes are consistently being priced and sold for more than their actual worth, it could lead to a housing bubble. When the bubble bursts, prices drop rapidly, leading to a market crash.
2. High-Interest Rates:
When interest rates rise, mortgages become more expensive. This can decrease the number of qualified buyers, leading to an excess supply of homes, which can cause prices to plummet.
3. Economic Recession:
A downturn in the overall economy can result in job losses and reduced consumer spending. This can lead to a decrease in home purchases, which can trigger a housing market crash.
4. Subprime Lending:
If banks provide loans to individuals who may struggle to meet their repayments (known as subprime borrowers), and these individuals default on their loans en masse, it can result in a housing market crash. This was a major factor in the 2008 financial crisis.
5. Government Policy Changes:
Sudden changes in government policy related to real estate or finance can impact the housing market. For instance, changes in tax laws, lending criteria, or housing regulations can influence buyer behavior, potentially leading to a market crash.
6. Overbuilding:
If more homes are built than there are buyers in the market, it can lead to an oversupply of properties. This can drive prices down and potentially lead to a crash.
7. Speculative Investment:
If a large portion of home purchases are made by investors rather than people planning to live in the homes, it can inflate prices and lead to a bubble. If these investors suddenly sell off their properties, it can cause a market crash.
Each of these factors can independently impact the housing market, but they often interact with each other in complex ways. Monitoring these indicators can help predict potential market crashes.
Strategies for Home Buyers in 2023 and 2024
As we look towards the remainder of 2023 and head into 2024, the real estate market continues to evolve. With market predictions ranging from modest price increases to potential decreases, prospective home buyers may wonder how best to navigate this landscape. Here are some strategic tips for those planning to buy a home this year or next.
Explore the Merits of Buying Versus Renting
Buying a home and renting are both valid options, but they come with different advantages depending on your personal circumstances, financial situation, and long-term goals. I can’t stress enough that doing what makes the most sense for your circumstances should be a primary factor in what guides your decision. Here are some merits of buying a home versus renting:
1. Building Equity:
Each mortgage payment you make is an investment in your property. Over time, you build equity, which is the part of your property that you truly own. This can be a powerful wealth-building tool. When you’re renting - you are paying someone else’s mortgage and you will not see a return on that.
2. Stability:
When you own a home, your monthly housing costs are relatively stable if you have a fixed-rate mortgage, while rent often increases over time.
3. Tax Benefits:
Homeowners can enjoy tax benefits that renters don't get, such as the potential to deduct mortgage interest and property taxes from your federal income tax.
4. Freedom and Control:
As a homeowner, you have the freedom to modify your property to suit your tastes and needs. You can paint walls, add new fixtures, or landscape your yard without needing a landlord's permission.
5. Potential for Appreciation:
While not guaranteed, your home could increase in value over time, potentially offering a substantial return on your investment when you sell. If you do not plan on being in your home for more than five years, in this market, it may not make sense for you to buy because it is riskier to see a return on your investment.
It's important to also note that homeownership also comes with responsibilities and costs that renters don't have, such as maintenance and repair costs, homeowners insurance, and property taxes. And while owning can be a great investment if you plan on staying put for several years, renting may be a better option if you anticipate moving within a few years or want more flexibility.
>> Learn More: Is Now a Good Time to Buy a House?
Secure Your Financing Early
Talking with a lender sooner rather than later can save you time, stress, and potentially even money in the long run. Conversations with a lender offer several advantages.
1. Sets Realistic Expectations:
Talking to a lender early can help you understand how much house you can afford. This sets a realistic budget for your home search, ensuring you don't waste time looking at homes outside of your price range
2. Pre-Approval Advantage:
Getting pre-approved for a mortgage shows sellers that you're a serious, qualified buyer. It gives you a competitive advantage, especially in a hot real estate market where homes sell quickly.
3. Credit Score Insights:
A lender can review your credit score and report, providing insights into any issues that need to be addressed before you apply for a mortgage. The earlier you know about these, the more time you have to improve your credit profile.
4. Interest Rate Estimation:
Lenders can provide information about current mortgage rates and potential future trends. This can influence your decision on when to buy.
5. Exploring Loan Options:
There are many different types of mortgage loans available. An early discussion with a lender allows you to explore these options and find the best one for your needs and financial situation.
>> Learn More: Financing a Home
Prepare Your Mindset
Buying a home is as much an emotional journey as it is a financial investment. As we look towards 2023 and 2024, particularly in Northeast Ohio, it's essential to approach the process with a realistic and prepared mindset. Here are some key pointers to help set your expectations right:
Understand Market Realities
It's important to recognize that the housing market has changed substantially over the past several years. Home prices have risen significantly, and while there may be fluctuations, they're unlikely to decrease drastically. This means you may not find the "steal" you're hoping for, but that doesn't mean you can't find a home that offers great value and meets your needs.
Be Ready to Act Fast
With inventory remaining low, desirable properties are often sold quickly. To compete, you'll need to be prepared to make decisions and offers quickly. This doesn’t mean rushing into buying a home that isn’t right for you, but rather being well-prepared and responsive when the right opportunity comes along.
Embrace Flexibility with Your Wish List
You might have a picture-perfect idea of your dream home, it can be challenging to find a home that checks all your boxes and can lead to disappointment in a tight market. Be clear about your non-negotiables, but also open-minded about aspects where you could compromise.
Practice Patience
While you need to be ready to move quickly, buying a home also requires patience. It might take time to find the right home, or you may face setbacks like getting outbid on a property you love. Stay resilient and remember that the goal is finding the right home, not just any home.
>> Learn More: How to Buy a House in 7 Steps: A Complete Guide
Work with a Local Real Estate Agent
A knowledgeable realtor can be your greatest asset in navigating the home-buying process. They can provide valuable insights about the local market, help you evaluate potential homes, and advocate for you in negotiations. Here are some key benefits of working with a Buyer’s Agent:
1. Market Knowledge:
Experienced Realtors have in-depth knowledge of the local real estate market, including pricing trends, neighborhood conditions, and housing inventory.
2. Negotiation Skills:
Realtors are trained negotiators. They can help ensure you get the best possible deal, whether you're buying or selling.
3. Access to Additional Listings:
Realtors have access to the most up-to-date property listings, including some that may not be publicly available. This can give you a competitive edge in a hot market.
4. Expert Guidance:
A trusted Realtor can provide valuable advice throughout the process, helping you make informed decisions and avoid common pitfalls.
5. Connections to Professionals:
Realtors often have strong networks of professionals such as home inspectors and mortgage brokers, which can streamline your real estate transaction.
6. Additional Home Buying Options:
Some real estate teams and companies are going above and beyond to offer their clients additional home-buying options. These options encompass innovative programs such as Buy and Lease Back Programs, Hero Professions Programs, Pay Your Rent Programs and more! These unique programs can provide added flexibility, convenience, and financial benefits to homeowners.
>> Learn More: Home Buying Programs offered by Jose Medina & Associates at Keller Williams Legacy Group Realty
7. Handling Paperwork:
Real estate transactions involve a lot of paperwork. An experienced Realtor can handle this for you, ensuring all documents are correctly completed and submitted on time.
8. Saves Time and Effort:
Having a Realtor handle things like property showings, negotiations, and paperwork can save you considerable time and effort.
9. Peace of Mind:
Perhaps most importantly, a trusted Realtor provides peace of mind. You can rest assured that a knowledgeable professional is looking out for your best interests.
Not all Realtors offer the same level of service. I highly recommend interviewing at least three agents to ensure you find the right fit. Many agents are willing to sit down with you for a Buyer Consultation, free of charge, during which they'll discuss how they can best serve you. It's also worth noting that working with a Buyer's Agent doesn't incur any additional costs, contrary to a common misconception among buyers.
When selecting an agent, prioritize experience, reputation, alignment with your specific needs and goals, and a good personality fit your top priorities!
>> Learn More: Partnering with Kevin McCaulley
Considering Building a Home
In today's competitive real estate market, building a home is an option worth considering. While it comes with its own set of challenges, there are several benefits:
Customization:
Building a home allows you to customize every aspect of it to your taste and needs. From the floor plan to the finishes, you have control over the details that will make the house truly feel like your home.
Modern Amenities:
New homes often include modern design elements and amenities that might be expensive or challenging to retrofit into an older home. Energy-efficient appliances, smart home technology, and open floor plans are just a few examples.
>> Learn More: What is a Smart Home? Exploring the Benefits & Possibilities
>> Learn More: New House or Resale House: Which is the Better Move for You?
Lower Maintenance:
With everything brand new, you're less likely to face unexpected maintenance issues that can come with older homes. Many home builders also offer warranties on their work, giving you added peace of mind.
Energy Efficiency:
New homes are typically more energy-efficient than older ones, thanks to advancements in construction techniques and materials. This can lead to significant savings on utility bills over time.
Potential Cost Savings:
While building a home can be expensive, it can sometimes be more cost effective than buying in a hot market, especially if you're able to secure a good deal on a plot of land.
Satisfaction:
There's a unique sense of satisfaction that comes from living in a home that you've helped design and build. It's a place that truly reflects who you are and what you value.
Building a home does come with challenges, such as finding a suitable lot, securing financing, and dealing with construction delays. You’ll want to carefully consider these factors and work with experienced professionals to guide you through the process.
Strategies for Selling a House in 2023 and 2024
Selling a home can be an exciting yet challenging process, especially in the ever-evolving real estate market of 2023 and likely 2024. To help you navigate this dynamic landscape and maximize your chances of a successful sale, here are some effective selling strategies:
List Your Home in the Open Market
When you list your home on the open market, it becomes visible to a wide pool of active homebuyers searching in your area. If your home is listed with a real estate agent, your listing will appear on multiple online platforms, real estate websites, and potentially even in print media. This broad exposure can attract a diverse range of interested buyers, which could lead to more offers. With more potential buyers aware of your property, there's a higher chance of receiving multiple offers. This competition can drive up the final selling price, especially if there's a bidding war.
Make Necessary Repairs
Buyers have become increasingly discerning, placing more emphasis on move-in-ready homes. Making necessary repairs and simple updates can significantly enhance the appeal of your home and attract more potential buyers. Consider addressing any noticeable maintenance issues, such as leaky faucets or cracked tiles, and consider giving your walls a fresh coat of paint to create a clean and inviting atmosphere. These small investments can make a big difference in impressing buyers and increasing the chances of a quick sale.
> > Learn More: What Not to Fix When Selling a House: 9 Repairs to Avoid
Work with a Realtor
A knowledgeable realtor can provide invaluable assistance, from setting the right price to marketing your property and negotiating with buyers. Key benefits:
1. Expertise in Pricing:
Realtors have a deep understanding of the local market and can help you set a competitive price that maximizes your profit while ensuring a quick sale. Understanding the market conditions, including housing inventory and average home prices, helps you and your agent set a competitive price for your property. One of the top reasons why a home lingers on the market is overpricing. When a home doesn't sell, potential buyers may question its value. Properly pricing your home, considering current market conditions, location, and condition, is crucial if you aim to maximize your selling price.
2. Marketing and Exposure:
Realtors can list your home on multiple platforms, potentially reaching a vast pool of potential buyers. They also know how to present your home in the best light through professional photographs, staging advice, and compelling property descriptions.
3. Negotiation Skills:
Selling a home involves complex negotiations. An experienced Realtor can advocate for your interests, helping you secure the best terms and price.
4. Handling Paperwork:
Real estate transactions involve a lot of paperwork. Your Realtor can handle this for you, ensuring that all documents are correctly completed and submitted on time.
5. Time and Effort Saving:
Selling a home can be time-consuming. By delegating tasks like fielding calls, hosting open houses, and coordinating showings to a Realtor, you can save a significant amount of time and effort.
6. Emotional Buffer:
Selling a home can be an emotional process. A Realtor can provide an objective perspective and serve as a buffer between you and potential buyers, preventing emotions from jeopardizing the sale.
7. Additional Home Selling Options:
Some real estate teams and companies are going above and beyond to offer their clients additional home-buying options. These options encompass innovative programs such as Buy and Lease Back Programs, Hero Professions Programs, Home Repair Programs and more. These programs offer home sellers additional advantages, including more flexibility, convenience, and financial benefits.
>> Learn More: Seller Programs
>> Learn More: How to Buy a House Before Selling Yours
>> Learn More: Partnering with Kevin McCaulley to Sell Your Home
Not all Realtors are created equal. It's important to choose a Realtor who has a strong track record, understands your local market, and is a good fit for your specific needs and goals.
Avoid Overpricing Your Home
One common mistake sellers should avoid is overpricing their homes. While home values have been on the rise, it's still important to price your home correctly from the start. In a market where buyers have become more selective and price-conscious, overpricing can deter potential buyers and result in your property sitting on the market for a longer period of time.
It's essential to set a realistic and competitive price based on current market conditions, recent sales of comparable homes in your area, and your realtor's advice. Pricing your home correctly from the beginning will attract more interest, generate more showings, and increase the chances of receiving offers closer to your desired price. Homes that sit on the market for a longer amount of time tend to deter home buyers.
Understand the Effects of Higher Interest Rates
In the second half of 2023 and in 2024, the real estate market may continue to experience a shift due to higher interest rates. When interest rates rise, it affects every aspect of the real estate market, including the length of time it takes to sell a home and other factors. Higher interest rates mean higher mortgage costs, which can deter some potential buyers and prolong the selling process.
Here's a closer look at what you can expect:
Fewer Buyers in the Market
Higher interest rates increase the overall cost of buying a home. This means that some buyers may decide to delay their purchase until rates drop or they can afford the higher monthly payments. As a result, there may be fewer active buyers in the market, which can lead to longer selling times.
Longer Time on Market
With fewer buyers, homes may stay on the market longer. Sellers need to be prepared for this possibility and be patient. It's important to remember that the right buyer may still come along—it might just take a bit longer than it would in a market with lower interest rates.
Possible Price Reductions
If your home is on the market for an extended period, you may need to consider reducing the price. While this isn't always necessary, it's something you should be prepared for. A price reduction can reinvigorate interest in your home and attract a new pool of potential buyers.
Embrace Flexibility
As we navigate the real estate market in the remainder of 2023 and into 2024, be ready to adapt to changes in the market and feedback from potential buyers.
Be Open to Negotiation on Price
While every seller naturally wants to achieve the highest possible price for their home, it's important to be realistic and open to negotiation. The changing market conditions, coupled with higher interest rates, might mean that getting the full asking price for your home becomes less feasible. A successful sale, in this type of market, is often a result of a compromise between the seller and buyer.
Consider Paying for Buyer Closing Costs
In a more competitive market, offering to pay for the buyer's closing costs could make your property more attractive to potential buyers. This concession could be the deciding factor that leads a buyer to choose your home over another. While this strategy will reduce your net proceeds from the sale, it could expedite the selling process and increase the pool of interested buyers.
Respond to Offers Quickly
In recent years, some sellers were waiting a few days before accepting offers to gather multiple bids, hoping to spark a bidding war. However, in the current market, buyers may be less willing to wait and could withdraw their offer if they don't receive a timely response. I have been seeing this happen more and more in 2023. To avoid losing potential buyers, it's becoming more beneficial to respond to offers quicker. Your agent can guide you more on response time but overall, a swifter response can keep the momentum going and bring you closer to a successful sale.
Consider Time of Year
Selling a home in Ohio can be influenced by the changing seasons, each bringing its own advantages and potential challenges.
Typically, late spring and early summer have been regarded as optimal times for selling real estate. However, with projected low inventory levels in 2023 and 2024, the usual seasonality of sales may diminish, and promising opportunities could arise year-round. Below, is the historical impact of different seasons on the real estate market.
Winter (December - February): Real estate activity tends to slow down during the winter months due to the cold weather and holiday season. However, buyers during this season are often very motivated, and there is less competition from other sellers.
Spring (March - May): Typically, the real estate market starts to pick up in late February or early March. Spring is often considered an ideal time to sell because of the improving weather and the desire of many buyers to move before the next school year starts. Many sellers choose to list their homes during this time so be prepared to be competing with other homes for sale in your neighborhood.
Summer (June - August): The market usually remains strong during the early part of summer. By late summer, however, the market may start to cool off a bit.
Fall (September - November): Ohio's fall real estate market is generally robust, with good buying demand until the end of November. After that, activity tends to decrease as we move into the holidays and winter months.
>> Learn More: Real Estate Tips for Sellers Planning to Sell in the Fall
Overall, strategies that work best for you will depend on various factors including your local market, the specifics of your home, and your individual circumstances. Always consult with a real estate professional to get tailored advice.
>> Learn More: Best Time of Year to Buy and Sell a House

Final Thoughts
Understanding the dynamics of the Northeast Ohio real estate market is important for both buyers and sellers. This article has provided an in-depth look at the current market conditions, explained the factors influencing the market, and explored potential triggers for a market crash (which I believe is unlikely to happen).
As we navigate the remainder of 2023 and head into 2024, buyers should be prepared to act swiftly and strategically. Sellers, on the other hand, should brace themselves for potentially longer selling times and be open to flexibility. The real estate landscape can shift rapidly, but with the right knowledge and preparation, you can make informed decisions that align with your real estate goals. Remember, whether you're buying or selling, partnering with a seasoned Realtor® can provide invaluable guidance every step of the way!
