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July 18, 2024

Ashtabula, Ohio - Real Estate Market Overview 2024

Zoe Harper

Marketing

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The real estate scene in Ashtabula, Ohio, sparkles with unique aspects. It's eye-catching for buyers and investors alike. In a population of 17,806, the area boasts 7,666 homes or apartments, offering something for everyone¹. The median home value is $111,964, making it super affordable compared to other places in the U.S¹. Getting to know the local market is key. This includes the popularity of single-family homes and lots of older houses.

Want the inside scoop on Ashtay patient. Many homes are freestanding, making up 69.94% of all housing¹. Here, 52.1% of people own their homes, while 47.9% rent, showing a balanced community. Plus, homes here have been appreciating by 5.52% yearly on average for the past ten years¹. Also, 41.08% of homes date back to before 1939, adding historical allure to the area¹.

Looking for more insights? Ashtabula has a 10.70% vacancy rate, indicating unique opportunities and some hurdles¹. For further information, click here.

Key Takeaways

Ashtabula, OH has a population of 17,806 and 7,666 housing units, offering diverse living options.
The median home price is $111,964, making it one of the most affordable regions nationally.
Single-family detached homes represent 69.94% of the housing market.
Approximately 41.08% of homes were built before 1939, indicating a historic housing stock.
Roughly 52.1% of residents are homeowners, while 47.9% are renters.
The annual home appreciation rate averages 5.52% over the last decade.
The vacancy rate stands at 10.70%, presenting both challenges and opportunities.

Current Market Conditions in Ashtabula, OH

The Ashtabula housing market is booming, showing a strong trend towards sellers. Homes are quickly selling, often for more than the listed price. This creates a competitive scene for buyers.

Neutral vs Seller's Market

Ashtabula is now a seller's market. The median home price is $247,450, a 28.71% jump from last year². The price for each square foot has also increased to $144, up 20.82%². This tells us sellers are in a good spot.

Factors Contributing to Market Status

A few reasons have made Ashtabula a hotspot for sellers. The main one is high demand meeting limited homes for sale. Even though there are more listings than last year, the number still isn't enough².

Economic growth and new buildings are also attracting buyers and investors. Homes in Ashtabula aren't staying on the market for long either, selling in about 38 days². This is quicker than before, showing the market's strength.

Housing Prices in Ashtabula, OH

The real estate market in Ashtabula, OH, has seen many changes in the last year. These changes have affected the prices of homes in Ashtabula. We'll look into the patterns that have influenced the Ashtabula property market forecast.

Median Sold Price

In April 2024, the median price for a home in Ashtabula, OH, was $140,000. This was a slight drop of 2.83% from the previous year³. Despite this decrease, the top 5% of homes saw their prices jump by 29.96%. This increase brought their price up to $434,070 in April 2024³.

Price Per Square Foot

The cost per square foot for homes in Ashtabula went up by 20.82%. It reached $144 in June 2024³. This indicates that people are more interested in high-value homes now. The rise in price per square foot reflects a growing demand in the Ashtabula property market.

Trends Over the Past Year

Last year, Ashtabula's housing prices fluctuated quite a bit. In April 2024, the total sales value was $11,116,935³. This shows that homes of various price ranges were sold. Also, there was a 25.88% drop in the number of sales at the same time³. This could mean the market is slowing down.

However, the price for homes in the 75th percentile increased by 19.80%. This rise brought the price up to $227,500³. For more detailed insights, check out the full data on Ashtabula's real estate market at Evening Tribune ³.

Comparison of Ashtabula Real Estate Prices to Nearby Cities

When we look at homes in Ashtabula and compare them with Saybrook Township and Ashtabula Township, one thing is clear. Ashtabula holds a strong spot in the local market.

The average price for a house in Ashtabula is $217,794.71. This makes Ashtabula more appealing compared to surrounding areas⁴. Homes here have a median price of $179,990. This price range makes it easier for more people from nearby cities to buy here⁴.

In Ashtabula, house prices vary a lot, from as low as $100,000 to as high as $399,000. This $299,000 price difference means there’s something for everyone⁴. Whether you're buying your first home or looking for something fancier, Ashtabula has options.

About 40% of homes in Ashtabula are pending sales, while the rest, 60%, are still available⁴. These numbers show a healthy and active market. It tells us that lots of people are interested in buying homes in Ashtabula.

There are also five real estate agencies in Ashtabula that help both buyers and sellers⁴. This variety provides a lot of choices. It also helps keep Ashtabula’s real estate market lively and competitive.

All these facts about Ashtabula’s homes and the trends in its real estate market show why Ashtabula stands out. It’s a great place compared to nearby cities, making its real estate market attractive.

Breakdown of Home Prices by Number of Bedrooms in Ashtabula

The Ashtabula housing market shows different home prices based on bedrooms. One-bedroom houses usually cost less than those with more rooms. This difference is because of the room count price impact. It clearly shows how more bedrooms can raise a house's value.

In 2022, the average house price in Ashtabula County was $147,100⁵. Prices change a lot based on the size of the house. Two-bedroom houses cost about $90,000 to $120,000. Three-bedroom houses are priced from $125,000 to $160,000. And houses with four or more bedrooms often cost more than $200,000⁵. This shows how bigger houses usually cost more.

Even though one-bedroom houses are cheaper, the demand and prices for four and five-bedroom homes are higher. This trend is a big part of the Ashtabula housing market trends. It's important for both home buyers and investors. They need to know this to make good choices in the Ashtabula housing market.

The number of bedrooms can really change a house's price. This is true from one to five-bedroom houses. It gives buyers a better idea of what to expect. Plus, knowing about the room count price impact can help set the right expectations in Ashtabula's housing market⁵.

Housing Supply in Ashtabula, OH

Analyzing the Ashtabula housing inventory gives insights into real estate market dynamics. The types of available homes, especially how many bedrooms they have, are key to understanding the supply side of the market.

Number of Homes Available

Ashtabula County often lists around 600 single-family homes every month. However, in May, only 118 homes were up for sale, showing a drastic drop. This low number of homes available points to the challenges buyers face in Ashtabula's real estate market⁶.

The average home price in the city is $148,000, lower than the county's $170,000 average. In the city, only 49% of people own their homes, compared to 72% in the county⁶. These numbers show differences in how homes are sold and owned across the area.

Homes for Sale by Bedroom Count

Looking at homes based on bedroom count shows what buyers want and the market's demands. Lists usually show everything from single-bedroom flats to houses with many bedrooms. This info helps us see which types of homes sell fast and what buyers look for.

For more on Ohio's housing trends, check out this comprehensive insight. This analysis shows Ashtabula's place in the larger state market⁶. Having this knowledge is crucial for anyone involved in Ashtabula's real estate.

Average Time on the Market for Homes in Ashtabula, OH

Knowing how long houses stay for sale is key in Ashtabula real estate. Lately, homes in Ashtabula, OH have been selling in various times. This depends on things like the type of home and the time of year.

Trends in Days on Market

Recent figures show Ohio’s average home price hit $264,941 in February 2024. Because of this, people take longer to buy homes in Ashtabula⁷. Also, the season affects how fast homes sell. Spring and summer see quicker sales than winter⁴.

Breakdown by Sale Times

In Ashtabula, OH, 40% of homes soon find buyers, showing good market flow⁴. This speed varies, as homes with features like basements, big yards, or central air are more in demand⁴.

Asking Price vs. Sold Price in Ashtabula, OH

In Ashtabula, the asking prices and sold prices are key for buyers and sellers. Knowing how these prices match up can help when you're selling or buying a house. It's about finding the right price.

Homes Sold Under Asking

About 40% of homes in Ashtabula sell for less than their asking price. This usually happens when a house has been for sale too long or if there aren't many buyers⁸. Sellers need to set realistic prices to draw in serious buyers quickly⁹.

Homes Sold At Asking

Some homes in Ashtabula do sell for exactly what the seller is asking. Around 25% of properties manage to hit this mark, showing good pricing and market understanding⁸. This often applies to homes newly put on the market that match current prices, leading to faster sales⁹.

Homes Sold Over Asking

Interestingly, 15% of Ashtabula homes sell for more than their listed price. This happens in hot markets where many buyers want the same house and bid high⁸. With the right marketing and timing, sellers in sought-after areas can make a profit⁹.

Ashtabula County Real Estate Market Overview

In April 2024, Ashtabula County, Ohio, saw a mix of trends in its real estate market. Sales dropped by 25.88%³ compared to last year. Despite fewer sales, the highest-priced homes went up by 29.96% to $434,070. The median home price fell slightly by 2.83% to $140,000³.

These changes show the market's complex conditions.

Current Market Conditions

By June 2024, the market in Ashtabula County was doing fairly well. It scored 77.6 on market hotness, with supply at 64.78 and demand at 90.46³. Homes stayed on the market for 38 days on average. This is slightly longer than before, indicating a slowdown.

This reflects a cooling down but also points to mixed sales and price trends.

County-wide Trends

A closer look at the county's data for June 2024 shows a modest month-to-month increase in median listing price to $247,450. This marks a 0.59% increase from the previous month and a big 28.71% jump from last year³. Active listings were up by 9.96%, but new listings dropped by 11.11%. The price per square foot increased to $144.

This shows a 4.05% monthly decline but a 20.82% yearly rise³. These trends suggest significant shifts and potential in the local real estate scene.

For more details on these trends, click here.

FAQ

What is the current state of the Ashtabula, OH real estate market?

Right now, Ashtabula, OH is a seller's market. This means homes sell quickly because many people want to buy them.

What factors contribute to Ashtabula being a seller's market?

Ashtabula is a seller's market because more people want to buy houses than there are houses for sale. Strong economic conditions also make it easier for people to sell houses than to buy them.

How have median sold prices in Ashtabula changed over the past year?

Prices for homes in Ashtabula have gone up a lot in the last year. This shows the market is doing well.

How does Ashtabula’s real estate market compare to neighboring cities?

When you compare Ashtabula to places like Saybrook Township and Ashtabula Township, Ashtabula is doing better. It has more competitive real estate prices and better market conditions.

How do home prices in Ashtabula vary by the number of bedrooms?

The price of a house in Ashtabula changes a lot depending on how many bedrooms it has. Houses with more bedrooms tend to cost more.

What is the current housing supply in Ashtabula, OH?

Ashtabula's housing supply shows you how many houses are for sale based on how many bedrooms they have. This gives a good picture of what's available.

How long do homes typically remain on the market in Ashtabula?

On average, houses in Ashtabula don't sell right away. The time it takes to sell can vary a lot, though.

Do homes in Ashtabula sell below, at, or above asking price?

In Ashtabula, houses might sell for less, the same, or more than their asking price. This shows it's a busy market with lots of competition.

What are the current trends in the Ashtabula County real estate market?

The real estate market in Ashtabula County is seeing changes in how much houses sell for, what's available for sale, and how it compares to other places.