Lakewood, OH is experiencing significant changes in its real estate market in 2024. With a median listing home price of $250,000, the market has seen a noticeable decrease of 9.1% year-over-year. This has made it an attractive option for potential homeowners and investors alike.
Homes in Lakewood are selling faster than before, with the average time on the market dropping to about 8 days. This is a sharp reduction compared to the previous year. This quick turnover reflects the high demand and competitive nature of the Lakewood housing market.
The market dynamics are further illustrated by the variety of home prices based on bedroom counts. For example, while the average home value is $275,335, homes with five or more bedrooms have seen a price increase of 8.8% over the past year. For more detailed statistics, visit the Lakewood real estate trends.
Key Takeaways
- The median listing home price in Lakewood is $250,000.
- Homes are selling faster, averaging about 8 days on the market.
- Prices for larger homes with five or more bedrooms increased by 8.8%.
What Are The Key Trends In The Lakewood, OH Real Estate Market 2024?
The Lakewood, OH real estate market has seen notable changes this year. From price fluctuations to increased competition, here are the most important trends to watch.
How Has The Market Changed Over The Past Year?
The median sale price in Lakewood, OH has experienced significant shifts. As of May 2024, the median sale price reached $322,000, reflecting a 9.2% increase from last year. This spike indicates growing demand and rising home values. According to Redfin, homes are very competitive, receiving around four offers each. While the average sale price last month was $290,000, it marked a 5.8% decrease from the previous year, highlighting some volatility.
What Are The Current Inventory Levels?
Inventory levels are crucial for understanding market activity. Lakewood saw an increase in homes sold, with 57 homes sold in May 2024, up from 53 the previous year. This slight rise in sales volume points to increased buyer interest. Listings on Zillow show a range of homes, from smaller properties to larger, more expensive ones, indicating a diverse market. Housing supply is keeping pace with demand, ensuring multiple options for interested buyers.
What Is The Average Time On Market?
Homes in Lakewood, OH are selling quickly. The average time on the market is about eight days, down from 13 days last year, based on Steadily's report. This shorter selling period signifies a hot market where properties move rapidly. Buyers are acting fast, and many homes receive multiple offers. The fast turnaround time is a key indicator of the strong demand in Lakewood’s housing market.
What Are The Most Desirable Neighborhoods In Lakewood, OH?
The most desirable neighborhoods in Lakewood, OH, are known for their attractive features and competitive real estate prices. They provide a variety of amenities, historic charm, and are in high demand among buyers.
What Features Make These Neighborhoods Attractive?
Many neighborhoods in Lakewood boast unique architectural styles, including a large stock of pre-World War II homes. These areas also offer access to parks, restaurants, and shops, making them ideal for families and professionals alike. Walkability is another key feature, as residents can easily explore the city without the need for a car.
Excellent public schools and a sense of community are other factors that make these neighborhoods appealing. Many residents also appreciate the easy access to downtown Cleveland and the beautiful Lake Erie shoreline, adding to the overall quality of life.
What Are The Average Home Prices In These Areas?
Home prices in Lakewood can vary significantly depending on the specific neighborhood and type of property. The median sale price in Lakewood is around $290K, which has slightly decreased from last year. However, homes still sell quickly, often within 9 days on the market.
In some of the more sought-after neighborhoods, you can find higher median home prices, such as $322,080 as reported by NeighborhoodScout. These prices reflect the high demand and the competitive nature of the real estate market in Lakewood. Homes for sale in Lakewood, OH, frequently receive multiple offers, driving prices up in the most desirable areas.
How Do Lakewood, OH Property Taxes Compare To Other Areas?
Lakewood, OH property taxes are influenced by several key factors, including local government budgets, school funding, and real estate prices in Cuyahoga County.
What Are The Current Property Tax Rates?
Lakewood, OH, part of Cuyahoga County, has property tax rates that are among the highest in Ohio. The average effective property tax rate in Cuyahoga County is 2.51%. For Lakewood residents, taxes can be significant, especially when compared to other counties like Lawrence County, which has a much lower rate of 0.86%. Homeowners in Lakewood pay roughly $2,510 annually for every $100,000 of assessed home value.
How Have Property Taxes Changed Recently?
Property taxes in Lakewood have seen fluctuations over the years. Recently, there has been a general upward trend in property taxes due to increasing real estate values and higher funding requirements for schools and local services. According to recent data, property tax bills have increased in several areas within Greater Cleveland. For instance, areas like South Euclid within the Cleveland Heights school system have experienced noticeable increases.
What Factors Influence Property Tax Rates?
Several factors influence property tax rates in Lakewood, OH. Key elements include the city's budgetary needs, school district funding, and overall property values within the area. For instance, areas with high demand and expensive properties often have higher tax rates. Cuyahoga County also plays a major role, as county-level decisions impact local municipalities' tax rates. Additionally, improvements to community infrastructure can lead to higher taxes to cover the costs.
What Are The Rental Market Trends In Lakewood, OH?
Rental prices in Lakewood, OH have seen notable changes recently. The average rent and market trends reflect a competitive environment for both landlords and renters.
What Is The Average Rental Yield?
The average rental yield in Lakewood, OH varies based on the type of property and location. In general, the median rent price in Lakewood for August 2024 is $1,300, representing an annual increase of $83 from the previous year. This area has seen a significant range of rental prices, from as low as $830 for a studio to $1,400 for a two-bedroom apartment.
Understanding how these prices compare to property values can help investors gauge potential returns. The average rent in Lakewood, OH was $921 per month as of September 2024.
What Are The Vacancy Rates?
Vacancy rates are a crucial factor in Lakewood's rental market. Typically, lower vacancy rates indicate a higher demand for rental properties. Although specific vacancy rate numbers for 2024 are not readily available, the market trends suggest high demand.
Lakewood's rent prices have been increasing, with notable month-over-month changes. For instance, in March 2024, rental prices increased by $68 compared to the previous month. This trend reflects a tight rental market where vacancies are likely low.
Prospective renters and landlords should keep a close watch on these trends to make informed decisions. For more detailed information, visit Rental Market Trends.
What Are The Best Practices For First-Time Landlords In Lakewood, OH?
First-time landlords in Lakewood need to focus on tenant screening and property management. These practices ensure rentals are well-maintained and tenants are responsible.
How To Screen Potential Tenants?
Screening tenants is vital for maintaining a stable and safe property. Landlords should start by conducting background checks. This includes verifying employment, credit history, and past rental behavior. Speaking with previous landlords can also provide insights into a tenant's reliability.
Setting clear rental criteria helps filter applications. These criteria might include minimum income levels, credit scores, and tenant history. It's crucial to remain consistent to avoid discrimination claims.
Using tenant screening services can save time and offer thorough reports. These services often include all necessary checks, making the screening process efficient. For specific guidelines, landlords can refer to Lakewood's Best Rental Practices.
What Are The Essential Property Management Tips?
Effective property management involves regular maintenance and clear communication with tenants. Landlords should schedule regular inspections to ensure property upkeep. This can prevent minor issues from becoming costly repairs.
It’s important to set up a reliable system for rent collection and maintenance requests. Using property management software can streamline these tasks. This software can also track expenses and lease agreements, making management more organized.
Landlords in Lakewood should stay informed about local regulations. This includes understanding housing licenses and city requirements. Attending a landlord training seminar is a good step for new landlords. This ensures they are up-to-date with laws affecting property management.
By adhering to these practices, first-time landlords can manage their properties effectively and maintain good tenant relationships.
What Legal Considerations Should Landlords Be Aware Of In Lakewood, OH?
Landlords in Lakewood, OH, should be aware of specific legal requirements concerning tenant rights, eviction procedures, and lease agreements. These laws ensure a fair and transparent renting process.
What Are The Essential Local Landlord-Tenant Laws?
Landlords must adhere to the city's landlord-tenant laws, which include prohibitions against retaliation and discrimination. Retaliation could involve actions like increasing rent or decreasing services if a tenant reports health and safety violations. To avoid legal penalties, it is crucial for landlords to maintain the property’s habitability and address repair requests promptly.
The Lakewood Tenants Organization provides valuable resources for both landlords and tenants on local housing laws. Landlords should familiarize themselves with these resources to avoid legal issues.
How To Handle Eviction Procedures?
Eviction in Lakewood must follow due legal process, which ensures tenants' rights are respected. If tenants fail to pay rent or violate lease terms, landlords must provide a written notice. In cases of non-payment, they should allow a grace period before filing an eviction lawsuit.
Lakewood's Pay To Stay Ordinance allows renters to stay if they pay overdue rent and related fees before eviction is finalized. Ensuring compliance with local eviction laws will save time and legal expenses.
What Are The Requirements For Lease Agreements?
Lease agreements in Lakewood need to be comprehensive and comply with state and local law. Essential elements include the monthly rent amount, payment due date, security deposit details, and property maintenance responsibilities. Specific clauses on lease termination and renewal are also crucial.
Ohio law mandates landlords to provide contact information for emergencies and repair requests. Reference the landlord-tenant issues page on the City of Lakewood’s official website for more details on necessary lease components. This ensures both parties are protected and clear on their obligations.
With a thorough understanding of these legal considerations, landlords in Lakewood can manage their properties successfully and avoid potential disputes.
Frequently Asked Questions
Lakewood, OH's real estate market in 2024 has seen fluctuations in home prices, trends affecting market dynamics, and changes in inventory levels. Mortgage rate predictions and emerging neighborhoods are also key topics of interest.
How has the median home price in Lakewood, OH changed in 2024 compared to previous years?
The median home price in Lakewood, OH, was $322,000 in May 2024, increasing by 9.2% from the previous year. In June 2024, the median listing price was $250,000, showing a decrease of 9.1% year-over-year. Different sources show varying trends, reflecting market volatility.
What trends are currently influencing the Lakewood, OH real estate market?
Homes in Lakewood are selling faster, with an average of 8 days on the market, down from 13 days in the previous year. The Lakewood housing market is very competitive, receiving around four offers per home. The real estate market remains active with a steady demand.
How do inventory levels in Lakewood, OH compare to previous years?
A total of 57 homes were sold in Lakewood in May 2024, up from 53 homes in the same month last year. This indicates a slight increase in sales activity, showing sustained interest in the area’s real estate despite varying prices.
What are the predictions for mortgage rates in the Lakewood, OH area for the remainder of 2024?
While specific mortgage rate predictions for Lakewood aren’t detailed, the overall trend in Ohio shows a steady increase in real estate prices. This suggests that mortgage rates might remain stable but closely tied to regional economic patterns.
Are there any emerging neighborhoods in Lakewood, OH that homebuyers should be aware of?
Lakewood continues to be attractive due to its competitive housing market and improving real estate trends. Prospective buyers should stay alert for upcoming property listings and market movements. Explore detailed market insights by visiting real estate trends in Lakewood.
What impact is the current economic climate having on the Lakewood, OH real estate market?
The current economic climate, including employment rates, impacts how quickly homes are sold and the overall competitiveness of the market. With homes selling faster and a slight increase in the number of sales, the market shows resilience amidst economic fluctuations.
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