Home sales slow, prices increase across Ohio in May

Home sales slow, prices increase across Ohio in May

Home sales slow, prices increase across Ohio in May

Jun 22, 2023

The number of homes sold throughout Ohio in May fell from the pace set during the month a year ago, while average prices continued to rise, according to Ohio REALTORS.

Homes sales in May 2023 reached 12,082, a 16% decline from the 14,387 sales recorded during the month a year ago. The average sales price across Ohio in May reached $280,392, a 1.5% increase from the $276,304 mark posted in May 2022.

“The persistent challenge of low inventory levels of homes being marketed for sale has hampered activity across Ohio,” said Ohio REALTORS President Ralph Mantica. “Despite the ongoing issue of tight inventory, Ohio’s REALTORS remain bullish on the state’s housing marketplace – as mortgage interest rates have stabilized and average prices continue to reflect consumer confidence that housing is a wise, long-term investment.”

Around the state, eight of the 14 markets tracked experienced an increase in average price for the month compared to May 2022. Additionally, three local markets showed an increase in sales activity compared to a year ago.

Data provided to Ohio REALTORS by Multiple Listing Services includes residential closings for new and existing single-family homes and condominiums/co-ops.

Ohio REALTORS, with nearly 37,000 members, is the largest professional trade association in Ohio.

CLICK HERE for a market-by-market analysis of sales activity throughout Ohio.

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