Is Amherst, OH a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Amherst has remained a Seller's Market.
Key Takeaway
Amherst is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Amherst, OH
How much do homes in Amherst, OH cost?
Median Sold Price
$273,950
$134/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Amherst have sold for 11.8% more than they did a year ago.
Summary: The median home sold price in Amherst was $273,950 in May 2024, up 11.8% from last year, and the median price per square foot was $134.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $171.9K | $162.5K | -5.5% |
| 3 Bedrooms | $225.5K | $246K | +9.1% |
| 4 Bedrooms | $274K | $320K | +16.8% |
| 5+ Bedrooms | $396.3K | $522.5K | +31.8% |
Summary: Amherst housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 5.5%, 3 bedroom homes increased by 9.1%, 4 bedroom homes increased by 16.8%, and 5+ bedroom homes increased by 31.8%.
Median Sold Price Compared To Nearby Cities
| Amherst | $245K | $273.9K | +11.8% |
| Amherst Township | $240.5K | $265K | +10.2% |
| Lorain | $133.5K | $139.9K | +4.8% |
| Brownhelm Township | $239.9K | $225K | -6.2% |
Housing Supply in Amherst, OH
How many homes are available in Amherst, OH?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 36 | 56 | +55.6% |
Summary: The Amherst real estate market had 56 homes for sale in May 2024, a 55.6% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 8 | 10 | +25.0% |
| 3 Bedrooms | 18 | 26 | +44.4% |
| 4 Bedrooms | 10 | 19 | +90.0% |
| 5+ Bedrooms | 0 | 1 | +100.0% |
Summary: The Amherst housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 25%, 3 bedroom homes increased by 44.4%, 4 bedroom homes increased by 90%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 9 | 14 | +55.6% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
5 Homes Were Sold
At Asking
5 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Amherst, expect to pay close to the asking price. 35.7% of homes here sold near the asking price last month.
Summary: A total of 14 homes were sold or pending in Amherst in May 2024, up by 55.6% month-over-month. Of the 14 sold homes, 29% were sold under asking, 36% were sold at asking, and 36% were sold over asking.
Days on Market for Amherst, OH
How long does it take to sell a home in Amherst, OH?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 43 Days | 20 Days | -53.5% |
Summary: Homes in Amherst had an average of 20 days on market in May 2024, down by 53.5% compared to last year.
Breakdown of Home Sale Times
8 Homes Were Sold
Under 30 Days
6 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Amherst are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 14 homes were sold in Amherst; 57% of homes were sold within 30 days, 43% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
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