Is Ravenna, 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, Ravenna has remained a Seller's Market.
Key Takeaway
Ravenna is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Ravenna, OH
How much do homes in Ravenna, OH cost?
Median Sold Price
$180,000
$118/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Ravenna have sold for 8.9% more than they did a year ago.
Summary: The median home sold price in Ravenna was $180,000 in May 2024, up 8.9% from last year, and the median price per square foot was $118.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $150K | $51.8K | -65.4% |
| 2 Bedrooms | $105K | $117.5K | +11.9% |
| 3 Bedrooms | $172K | $186.5K | +8.4% |
| 4 Bedrooms | $237K | $250K | +5.5% |
| 5+ Bedrooms | $157.9K | $180K | +14.0% |
Summary: Ravenna housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 65.4%, 2 bedroom homes increased by 11.9%, 3 bedroom homes increased by 8.4%, 4 bedroom homes increased by 5.5%, and 5+ bedroom homes increased by 14%.
Median Sold Price Compared To Nearby Cities
| Ravenna | $165.3K | $180K | +8.9% |
| Ravenna Township | $165.8K | $180K | +8.5% |
Housing Supply in Ravenna, OH
How many homes are available in Ravenna, OH?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 70 | 85 | +21.4% |
Summary: The Ravenna real estate market had 85 homes for sale in May 2024, a 21.4% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 3 | +100.0% |
| 2 Bedrooms | 9 | 11 | +22.2% |
| 3 Bedrooms | 41 | 46 | +12.2% |
| 4 Bedrooms | 15 | 21 | +40.0% |
| 5+ Bedrooms | 5 | 4 | -20.0% |
Summary: The Ravenna housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 22.2%, 3 bedroom homes increased by 12.2%, 4 bedroom homes increased by 40%, and 5+ bedroom homes decreased by 20%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 16 | 35 | +118.8% |
Asking Price vs. Sold Price
18 Homes Were Sold
Under Asking
5 Homes Were Sold
At Asking
12 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Ravenna, you may be able to get a good deal. 51.4% of homes here sold below asking price last month.
Summary: A total of 35 homes were sold or pending in Ravenna in May 2024, up by 118.8% month-over-month. Of the 35 sold homes, 51% were sold under asking, 14% were sold at asking, and 34% were sold over asking.
Days on Market for Ravenna, OH
How long does it take to sell a home in Ravenna, OH?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 32 Days | 46 Days | +46.5% |
Summary: Homes in Ravenna had an average of 46 days on market in May 2024, up by 46.5% compared to last year.
Breakdown of Home Sale Times
15 Homes Were Sold
Under 30 Days
15 Homes Were Sold
In 30 - 90 Days
5 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Ravenna are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 35 homes were sold in Ravenna; 43% of homes were sold within 30 days, 43% of homes were sold within 30 to 90 days, and 14% of homes were sold over 90 days.
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