Is Westlake, 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, Westlake has remained a Seller's Market.
Key Takeaway
Westlake is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Westlake, OH
How much do homes in Westlake, OH cost?
Median Sold Price
$365,000
$161/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Westlake have sold for 4.3% more than they did a year ago.
Summary: The median home sold price in Westlake was $365,000 in May 2024, up 4.3% from last year, and the median price per square foot was $161.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $83K | $125.7K | +51.5% |
| 2 Bedrooms | $177.2K | $195K | +10.0% |
| 3 Bedrooms | $342K | $369.1K | +7.9% |
| 4 Bedrooms | $485K | $501.5K | +3.4% |
| 5+ Bedrooms | $850K | $640K | -24.7% |
Summary: Westlake housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 51.5%, 2 bedroom homes increased by 10%, 3 bedroom homes increased by 7.9%, 4 bedroom homes increased by 3.4%, and 5+ bedroom homes decreased by 24.7%.
Median Sold Price Compared To Nearby Cities
| Rocky River | $320K | $360K | +12.5% |
| North Olmsted | $225.6K | $249.9K | +10.8% |
| Bay Village | $340K | $376.2K | +10.7% |
| Westlake | $350K | $365K | +4.3% |
| Fairview Park | $248.5K | $258K | +3.8% |
Housing Supply in Westlake, OH
How many homes are available in Westlake, OH?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 103 | 118 | +14.6% |
Summary: The Westlake real estate market had 118 homes for sale in May 2024, a 14.6% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 0 | -100.0% |
| 2 Bedrooms | 19 | 23 | +21.1% |
| 3 Bedrooms | 37 | 42 | +13.5% |
| 4 Bedrooms | 37 | 41 | +10.8% |
| 5+ Bedrooms | 9 | 12 | +33.3% |
Summary: The Westlake housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 100%, 2 bedroom homes increased by 21.1%, 3 bedroom homes increased by 13.5%, 4 bedroom homes increased by 10.8%, and 5+ bedroom homes increased by 33.3%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 23 | 41 | +78.3% |
Asking Price vs. Sold Price
17 Homes Were Sold
Under Asking
8 Homes Were Sold
At Asking
16 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Westlake, you may be able to get a good deal. 41.5% of homes here sold below asking price last month.
Summary: A total of 41 homes were sold or pending in Westlake in May 2024, up by 78.3% month-over-month. Of the 41 sold homes, 41% were sold under asking, 20% were sold at asking, and 39% were sold over asking.
Days on Market for Westlake, OH
How long does it take to sell a home in Westlake, OH?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 30 Days | 23 Days | -22.9% |
Summary: Homes in Westlake had an average of 23 days on market in May 2024, down by 22.9% compared to last year.
Breakdown of Home Sale Times
27 Homes Were Sold
Under 30 Days
12 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Westlake are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 41 homes were sold in Westlake; 66% of homes were sold within 30 days, 29% of homes were sold within 30 to 90 days, and 5% of homes were sold over 90 days.
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