Sellers rule in NW Ohio home market

MAUMEE – July home sales remained steady throughout Northwest Ohio, showing a continuation of the strong
sellers’ market experienced by this area in the preceding months.
Northwest Ohio Realtors has over 1,800 members dedicated to serving the needs of home sellers and buyers
in Northwest Ohio and the surrounding area, including Lucas, Wood, Fulton, Henry, Defiance, Williams,
Hancock, Wyandot, Paulding and Putnam counties.
According to NOR, the current market is a result of healthy buyer demand and constrained supply. This
continues to be the story for much of the country with national home showing activity in July
substantially higher than a year before.
Multiple-offer situations are a frequent experience in Northwest Ohio. With the inventory of homes for
sale still constrained, a competitive market for buyers shows little sign of waning.
In Northwest Ohio, new listings dipped slightly after peaking in June. Compared to July 2019, new
listings were down 12.5%.
Conversely, pending and closed sales reached new highs, showing an annual increase of 12.5% and 8.3%
respectively.
Overall, homes are staying on the market 1-2% longer than in years past (average 77 days). However, homes
sold in the area are receiving an average of 98.6% of the listing price, up 1.3% from 2019.
Locally, the median home price in July was $153,661, up 6% from July 2019 ($144,950), which follows the
national trend of rising prices identified by the National Association of Realtors.
The total housing inventory at the end of July decreased to 2,575 – a 26% decrease from July 2019. A
reduction in housing inventory was expected even before the pandemic and is a major factor driving the
current sellers’ market.