September Market Trends

It's been a transitional time the last few weeks in NEO Real Estate. A true mixed bag of some new listings going in multiples for well above the asking price, and others, sometimes down the road, having no showings for weeks and reducing the price.

While the shift is not everywhere yet (it will be), the market change has clearly begun and it's beginning to be less of a seller's market than what we've seen since 2020.

There is a lot to take in from the data below (click to enlarge). There are two really important factors that come into play.

1.) Days on market is steadily creeping up. It has been the last 3 years but it's more pronounced now. Data and my experience show there is no guarantee a home will sell in a weekend. Buyers have more choices and leverage than they did before. Days on market is currently at a shade over 42 days, which is significantly more than it was the last 4 years.

2.) Inventory is actually up much higher than in recent years. In 2023, inventory was in the ballpark of 6,000 units. Now, we are looking at about 8,000 in Northeast Ohio. This is a dramatic change which results in more choices for buyers and more leverage on their end, and more price cuts/days on market.

What does this mean for sellers?

If the trends continue, you may have less competition now than you will in the coming years. Data shows this to be true, and it also is forecasted by most experts that this will be the case in the coming years. If you're on the edge about selling, seriously consider listing before the Winter months.

What does this mean for buyers?

You still may run into multiple offer situations, but much less likely than what we've seen over the years. If it's an attractive price point, in pristine shape, and a great neighborhood, it is still happening, but you do have much more choices. A tip several of my buyers are using is to not take a look at a home until it's been listed for 14 or more days, as this will almost certainly eliminate a bidding war situation. The bottom line, buyers have more options and more price cuts than what we have seen in years.

Who do you know who is thinking of buying in selling? Love to connect!

Have Real Estate Questions?

I love answering questions about real estate! It's my job and something I feel very passionate about. In real estate, there are so many things to know, so many moving parts, and the market is changing day to day and neighborhood to neighborhood. With that in mind, I am always to thrilled to provide any guidance you may need about anything real estate related. Please call, text, or email anytime.

While I am your everyday "go to", I wanted to provide an extra resource to all my clients. I can answer 97% of questions that come my way (and can find the right person to answer the remaining 3%), and I estimate my new option is accurate about 70% of the time. Not bad for a robot :)!

I created Real Estate PatGPT as a fun tool to ask some basic real estate questions. At this point, this is purely for entertainment! Give it a try and please let me know what you think. Please reach out to me directly if you need anything in particular.

Here is the link: