Interested in relocating to Chagrin Valley in 2023? Or maybe you’re planning to put your current residence on the market this year? Whether you’re a homebuyer or seller, there’s plenty to look forward to in 2023.
Here’s an overview of current market trends, forecasts, and other key factors to keep an eye on as we welcome a brand new year.
Chagrin Valley real estate market forecast for 2023
Despite record-high mortgage rates in the past year, the real estate market in Chagrin Valley and most of Ohio remains one of the strongest in the country and is expected to continue trending upwards in 2023. While many parts of the state are seller’s markets, homebuyers this year have a much better chance of having their offers approved due to the increased rates.
It’s important to keep in mind that the market as a whole is just starting to level off due to the effects of the pandemic. Although many industry experts believe Ohio’s housing market may still encounter major obstacles in 2023, the demand for homes in the state is starting to stabilize, with more sales and a slight increase in the average price of homes.
Investing in Ohio real estate remains a smart move this year, especially in Cleveland and nearby communities throughout Chagrin Valley where there’s consistent demand for housing.
Chagrin Falls
According to recent data, home prices in Chagrin Falls increased by 20.8% compared to 2021. Homes sold for a median price of $538,000, selling 5 days on the market on average compared to 36 in the previous year. The average sale price per square foot for homes in Chagrin Falls is currently $193, marking an increase of 5.5% compared to last year.
As of November 2022, Chagrin Falls is a seller’s market, which is expected to continue on to early 2023. Homes are currently selling for approximately the same as their asking prices, while the most competitive properties sell for around 2% above their list price and stay on the market for about 5 days.
Pepper Pike
In Pepper Pike, the median listing price in November 2022 was $637,500, trending down by 1.9% year-over-year, according to recent data from Realtor.com. The median selling price in the same month was $648,000, and the median listing price per square foot was $179.
Pepper Pike remained a seller’s market in November 2022, with more prospective buyers than there are homes available. On average, homes sold for around 1.34% below the asking price and stayed on the market for 11-13 days on average. Pepper Pike’s median days on the market is trending up since October 2022, and are slightly up compared to 2021.
Gates Mills
Gates Mills is a buyer’s market as of November 2022 with homes selling for a median price of $625,000, up by 5.5% more compared to a year ago.
It’s an excellent time for those planning to buy a home in Gates Mills, as they’re likely to find a great deal since many homes are selling below their asking price. Available homes in the area stay on the market for 25-30 days, giving buyers plenty of opportunities to negotiate with sellers.
Looking for more helpful real estate tips? Check out our previous blog articles for buyers and sellers.
Navigate the market with Chagrin Valley’s best Realtor
If you’re looking to buy or sell a home in Chagrin Valley this year, get in touch with me, Michelle McQuade by calling 440.823.2448 or sending an email.