Ohio’s September housing report: Shrinking inventories and rising list prices

According to REALTOR.com’s September 2014 Housing Report, which tracks inventory of for-sale single-family homes and condos, median list prices, inventory levels and days on the market for 146 cities across the country:

The median age of inventory is lower than last year with a reduced number of homes on the market, according to data from the realtor.com September National Housing Trend Report.

In September, homes spent approximately 90 days on the market, which is three days less compared to this time last year. Median listing prices held steady for the fourth consecutive month, maintaining a 7.7 percent gain year-over-year.

Compared to the findings from a year ago, nearly every Ohio market saw a significant drop in the number of homes on the market. All six Ohio markets tracked experienced an uptick in the median list price in September. Additionally, homes across the state are being marketed for shorter time frames compared to 2013.

September 2014 vs. September 2013

“The low number of homes currently for sale across Ohio continues to pose a challenge to our marketplace,” said Chris Hall, president of the Ohio Association of REALTORS. “Tight inventory levels are contributing to rising list prices and reducing the amount of time that homes are being marketed for sale.”