Northeast Ohio home sales rose 4.2% in 2021

Northeast Ohio home sales ended the year up 4.2%, despite persistent inventory challenges and price spikes that left some buyers on the sidelines.

Nearly 55,000 houses and condominiums changed hands in 2021 across the 18-county area tracked by MLS Now, a regional real estate listing service. That’s an increase of about 2,200 purchases when compared with 2020 transactions.

In December, the average sale price for a house was $214,869, up 6.5% from a year before. At $174,283, the average sale price for a condo posted an 8% annual gain.

Buyers in the region paid anywhere from $2,000 to $5.3 million for residential properties last year, according to the listing service’s records. Those figures are tied to sales of newly built and previously owned homes.

In Cuyahoga County, sales climbed 7.6% last year, while the average sale price hit $221,443. That’s a 9.3% gain.

Summit County sales increased 2.4%. The average sale price rose to $207,350, an 8% increase.

Across the region, December sales edged up from November, during a season when home purchases typically slow. And monthly sales rose by 1.7% from December 2020.

Houses sold in December spent an average of 41 days on the market. The typical condo listing lasted 34 days.

Year-end data show that 65,694 homes hit the market last year, a 3.5% increase from 2020. But new supply still is barely outpacing demand.

The Ohio Realtors trade association is scheduled to release its December and year-end sales figures on Thursday, Jan. 20.