Novelty Housing Market Report December 2024•Geauga County, Ohio

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Housing Prices in Novelty, OH

How much do homes in Novelty, OH cost?

Housing Market Conditions

Is Novelty, OH a buyer’s or seller’s market?

Housing Market Conditions

This is the supply and demand for houses in an area based on home prices and trends.

Buyer’s Market

A buyer’s market occurs when the number of available properties for sale exceeds the number of buyers looking to purchase. In a buyer’s market, the supply exceeds the demand.

Neutral Market

A neutral market occurs when the number of buyers looking to purchase properties meets the number of available properties for sale. In a balanced market, there are enough homes to meet the demand.

Seller’s Market

A seller’s market occurs when there are more buyers looking to purchase properties than there are available homes on the market. In a seller’s market, the demand exceeds the supply.

Seller'sMarket

Buyer'sMarket

Novelty is a Seller's Market

Difference Since December 2023

Since last year, Novelty has remained a Seller's Market.

Insight

Novelty is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Median Sold Price

Median Sold Price
This is the middle price for which all homes in the area were sold. Half of all the homes sold were below this price, and half were above.
$437,500$160/SqFt
+$60,000
+15.9%

Based on all homes sold in the last 12 months

Insight

Homes in Novelty have sold for 15.9% more than they did a year ago.

Summary: The median home sold price in Novelty was $437,500 in December 2024, up 15.9% from last year, and the median price per square foot was $160.

Median Sold Price By City

Median Sold Price By City
This is the middle price for which all homes in the area were sold compared to surrounding cities. Half of all the homes sold were below this price, and half were above.
CityChange YoY
South Russell
+37.6%
Novelty
+15.9%
Russell Township
+12.5%
Chesterland
+1.5%

Median Sold Price By Bedrooms

Median Sold Price By Bedrooms
This is the middle price for all homes actively listed in an area broken out by the number of bedrooms. Half of the homes are listed below this price, and half are above.
BedsDec 2023Dec 2024Change YoY
1$850K$302.5K
-64.4%
2$217.5K$205K
-5.7%
3$279.9K$360K
+28.6%
4$454.5K$480K
+5.6%
5$887.5K$751K
-15.4%

Summary: Novelty housing price by bedroom type for December 2024, compared to the previous year. The home price for 1 bedroom homes decreased by -64.4%. The home price for 2 bedroom homes decreased by -5.7%. The home price for 3 bedroom homes increased by +28.6%. The home price for 4 bedroom homes increased by +5.6%. The home price for 5 bedroom homes decreased by -15.4%.

Housing supply in Novelty, OH

How many homes are available in Novelty, OH?

Number of Homes For Sale

Number of Homes For Sale
This is the total number of homes actively listed in an area.
Last Month2 months agoChange MoM
11Last MonthDec 2024
142 months agoNov 2024
-21.4 %
Change MoMNov – Dec

Summary: The Novelty real estate market had 11 homes for sale in Dec 2024, a 21.4 % decrease compared to Nov 2024.

Number of Homes Sold

Number of Homes Sold
This is the total number of both homes sold and pending in an area.
Last Month2 months agoChange MoM
6Last MonthDec 2024
42 months agoNov 2024
+50.0 %
Change MoMNov – Dec

Homes For Sale By Bedroom Count

Homes For Sale By Bedroom Count
This is the total number of homes actively listed in an area by number of bedrooms.
BedsNov 2024Dec 2024Change MoM
100
0.0%
220
-100.0%
367
+16.7%
443
-25.0%
521
-50.0%

Summary: Novelty housing inventory by bedroom type for December 2024, compared to the previous month. The inventory for 1 bedroom homes remained the same. The inventory for 2 bedroom homes decreased by -100.0%. The inventory for 3 bedroom homes increased by +16.7%. The inventory for 4 bedroom homes decreased by -25.0%. The inventory for 5 bedroom homes decreased by -50.0%.

Asking Price vs. Sold Price

How much do homes in Novelty, OH cost?

Asking Price vs. Sold Price

The asking price is how much a home is listed for. The selling price is how much the home actually sold for.

Under Asking

Homes that sold for less than the asking price

At Asking

Homes that sold at their asking price

Over Asking

Homes that sold above the asking price

Over Asking Price4 Homes

At Asking Price2 Homes

Under Asking Price0 Home

Insight

If you're buying a home in Novelty, you could pay more than the asking price. 66.7% of homes here sold above asking price last month.

Summary: A total of 6 homes were sold or pending in Novelty in December 2024, up by 50.0% month-over-month. Of the 6 sold homes, 0% were sold under asking, 33% were sold at asking, and and 67% were sold over asking.

Days on Market for Novelty, OH

How long does it take to sell a home in Novelty, OH?

Breakdown of Home Sale Times

Under 30 Days3 Homes

30 – 90 Days3 Homes

Over 90 Days0 Home

Insight

Many homes in Novelty are selling fast, if you're buying plan to act quickly.

Summary: During December 2024, 6 homes were sold in Novelty; 50% of homes were sold within 30 days, 50% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.

Average Sale Time

Average Sale Time
This is the average number of days homes take to sell in an area.
This Year1 year agoChange YoY
32 DaysThis YearDec 2024
14 Days1 year agoDec 2023
+125.3 %
Change YoYDec 2023 – Dec 2024

Summary: Homes in Novelty had an average listing age of 32 days in Dec 2024, up by 125.3% compared to the previous year.

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Newest Listings in Novelty, OH

What homes are available in Novelty, OH?

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MLS Disclaimers and Copyright

Based on information from MLS Now, for the period 01/01/2023 - 01/01/2025

IDXCopyright 2025 MLS Now. IDX information is provided exclusively for consumers’ personal, non-commercial use and that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information deemed reliable but not guaranteed to be accurate. Buyer to verify all information. The information provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Real estate listings held by brokerage firms other than this broker are marked with the Internet Data Exchange logo and detailed information about them includes the name of the listing broker(s). The photos may be altered, edited, enhanced or virtually staged.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 1/22/2025, 9:20:54 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.