Muskingum County Sees Drop in Median Home Sales to $180,450
Newly released data for October reveals changes in Muskingum County’s real estate environment, including a significant fall in median home prices over the previous month.
The data cover both single-family homes and condominiums/townhomes, giving a complete picture of the county’s housing sector.
Median Home Prices Drop:
In October, the median home in Muskingum County sold for $180,450, a 9.3% decrease from September’s median sale price of $199,000.
While this reflects a recent reduction, a year-over-year examination shows a positive trend, with median home sale prices increasing by 12.3% in October 2022.
Single-Family Homes:
In October, the median selling price for single-family homes fell 9.8% from the previous month.
The median price declined from $200,000 in September to $180,450 in October. However, when compared to October 2022, there is a significant 14.1% increase from the median of $158,183.
Condominiums and Townhomes Surge:
In contrast, condominiums and townhomes showed a large spike in October.
The median sales price increased by 210.4% to $254,500, from $82,000 in September.
Compared to the same month last year, this category increased by 56.5% to $162,616.
Overall Market Activity:
The overall number of reported sales in Muskingum County fell by 8.3% in October compared to the same time in 2022, with 88 deals recorded.
The total value of all residential home sales came to $17.1 million.
Statewide Trends:
Looking at the larger picture of Ohio real estate, the median home sale price in October was $210,105, a 1.3% decrease from the previous month.
The state reported 9,943 sales, a 17.4% decline from October 2022. The overall value of residential home sales in Ohio fell by 4.6%, to $2.6 billion.
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Dynamics in Different Property Types:
In Ohio, 1.23% of homes sold for more over $1 million in October, a significant decrease from 4.98% in October 2022.
The median sale price of single-family homes in the state fell by 1% from $209,993 in September to $207,800 in October.
However, when compared to October 2022, the increase was 3.9% from $200,000.
The median transaction price of condominiums and townhomes in Ohio stayed stable at $230,000 in October, matching the figure from September.
However, compared to October 2022, there was a 10.5% drop from the median of $257,000.
Understanding Median Home Sale Prices:
It is essential to understand that the median house sale price is a more accurate indication of the market than the average sale price.
The average may be influenced by extremely high or low sales, whereas the median provides a balanced view of the houses or units listed over a certain period.
