In October, Holmes County witnessed a significant increase in median home prices. The median home listed for $294,500, marking an 8.4% rise from the previous month's $271,750. This upward trend continued when compared to October 2023, with a 8.2% increase from $272,250. It's important to note that these statistics pertain only to listed houses and not those that have been sold. For a comprehensive view of the local housing market and other community data, visit data.the-daily-record.com.

Holmes County's Housing Characteristics

The median home in Holmes County measures 1,901 square feet and is listed at $149 per square foot. Interestingly, the price per square foot has seen a 3.2% decrease from October 2023. In terms of listing time, homes in Holmes County move relatively quickly, with a median of 30 days on the market compared to the national median of 58 days. In October alone, around 20 homes were newly listed, representing an 11.1% increase from the previous year's 18 new listings.This shows the active nature of the Holmes County housing market. Homes are not only attracting buyers but also seeing a steady flow of new listings. The combination of these factors indicates a dynamic market with potential for both sellers and buyers.

Comparisons within Ohio and the US

Across the Wooster metro area, median home prices fell slightly to $272,975. The median home here has 1,734 square feet and is listed at $156 per square foot. In Ohio as a whole, median home prices were $269,200, showing a slight decrease from September. The median Ohio home has 1,713 square feet and a price of $159 per square foot.Looking at the United States, the median home price was $424,950, a slight decrease from the previous month. The median American home for sale has 1,835 square feet and is listed at $226 per square foot. These comparisons highlight the regional differences and overall trends in the housing market across different areas.

Understanding Median Home Prices

The median home list price used in this report represents the midway point of all the houses or units listed over a given period. Experts emphasize that the median provides a more accurate view of the market compared to the average list price. By taking the sum of all listing prices and dividing by the number of homes sold, the average can be skewed by one particularly low or high price.This distinction is crucial as it gives a more realistic picture of the market's true value. It helps both buyers and sellers make more informed decisions based on the central tendency of the prices rather than being influenced by extreme values.