Planning on moving to Akron, Ohio? Then it's time to put your reading glasses on, sit down, and do some research. Perhaps your real estate agent did this for you when you bought your old Lagrange NY Real Estate but this time, why not try it on for size yourself? That way you'll have an accurate idea of what real estate is worth in Akron and you'll be able to tell if your real estate agent is doing his or her job properly. The market conditions are one of the most important things to look at, because they tell you what prices you should look out for and what you can expect your home's value to do in the coming years.
All statistics are accurate to late November of 2009.
Currently there are over 2,000 homes for sale at any given time in Akron, and a further 2,000 homes that have recently been sold. Another half of that number, or 1,000 homes, are in some stage of foreclosure. This is a higher rate of foreclosure than you would find among Central Toronto homes, or homes anywhere in Canada for that matter, because of the combined effects of the recession, the sub-prime mortgage crisis, and the city's shift away from heavy manufacturing.
Though the number of houses for sale has been declining in the past year by about 30%, the prices these homes have been selling for have been increasing at a rate of just over 9%, indicating that the market in Akron may be recovering. Not recovering as fast as Dundas homes for sale are recovering, but an encouraging prospect all the same. Further evidence supporting this conclusion comes in the form of an increase in average price per square foot, which has gone up 15.5% since last year.
The current high that Akron's median sales price has achieved, however, is still only $70,000, which is much more affordable than a house for sale in Scarborough, or indeed homes in most other North American cities of Akron's size. The average listing price fluctuates, but is currently at around $130,000, which, even if most people were paying it, is still quite cheap. These figures in turn yield the average price per square foot, which allows us to consider the size of homes being sold. Currently it's just $67.
Obviously prices vary depending on the home's location within the city, with the more popular neighborhoods often listing much higher than the average price, which is dragged down by declining neighborhoods and foreclosures. Therefore, before you decide to look for a condo for sale in Arlington TX, you should know that homes in Northwest Akron are listing at nearly $200,000, meanwhile Summit Lake is listing at a dismal $37,000.
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