What happened to the median home price in Madison during January 2021?

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The median sale price of a home sold in January 2021 in Madison fell by $102,500 while total sales increased by 100%, according to BlockShopper.com.

In January 2021, there were eight homes sold, with a median sale price of $110,000 - a 48.2% decrease over the $212,500 median sale price for the same period of the previous year. There were four homes sold in Madison in January 2020.

The median sales tax in Madison for the most recent year with available data, 2019, was $5,188, approximately 4.7% of the median home sale price for January 2021.

The following table compares Madison to other Lake County cities with similar median sale prices in January 2021:

CityJan. 2021 Home SalesJan. 2020 Home Sales% change (Total Home Sales)Jan. 2021 Median Sales PriceJan. 2020 Median Sales Price% change (Median Sales Price)
Mentor544910.2%$182,400$134,90035.2%
Fairport Harbor45-20%$176,250$99,50077.1%
Mentor-on-the-Lake10742.9%$158,700$134,00018.4%
Willoughby20195.3%$157,450$125,90025.1%
Painesville3150-38%$151,000$141,177.507%
North Madison811-27.3%$150,000$70,000114.3%
Painesville on-the-Lake10-$148,000$0-
Eastlake211910.5%$137,800$93,00048.2%
Willowick201625%$133,500$116,50014.6%
Wickliffe1920-5%$132,000$115,00014.8%
Madison84100%$110,000$212,500-48.2%

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