Mount Vernon, OH Housing Market

Market Overview

Mount Vernon, OH is a moderate housing market, as indicated by its PropertyIQ Score of 51 out of 100. The market’s pricing power is above state benchmarks: median home value is $290,887 compared with Ohio’s $248,803, a difference of about $42,000. Rental performance is also stronger, with a rent index of $1,363 versus the state average of $1,034. Local unemployment is 3.4%, matching the state rate, and median household income is $73,878, slightly above the state’s $71,389. These figures suggest a market with above-average housing costs but also above-average income support.

At the same time, the score of 51 reflects mixed momentum. The 12-month home value momentum factor is a solid 9.51%, but the 3-month momentum factor is only 0.16%, pointing to a sharp slowdown in recent months. With 141 homes for sale, a median days on market of 50 days, and 28.7% of listings showing a price cut, Mount Vernon is not a fast-moving seller’s market. It is better described as a balanced market where buyers have some leverage and sellers must price realistically.

Key Trends

One trend is slowing home value growth. The median home value of $290,887 sits well above the state median of $248,803, but the 3-month momentum of 0.16% is much weaker than the 12-month momentum of 9.51%. The listed year-over-year home value change is $11, which is minimal in dollar terms and reinforces the picture of flattening appreciation after an earlier period of gains.

A second trend is a strong rental market relative to the state. Mount Vernon’s rent index of $1,363 is about 32% higher than the Ohio average of $1,034. At that rent index level, annual rent is roughly $16,356, which is about 22% of the area’s median household income of $73,878. That rental premium may reflect local demand and gives landlords a meaningful income advantage over state-level norms.

A third trend is rising buyer leverage. The median days on market is 50 days, which is not extreme, but the share of listings with a price cut is 28.7%. Nearly three in ten active listings have reduced their asking price, a sign sellers are adjusting to softer conditions. With 141 homes for sale, buyers have enough inventory to compare options and negotiate.

A fourth trend is moderate affordability pressure. The local median home value of $290,887 is about 3.9 times the median household income of $73,878. That ratio is somewhat higher than the state comparison of $248,803 to $71,389, which is about 3.5 times income. While not severely unaffordable, Mount Vernon’s housing costs require a higher income commitment than the Ohio average.

Who Is This Market For

Mount Vernon is well suited to buy-and-hold rental investors because the rent index of $1,363 is substantially above the state benchmark of $1,034. Investors who prioritize rental income over rapid price appreciation may find the local rental premium attractive, especially with unemployment at 3.4% and median household income slightly above the state average.

The market also works for patient homebuyers and first-time buyers who can manage a median home value of $290,887. With a 51/100 PropertyIQ Score, 28.7% of listings showing price cuts, and 50 days median time on market, buyers have more room to negotiate than in a hot market. However, first-time buyers should note that home values are about 17% above the state median, so affordability is tighter than in many Ohio markets.

Move-up buyers may find opportunity as well, since they can sell into a market where values remain elevated relative to the state, while also benefiting from price cuts on their next purchase. Short-term flippers are likely to find this market less attractive because 3-month momentum is only 0.16%, meaning there is little near-term appreciation to capture.

Outlook

The near-term outlook for Mount Vernon is for a balanced, moderately competitive market rather than rapid price growth. The 12-month home value momentum of 9.51% shows the market has had underlying strength, but the 3-month momentum of 0.16%, combined with 28.7% of listings cutting prices and 50 days on market, points to cooling demand or increased seller competition. With 141 homes for sale, supply is sufficient to keep conditions from becoming overheated. The unemployment rate of 3.4% and median household income of $73,878 support continued buyer interest, and the rent index of $1,363 should sustain investor attention. Population growth is not available in the data, so demographic tailwinds cannot be assessed. Overall, the numbers support a stable-to-softening market with modest price movement, continued negotiation opportunities for buyers, and steady rental demand rather than a sharp upswing.