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Ahmed Alswaiti
  • Investor
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Surge in Demand and Rising Home Values in Ohio

Ahmed Alswaiti
  • Investor
Posted Feb 2 2024, 17:27

The real estate market in Ohio has been witnessing higher trends far from what it was before, especially when it comes to cities likeToledo, Cincinnati, Columbus, and Cleveland. Those cities are leading the charge, by showing significant growth in the market. I will go through factors surging Ohio's real estate market to the forefront and what this means for investors. The National Association of Realtors identified Toledo as the nation's hottest real estate market for this year, despite that it has been only a month in 2024, with Cincinnati (mentioned in my last post), Columbus, and Cleveland not too far behind. Affordability makes these markets key attractions, compared to the national housing landscape, combined with expected home value appreciation and the rapid speed of home sales. These factors are making Ohio's cities stand out in a challenging national market still grappling with low inventory and high mortgage rates.

Ohio's market is limited with housing supply, with an average months' supply of just one month, and this indicates a strong seller's market. Despite a 17.7% year-over-year decrease in home sales as of September, median home prices have risen by 5.3% to $234,700. This price increase is largely attributed to the limited supply, which is not meeting the high demand. Additionally, rental costs across the state show significant variation, highlighting the diverse living costs within Ohio. For example, the average rent in Lancaster stands at $1,844, however, Toledo offers a more affordable average rent of $896. Such disparities underscore the localized nature of real estate trends within Ohio.

Cleveland's market is particularly noteworthy, with its median sale price being notably lower than the national average, making it an attractive market for buyers looking for value. However, the city is experiencing a seller's market, with homes receiving multiple offers and selling quickly, often within 29 days on average. The recent period has seen a mix of residents looking to move out of the city and a strong interest from those wishing to stay within the metropolitan area.

I see Ohio's real estate market in 2024 is set for growth. Sellers who have been on the sidelines are expected to return. 

https://www.hondros.com/resources/blog/hot-ohio-real-estate-...

https://www.houzeo.com/blog/ohio-real-estate-market/

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