Skip to content
Market Trends & Data

User Stats

23
Posts
14
Votes
Ahmed Alswaiti
  • Investor
14
Votes |
23
Posts

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/

User Stats

4,962
Posts
5,658
Votes
Remington Lyman
  • Real Estate Agent
  • Columbus, OH
5,658
Votes |
4,962
Posts
Remington Lyman
  • Real Estate Agent
  • Columbus, OH
Replied Feb 3 2024, 11:50
Quote from @Ahmed Alswaiti:

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/


 Ohio is going to the moon

  • Real Estate Agent Ohio (#2019003078)

Reafco Logo

User Stats

4,144
Posts
1,813
Votes
Engelo Rumora
Property Manager
  • Investor
  • Toledo, OH
1,813
Votes |
4,144
Posts
Engelo Rumora
Property Manager
  • Investor
  • Toledo, OH
Replied Feb 7 2024, 08:46
Quote from @Ahmed Alswaiti:

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/

"Ohio Lambo's to the moon" @Remington Lyman hehe

Is this a real estate forum or Crypto discord mate? hehe

I'm bias and have always loved Toledo.

In all honesty, bit of a boring place and market.

Not much to do for someone like me.

Granted, growing up in Sydney, Australia and then moving to Toledo, Ohio is more than just a culture shock hehe.

Who said you have to "live, where you invest" anyway?

I never believed much in Toledo's growth prospects and will never put my name behind it's growth prospects.

The reason? Well, IMO it just can't compare to some other fast moving markets like Texas and Florida for example and should be considered as a strict cashflow play.

Columbus, Cincinatti and Cleveland move quicker with higher demand and more infrastructure also IMO.

With said, Toledo's growth the last few years has been whopping and as @Ahmed Alswaiti mentioned is predicted to grow even further this year.

Not a fan of predictions and I always advise looking at the numbers in the deal TODAY and if they make sense.

Any appreciation is just the cherry on top IMO.

Still buying sub $100,000 properties that easily exceed the 1% rule here.

Not sure of many markets that can take claim to the same.

Just negotiating on a 6 unit in Point Place (Toledo folks will know the area well) for $160,000.

100% occupied.

Needs around $50,000 in rehab or so.

Optimize rents to $4,500+ per month and ARV should be $350,000 - $400,000.

Get 4-5 of those and pina coladas in the Bahamas 😁

Find me another market with such deals and I'll be there hehe

BiggerPockets logo
BiggerPockets
|
Sponsored
Find an investor-friendly agent in your market TODAY Get matched with our network of trusted, local, investor friendly agents in under 2 minutes

User Stats

2,651
Posts
1,433
Votes
Robert Ellis
Pro Member
  • Developer
  • Columbus, OH
1,433
Votes |
2,651
Posts
Robert Ellis
Pro Member
  • Developer
  • Columbus, OH
Replied Feb 7 2024, 11:16

I'm from Toledo I wouldn't touch it unless it was suburbs and the market could support new construction but that is the zone we are in. WE can get numbers to work in Columbus Ohio but I don't think anywhere else in ohio unless it was a city school district within 2 miles of urban core and new construction is above $210 per square foot and even then we'd have to look at land cost because land is cheap in columbus. we are expanding now to florida since the numbers are even better. not the opposite. just my 2 cents. 

User Stats

4,144
Posts
1,813
Votes
Engelo Rumora
Property Manager
  • Investor
  • Toledo, OH
1,813
Votes |
4,144
Posts
Engelo Rumora
Property Manager
  • Investor
  • Toledo, OH
Replied Feb 7 2024, 18:05
Quote from @Robert Ellis:

I'm from Toledo I wouldn't touch it unless it was suburbs and the market could support new construction but that is the zone we are in. WE can get numbers to work in Columbus Ohio but I don't think anywhere else in ohio unless it was a city school district within 2 miles of urban core and new construction is above $210 per square foot and even then we'd have to look at land cost because land is cheap in columbus. we are expanding now to florida since the numbers are even better. not the opposite. just my 2 cents. 


Each to their own mate,

Personally, I would never touch new construction.

But there many ways to skin a cat, right?

User Stats

2,651
Posts
1,433
Votes
Robert Ellis
Pro Member
  • Developer
  • Columbus, OH
1,433
Votes |
2,651
Posts
Robert Ellis
Pro Member
  • Developer
  • Columbus, OH
Replied Feb 11 2024, 20:50
Quote from @Engelo Rumora:
Quote from @Robert Ellis:

I'm from Toledo I wouldn't touch it unless it was suburbs and the market could support new construction but that is the zone we are in. WE can get numbers to work in Columbus Ohio but I don't think anywhere else in ohio unless it was a city school district within 2 miles of urban core and new construction is above $210 per square foot and even then we'd have to look at land cost because land is cheap in columbus. we are expanding now to florida since the numbers are even better. not the opposite. just my 2 cents. 


Each to their own mate,

Personally, I would never touch new construction.

But there many ways to skin a cat, right?


 https://www.realtor.com/realestateandhomes-search/Toledo_OH/...

CHeck out new construction in Toledo it's a bunch of trailers my friend. when the average price for a house that's 100 years old is 111k like Toledo, this is what the market looks like. I couldn't touch Toledo and couldn't build houses and I'd love to see the value add strategy. our worst areas in columbus I can build 700-800 sq ft house for 100k, 20k for land and taps, resale 200k and I can do that over and over and sell it as a rental or as a single family home. I wouldn't compare your market knowledge of Toledo to new construction in columbus. it's not the same. I'm just saying anyone who has a solid value add strategy that can be repeated over and over like buying and selling new trailers like this is an example of a strategy. but buying discount houses without rehab knowledge for out of state investors is risky 

User Stats

1,737
Posts
2,113
Votes
Michael P.
  • Rental Property Investor
  • Brooke Park Drive
2,113
Votes |
1,737
Posts
Michael P.
  • Rental Property Investor
  • Brooke Park Drive
Replied Feb 12 2024, 06:20
Quote from @Robert Ellis:
Quote from @Engelo Rumora:
Quote from @Robert Ellis:

I'm from Toledo I wouldn't touch it unless it was suburbs and the market could support new construction but that is the zone we are in. WE can get numbers to work in Columbus Ohio but I don't think anywhere else in ohio unless it was a city school district within 2 miles of urban core and new construction is above $210 per square foot and even then we'd have to look at land cost because land is cheap in columbus. we are expanding now to florida since the numbers are even better. not the opposite. just my 2 cents. 


Each to their own mate,

Personally, I would never touch new construction.

But there many ways to skin a cat, right?


 https://www.realtor.com/realestateandhomes-search/Toledo_OH/...

CHeck out new construction in Toledo it's a bunch of trailers my friend. when the average price for a house that's 100 years old is 111k like Toledo, this is what the market looks like. I couldn't touch Toledo and couldn't build houses and I'd love to see the value add strategy. our worst areas in columbus I can build 700-800 sq ft house for 100k, 20k for land and taps, resale 200k and I can do that over and over and sell it as a rental or as a single family home. I wouldn't compare your market knowledge of Toledo to new construction in columbus. it's not the same. I'm just saying anyone who has a solid value add strategy that can be repeated over and over like buying and selling new trailers like this is an example of a strategy. but buying discount houses without rehab knowledge for out of state investors is risky 

 That's part of the reason Toledo prices are rising, lots of primary home buyers, lots of investor home buyers, but no new houses being constructed. Its not California or anything but buying houses at 80k (3-4 years ago) or 40k (5-9 years ago) you can sell them now for 125k which is especially nice if you own a large portfolio.

User Stats

69
Posts
48
Votes
Replied Feb 12 2024, 08:51
Quote from @Robert Ellis:

CHeck out new construction in Toledo it's a bunch of trailers my friend. 

No Kidding!  I had the opportunity to take a close look at a lot of the new and newer construction in the Monclova area, near the Fallen Timbers Mall.  What a bunch of trash!  

User Stats

2,651
Posts
1,433
Votes
Robert Ellis
Pro Member
  • Developer
  • Columbus, OH
1,433
Votes |
2,651
Posts
Robert Ellis
Pro Member
  • Developer
  • Columbus, OH
Replied Feb 12 2024, 21:07
Quote from @Michael P.:
Quote from @Robert Ellis:
Quote from @Engelo Rumora:
Quote from @Robert Ellis:

I'm from Toledo I wouldn't touch it unless it was suburbs and the market could support new construction but that is the zone we are in. WE can get numbers to work in Columbus Ohio but I don't think anywhere else in ohio unless it was a city school district within 2 miles of urban core and new construction is above $210 per square foot and even then we'd have to look at land cost because land is cheap in columbus. we are expanding now to florida since the numbers are even better. not the opposite. just my 2 cents. 


Each to their own mate,

Personally, I would never touch new construction.

But there many ways to skin a cat, right?


 https://www.realtor.com/realestateandhomes-search/Toledo_OH/...

CHeck out new construction in Toledo it's a bunch of trailers my friend. when the average price for a house that's 100 years old is 111k like Toledo, this is what the market looks like. I couldn't touch Toledo and couldn't build houses and I'd love to see the value add strategy. our worst areas in columbus I can build 700-800 sq ft house for 100k, 20k for land and taps, resale 200k and I can do that over and over and sell it as a rental or as a single family home. I wouldn't compare your market knowledge of Toledo to new construction in columbus. it's not the same. I'm just saying anyone who has a solid value add strategy that can be repeated over and over like buying and selling new trailers like this is an example of a strategy. but buying discount houses without rehab knowledge for out of state investors is risky 

 That's part of the reason Toledo prices are rising, lots of primary home buyers, lots of investor home buyers, but no new houses being constructed. Its not California or anything but buying houses at 80k (3-4 years ago) or 40k (5-9 years ago) you can sell them now for 125k which is especially nice if you own a large portfolio.


 I don't disagree I'm from Toledo I love the city I just don't think it's on the map for national investment from reits. I sell to funds every day and have list after list of cities and columbus barely makes it so it's hard to believe Toledo can. I'm not saying there isn't interest but just it's harder with the age of the housing stock, average home price, etc. I'd be looking at discounted homes built after 1960s to make any money and would have to be 60% of value which I just don't think exists anywhere right now at scale. not 100 year old homes boarded up with knob and tube wiring, old HVAC, cast iron plumbing, etc. might as well build. a house 

User Stats

45
Posts
26
Votes
Eric Puffenberger
  • Toledo, OH
26
Votes |
45
Posts
Eric Puffenberger
  • Toledo, OH
Replied Feb 13 2024, 04:43
Quote from @Robert Ellis:
Quote from @Michael P.:
Quote from @Robert Ellis:
Quote from @Engelo Rumora:
Quote from @Robert Ellis:

I'm from Toledo I wouldn't touch it unless it was suburbs and the market could support new construction but that is the zone we are in. WE can get numbers to work in Columbus Ohio but I don't think anywhere else in ohio unless it was a city school district within 2 miles of urban core and new construction is above $210 per square foot and even then we'd have to look at land cost because land is cheap in columbus. we are expanding now to florida since the numbers are even better. not the opposite. just my 2 cents. 


Each to their own mate,

Personally, I would never touch new construction.

But there many ways to skin a cat, right?


 https://www.realtor.com/realestateandhomes-search/Toledo_OH/...

CHeck out new construction in Toledo it's a bunch of trailers my friend. when the average price for a house that's 100 years old is 111k like Toledo, this is what the market looks like. I couldn't touch Toledo and couldn't build houses and I'd love to see the value add strategy. our worst areas in columbus I can build 700-800 sq ft house for 100k, 20k for land and taps, resale 200k and I can do that over and over and sell it as a rental or as a single family home. I wouldn't compare your market knowledge of Toledo to new construction in columbus. it's not the same. I'm just saying anyone who has a solid value add strategy that can be repeated over and over like buying and selling new trailers like this is an example of a strategy. but buying discount houses without rehab knowledge for out of state investors is risky 

 That's part of the reason Toledo prices are rising, lots of primary home buyers, lots of investor home buyers, but no new houses being constructed. Its not California or anything but buying houses at 80k (3-4 years ago) or 40k (5-9 years ago) you can sell them now for 125k which is especially nice if you own a large portfolio.


 I don't disagree I'm from Toledo I love the city I just don't think it's on the map for national investment from reits. I sell to funds every day and have list after list of cities and columbus barely makes it so it's hard to believe Toledo can. I'm not saying there isn't interest but just it's harder with the age of the housing stock, average home price, etc. I'd be looking at discounted homes built after 1960s to make any money and would have to be 60% of value which I just don't think exists anywhere right now at scale. not 100 year old homes boarded up with knob and tube wiring, old HVAC, cast iron plumbing, etc. might as well build. a house 

@Robert Ellis Can you post a link to the houses you are building for $120K all in? How many have you sold to prove your concept? 

User Stats

2,651
Posts
1,433
Votes
Robert Ellis
Pro Member
  • Developer
  • Columbus, OH
1,433
Votes |
2,651
Posts
Robert Ellis
Pro Member
  • Developer
  • Columbus, OH
Replied Feb 14 2024, 15:23
Quote from @Eric Puffenberger:
Quote from @Robert Ellis:
Quote from @Michael P.:
Quote from @Robert Ellis:
Quote from @Engelo Rumora:
Quote from @Robert Ellis:

I'm from Toledo I wouldn't touch it unless it was suburbs and the market could support new construction but that is the zone we are in. WE can get numbers to work in Columbus Ohio but I don't think anywhere else in ohio unless it was a city school district within 2 miles of urban core and new construction is above $210 per square foot and even then we'd have to look at land cost because land is cheap in columbus. we are expanding now to florida since the numbers are even better. not the opposite. just my 2 cents. 


Each to their own mate,

Personally, I would never touch new construction.

But there many ways to skin a cat, right?


 https://www.realtor.com/realestateandhomes-search/Toledo_OH/...

CHeck out new construction in Toledo it's a bunch of trailers my friend. when the average price for a house that's 100 years old is 111k like Toledo, this is what the market looks like. I couldn't touch Toledo and couldn't build houses and I'd love to see the value add strategy. our worst areas in columbus I can build 700-800 sq ft house for 100k, 20k for land and taps, resale 200k and I can do that over and over and sell it as a rental or as a single family home. I wouldn't compare your market knowledge of Toledo to new construction in columbus. it's not the same. I'm just saying anyone who has a solid value add strategy that can be repeated over and over like buying and selling new trailers like this is an example of a strategy. but buying discount houses without rehab knowledge for out of state investors is risky 

 That's part of the reason Toledo prices are rising, lots of primary home buyers, lots of investor home buyers, but no new houses being constructed. Its not California or anything but buying houses at 80k (3-4 years ago) or 40k (5-9 years ago) you can sell them now for 125k which is especially nice if you own a large portfolio.


 I don't disagree I'm from Toledo I love the city I just don't think it's on the map for national investment from reits. I sell to funds every day and have list after list of cities and columbus barely makes it so it's hard to believe Toledo can. I'm not saying there isn't interest but just it's harder with the age of the housing stock, average home price, etc. I'd be looking at discounted homes built after 1960s to make any money and would have to be 60% of value which I just don't think exists anywhere right now at scale. not 100 year old homes boarded up with knob and tube wiring, old HVAC, cast iron plumbing, etc. might as well build. a house 

@Robert Ellis Can you post a link to the houses you are building for $120K all in? How many have you sold to prove your concept? 


This is a new concept but I'd be happy to cover the numbers. 147 S 3rd St Newark OH 43055 (submarket of columbus). Previously built on house that was torn down. Land $10,000, due diligence / soft costs $3000 (oversees architect and engineering), $1900 to remove from flood plain / get survey, the house is 700 sq ft which the floorplan is below. I'm working on exterior renderings. Tap fees are $800 not $8000 since the lot was built on before. I have a partner in New York who will build it all cash, my GC fee I take $25k that I'm putting into the equity stack so we build at cost because they are building all cash and I'm a 35% partner based on deferred GC fee and cash and license as an agent to push the distribution higher. I'll list and sell it for $100 on the MLS. Based on my non linear regression model we should sell around $300 / sq ft. There are 1000 sq ft comps that are $260 sq ft. We find for every 100 sq ft you go down you get another $10 per sq ft. Pretty simple math. I know I can build under $150 a sq ft with garages with my margin, without a garage (this one), that saves $80 per sq ft so I know the blended sq ft I can get lower. Even at $140 a sq ft with my margin (which is deferred on this) that would be $98k build cost. I'm deferring my GC fee to build with higher equity and lower down how much cash is required for this partnership to lower the risk of the project. So target builds cost is probably $73,000 without my margin. Let's round up to $80k. $80k hard cost, $10k lot, $6k soft costs / engineering, etc. The basis for the partnership will be $96,000. Target exit based on non linear regression model is $210,000. We will still get an appraisal before. Let's say im wrong by 5% (which my model is typically within 2.5% accuracy), $199k exit. We are building with more than 50% equity is a pretty low risk project. I offered the same deal to a group in Texas who is already looking at it out of Houston. I know that no one is building houses under 200k and have to decide if we want to continue to do it like this but its a very low risk high return strategy and the average new build in central ohio is now $510,000 based on last years 2400 new build condos and houses sold on the MLS. So we are less than half of the cost of the average new build. I think we will do ok on the project. I speak to investors every day and once they are familiar with new construction, we look at lots and weigh the options. The average new build in newark sells for $319k so we want to deliver less than that to sell at a higher price per square foot. This floorplan we took from the stacked triplex that we build. This is all Build to rent and spec home hybrid. Build to rent is less than 1200 sq ft typically.

User Stats

26,582
Posts
17,892
Votes
James Wise#1 Real Estate Agent Contributor
  • Real Estate Broker
  • Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH
17,892
Votes |
26,582
Posts
James Wise#1 Real Estate Agent Contributor
  • Real Estate Broker
  • Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH
Replied Feb 16 2024, 11:18
Quote from @Ahmed Alswaiti:

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/


User Stats

4,144
Posts
1,813
Votes
Engelo Rumora
Property Manager
  • Investor
  • Toledo, OH
1,813
Votes |
4,144
Posts
Engelo Rumora
Property Manager
  • Investor
  • Toledo, OH
Replied Feb 19 2024, 11:18
Quote from @Michael P.:
Quote from @Robert Ellis:
Quote from @Engelo Rumora:
Quote from @Robert Ellis:

I'm from Toledo I wouldn't touch it unless it was suburbs and the market could support new construction but that is the zone we are in. WE can get numbers to work in Columbus Ohio but I don't think anywhere else in ohio unless it was a city school district within 2 miles of urban core and new construction is above $210 per square foot and even then we'd have to look at land cost because land is cheap in columbus. we are expanding now to florida since the numbers are even better. not the opposite. just my 2 cents. 


Each to their own mate,

Personally, I would never touch new construction.

But there many ways to skin a cat, right?


 https://www.realtor.com/realestateandhomes-search/Toledo_OH/...

CHeck out new construction in Toledo it's a bunch of trailers my friend. when the average price for a house that's 100 years old is 111k like Toledo, this is what the market looks like. I couldn't touch Toledo and couldn't build houses and I'd love to see the value add strategy. our worst areas in columbus I can build 700-800 sq ft house for 100k, 20k for land and taps, resale 200k and I can do that over and over and sell it as a rental or as a single family home. I wouldn't compare your market knowledge of Toledo to new construction in columbus. it's not the same. I'm just saying anyone who has a solid value add strategy that can be repeated over and over like buying and selling new trailers like this is an example of a strategy. but buying discount houses without rehab knowledge for out of state investors is risky 

 That's part of the reason Toledo prices are rising, lots of primary home buyers, lots of investor home buyers, but no new houses being constructed. Its not California or anything but buying houses at 80k (3-4 years ago) or 40k (5-9 years ago) you can sell them now for 125k which is especially nice if you own a large portfolio.



Yeah mate,

Too much outside influences and logistical issues with new construction.

It's much easier/less risky when you control as much of the process as possible and don't need approval from anyone for "this or that".

New build works in other markets but why would anyone new build in 43612, 43613 or 43623 for example when they can buy dirt cheap and renovate for much much less than new build.

Just my opinion and there are many ways to skin a cat when it comes to real estate investing 
BiggerPockets logo
Find, Vet and Invest in Syndications
|
BiggerPockets
PassivePockets will help you find sponsors, evaluate deals, and learn how to invest with confidence.