Snapshot of the Ohio real estate market

Julius Cartwright

Ohio means “great river” deriving its name from the Iroquois tribe. The river today is called Ohio River and is the largest tributary of flowing into the Mississippi in terms of volume. The biggest cities in the state are Cincinnati, Columbus, and Cleveland, each having a population of over 2 million people.

With these three large metro areas, each having a population of over 2 million people, that coupled up with some other large cities including Dayton, Toledo, Youngstown, and Akron, it is therefore not a surprise that the Ohio State is one of the most populous states in the country. In fact, with a population of 11.5 million people, Ohio state ranks 7th in terms of population.

In terms of racial diversity, 82% of the Ohioans are white, closely followed by people of African American descent who make up about 12% of the total population. 3% of the population are Hispanic, 2% are multiracial, and 1% are Asians.

As of early 2016, the US census reported that the median household income for the Ohioans was $48,308 and approximately 15% of the residents in the county are living below the poverty threshold. Notably, Ohio is the home to at least 140 institutions of higher learning. These include the nationally ranked schools like the Ohio State, Case Western Reserve, Kenyon College, and Oberlin College.

In terms of education, people in Ohio are relatively well educated with more than a quarter of the population having a Bachelor’s degree. Over 88% of the residents in Ohio are high school graduates.

OHIO REAL ESTATE MARKET

Like almost all parts of the country, the demand for new housing units continues to outpace the supply. This has put upward pressure on prices. According to the Columbus Realtors, the total sales that were closed in 2019 in Central Ohio rose about 2% reaching a mark, 31,520. Additionally, the average sales price also rose 6%, reaching $227,658.

According to Zillow, in 2020, the median home value for homes in the state of Ohio is $153,593. This shows that over the past year, home values have gone up 5.3% and Zillow predicts that the prices will fall -1.4% within the next year.

Looking at the Ohio real estate market, we have to spotlight the Columbus, Cleveland, and Cincinnati housing markets.

Columbus is the state’s capital and has come to be largely known for its rich historic neighbourhoods. These include the Victorian village, among others. Columbus median home value is $174,109. Data shows that the home values in Columbus have appreciated 8.4% over the past year, and they are predicted to fall -0.6% within the next year.

Cleveland, located in northeastern Ohio, is another real estate market significant to the state of Ohio. Located on the shores of Lake Erie, the city offers a historical experience that you never want to miss. In total, the city has about 176 neighbourhoods, 25 historic districts, and more than 250 landmarks. The city’s median home value is $68,757. It is important to note that Cleveland is a black majority city with 52% of the population composed of African Americans.

Further away in the hills of the Ohio River Valley in the Southwestern corner of the state in Cincinnati. Neighbourhoods here range from tree-lined streets with some of the nation’s inexpensive homes in the hills overlooking the city. The median home values in Cincinnati is 165,613. The market is very hot, characterizing a seller’s market. Over the past year, home values in Cincinnati have gone up 4.9%, and Zillow predicts that they will fall -1.3% within the next year.

If you are looking to invest in Ohio rich real estate market, talk to Julius Cartwright. Julius is a member of the inviteonly Power Is Now VIP Agents program. The VIP agents program is a program run by The Power Is Now Media for real estate agents and professionals. To learn more about this program, follow the link; https://thepowerisnow. com/vip-program-2/.

Julius Cartwright personifies the essence of a successful visionary, speaker, author, and strategic serial entrepreneur. His thoughtful approach, ability to actualize, and chart a result-driven business course has earned him the respect of his community, industry peers, and emerging business leaders. His thriving ventures, DreamTeam Realty, Inc., a fullservice Real Estate Brokerage; Upscale Select Builders, Inc., a New Construction & Rehabs Development Company; and Equity Movement Enterprises, Inc., a free consumer-based membership organization serving as the Uber of Financial Awareness and the Amazon of Financial Wellness. To learn more about Julius, follow this link; https:// thepowerisnow.com/juliuscartwright/

Julius Cartwright Real Estate Agent Dream Steam Realty.

Sources;

https://www.bizjournals.com/ columbus/news/2020/01/27/ whats-it-going-to-take-for-thecentral-ohio.html https://www. neighborhoodscout.com/oh/ real-estate https://www.fortunebuilders. com/columbus-real-estatemarket-trends/