Snapshot of the Ohio Real Estate Market
PHOTOS FROM 123RF
By Heith Mohler
T
he Ohio real estate market was robust in 2021 and it is highly likely that this trend will continue to gain pace as we head into Q2, 2022. The market was largely characterized by a strong buyer demand and shortages of inventory almost in every large metro area in the state. There were about 36,489 homes sold in the Central Ohio housing market according to a report published by the Columbus Realtors. This year, many buyers are looking to reprieve from the states heated market. In fact, one of Ohio’s metro has been ranked https://www.noradarealestate.com/blog/ columbus-ohio-real-estate-market/ https://www.ohiorealtors.org/home-sales-newsrelease/ 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 JUNE 2022 | 47
