Snapshot of the Ohio Real Estate Market by Heith Mohler.

Snapshot of the Ohio Real Estate Market

By Heith Mohler

The 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

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.