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Ohio housing market: Everything you need to know

Ohio, the Buckeye State, offers a diverse array of living experiences, from the riverfront charm of Cincinnati to the college-town energy of Columbus and the resurgent downtown scene in Cleveland. Whether you’re considering buying a home or thinking about selling, it’s essential to get acquainted with the ins and outs of the Ohio housing market before making significant real estate decisions. In this blog post, we’ll provide an overview of the Ohio housing market, explore trends and statistics, offer advice for both buyers and sellers, and take a look at future predictions.

Ohio Housing Market Overview:

The Ohio housing market is experiencing an overall upward trend, although it varies across different regions of the state. For example, in March 2023, average sale prices in Dayton increased by 6.5 percent year-over-year, whereas in Cincinnati, they increased only by 1 percent. In contrast, prices in the Mansfield area fell by 13 percent.

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Ohio Housing Trends and Stats:

  • The average statewide sale price in March 2023 was $253,826, marking a 2.5 percent increase from the previous year. However, this is still below the national median price of $388,800.
  • In March 2023, 10,730 homes were sold, which is 8.5 percent fewer than in the previous year.
  • Data from Redfin shows that, in April, the typical home spent 27 days on the market, and homes usually sold for nearly their listing price, with a sale-to-list price of 99.8 percent.
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For Buyers and Sellers:

If You’re a Home Seller: Selling in Ohio can be advantageous due to a shortage of available inventory. To determine your house’s actual value, look at recently sold properties in your area that are similar to yours. A local real estate agent can provide valuable insights into the best time to list your property, typically during late spring and early summer. They can also advise you on increasing your property’s value before entering the market.

If You’re a Homebuyer:

For Ohio homebuyers, it’s wise to get preapproved for a mortgage as a first step, giving you a clear understanding of your budget. If you’re a first-time homebuyer, explore Ohio’s programs, which offer down payment assistance, especially for recent college graduates. Consider not only housing costs but also essential expenses like transportation, utilities, and food. While Ohio’s living costs are relatively low, they can vary from city to city. For example, Columbus is almost 7 percent more affordable than Cincinnati, according to Bankrate’s cost of living calculator.

Ohio Housing Market Predictions:

In the short term, Ohio’s housing market appears healthy, with no dramatic crashes anticipated. Mortgage rates are expected to level off, making real estate more accessible for prospective buyers in the coming year. However, Ohio’s population growth is modest, projected to be less than 1 percent over the next 30 years, which may lead to some long-term market fluctuations.

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Find an Ohio Real Estate Agent:

To navigate the Ohio housing market successfully, partnering with a knowledgeable local real estate agent is crucial. Whether you’re buying or selling, an expert agent can help you understand the unique dynamics of your town’s market, craft the perfect pricing strategy, and guide you to neighborhoods that meet your specific needs.

In summary

Ohio’s housing market is a blend of opportunities and considerations, making it essential to stay informed and collaborate with a local expert. Whether you’re buying or selling, Ohio offers diverse living experiences, and understanding the specifics of your area can lead to successful real estate decisions.

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