Ohio housing markets are of interest to potential home buyers, sellers and investors. Due to Ohio’s ever-evolving economic climate, it’s essential that prospective buyers stay current on current trends and forecasts of the housing market in Ohio. This article takes an in-depth look at current conditions of Ohio’s real estate market with rates, trends and projections through 2023; whether looking to purchase or sell property this article provides insight.
Ohio Home Sales Volume Declines
Home sales in Ohio had seen a 17% decrease year-over-year in September 2023 compared to September of the prior year, totaling 11415 homes sold as opposed to 13,758 recorded the previous September.
Rising Average Prices
While Ohio home sales experienced a decrease, their average price increased 5.9 percent during August to reach $275,461–indicating the value and investment potential in property investment.
Information of Ohio Real Estate Agents
President According to Ohio real estate agent President Ralph Mantica, “the housing market is currently returning to normal. Rates of interest and the number of homes for sale have steadily increased over the past several months; prices continue to go upwards as buyers believe purchasing real estate is an investment worth making.”
An Ohio real estate agent serves as a professional partner, guiding buyers and sellers through the complex homebuying and selling processes to achieve their housing goals.
Regional Differences in Market Performance
Within the State, 12 out of 15 monitored markets experienced increases in average monthly prices compared to the month of September in 2023, and three local markets demonstrated greater selling activity compared to one year prior.
Are Home Prices Falling in Ohio?
According to information released as of September 2023, there has been no indication of significant decreases in home values across Ohio. Instead, median home prices across the state experienced an increase of 5.9 percent to $275,461, showing strength and demand in real property markets across the state.
Are You in a Buyer or Seller Market for Real Estate?
Based on current market conditions, real estate appears to favor sellers more. Even though home sales dropped 17% year over year compared to 2017, average prices rose at an exponential pace suggesting sellers held the upper hand in sales competition with buyers. Furthermore, limited supply and rising costs foster an environment conducive to selling houses effectively while forcing them into more difficult and competitive negotiations with one another.
Will the Market Crash?
According to available data, no immediate signs of market collapse exist. Many real estate agents have mentioned how housing is returning to normal with interest rates decreasing and more houses for sale being made available for sale. While fluctuations are inevitable in any market, current trends suggest a healthy and stable real estate sector rather than one on the brink of collapse.
