Real estate trends in Ohio can vary on a regional and local level, and doesn’t always reflect what’s going on in the rest of the country. Even though most of the country has been experiencing a hot sellers market, Ohio’s market is even more ablaze.
Whether you’re looking to buy a home in Ohio or sell your current one, it’s important to understand your local real estate market conditions that will ultimately affect how much you spend or receive.
To get a desirable outcome, buyers and sellers alike should partner with an experienced, local real estate agent that knows their unique market for the best insight and advice.
Here’s a brief look at the current state of the Ohio real estate market so you can approach your home buying or home selling journey with the right expectations.
2019 Home Value Trends for Top 5 Cities in Ohio
According to May data from Zillow, Ohio’s median home value is $139,100, which is nearly $90K under the national median. Still, this figure can vary greatly between markets, which is why it’s important to compare and contrast what Ohio’s biggest markets are doing.
Dayton’s median home value is $51,800, less than half of the median value for Ohio as a whole. Dayton’s market is about as hot as the state at large, with home values having soared 14.3% in the last year alone. The market has a healthy outlook for the coming year, with values expected to climb by about 3.3%.
Toledo remains one of the most affordable markets in Ohio. The median home value is just under $70,000, with values having increased by 3.9% in the past year and projected to increase by 1.3% in the coming year. Homes are being listed for more than their value, which is contributing to a competitive seller’s market.
Cincinnati’s real estate market has experienced tremendous success, with home values skyrocketing nearly 10% in the past year alone. They’re expected to continue this excellence with a 4.7% bump in the coming year. The market remains one of the most competitive in the state and has a median home value of $144,400.
One of Ohio’s more expensive markets, the median home value in Columbus is $156,500, still significantly lower than the national average. The market is also one of the healthiest in the state, with home values having increased by 9.4% last year and will rise by another 6% in the coming year.
Most waterfront towns like Cleveland would come with an astronomical price tag, but the median home value here is a modest $55,300. The city saw a 7.8% jump in home values last year and is on track for a 2% increase this year.
The Best Time to Buy a Home in Ohio
Buyers looking to settle down in Ohio should consider timing the market to get the best deal.
If you’re looking for the best inventory, you may want to wait until the summer when there are more homes to choose from. Summer is peak real estate season in Ohio when the most homes are sold and properties are on the market for the least amount of time.
However, if you’re looking to get the best price on a home, winter is your best bet. According to Redfin data, homes linger on the market for an average of 66 days, giving you a little more time to mull your decision before you pull the trigger. Home sale prices are also at their lowest since the market is slow and sellers aren’t receiving as many offers. Pricewise, the best month to buy a home is January, where the median sale price is $143,000, the lowest of the year.
The Best Time to Sell a Home in Ohio
If you’re selling your Ohio home, it’s important to understand how seasonality can impact your listing and final selling price, as well as the overall selling timeline.
If you need to sell your home quickly, consider listing it in the summer when homes spend the least amount of time on the market. Historically, June is the best month to sell a home if you’re hoping for a quick sale as homes are on the market for an average of 45 days. July is a close second with an average of 46 days, following by May and August with a timeline of 47 days.
Also, June will likely give you the best selling price. The median home sale in June is $175,000, which is $3,000 higher than the next best month. The least profitable month for Ohio home sales is January, where the median home sale is just $143,000.
These are general figures for the state of Ohio, but your local market may tell a different story. It’s essential to work with an experienced real estate agent that can help you navigate seasonal factors and know the best time of year to help you achieve your home selling goals.
How to Find the Perfect Ohio Real Estate Agent
Given Ohio’s affordable housing and low cost of living, it’s no wonder so many buyers are currently exploring this market. But before you start searching for a home or list your Ohio home for sale, it’s in your best interest to work with a reputable real estate agent that can provide guidance throughout the process.
Clever Partner Agents are full-service, top-rated agents in their local markets that can give you industry insights for an optimal outcome.
For sellers, you can benefit from a Partner Agent who offers reduced real estate agent commission fees when selling your house. Our Partner Agents work for a fraction of the cost of traditional agents, yet give you all the same services without sacrifice.
For buyers, your Partner Agent will give you a $1,000 Home Buyer Rebate that you can use to cover moving costs, closing costs, or even help with the down payment.