Real estate trends in Ohio | Sellers | Buyers | Investors | The best and worst of Ohio | Ohio resources
Ohio real estate trends (May 2022)
How is the real estate market in Ohio? | |
|---|---|
🏠 Average home value: $208,784 | 📈 1.10% home value increase month over month |
💰 Median sale price: $246,100 | ⏳ 41 days on the market |
🔑 Homes on the market: 11,602 | 📆 0.6 months of housing inventory |
🏦 30-year mortgage rate: 5.52000% | 💵 Average income: 56602 |
State of the market: B- | |
Ohio’s real estate market is continuing to cool off. Limited inventory was previously driving prices and sales — but now that inventory is increasing and homes are taking longer to sell, it’s a sure sign that the market will continue to slow down. | |
*Data last updated May 2022 | |
Nestled beneath the Great Lakes, Ohio is known for its football culture, amusement parks, and the Rock and Roll Hall of Fame, among other highlights.
The Buckeye State's biggest industries include agriculture, insurance, and manufacturing — and its central location places it within 600 miles of 59% of the U.S. and Canadian populations. Ohio's biggest cities include Columbus, Cincinnati, and Cleveland, though it offers plenty of small town charm, too.
Residents experience a full spectrum of seasonal weather, with hot, humid summers and snowy winters — as well as approximately 2,200 hours of sunlight each year.
If you're thinking of buying or selling in Ohio, these Ohio housing predictions and stats can help you make an informed decision.
Want to save money when you buy or sell your home? With Clever, you'll only pay 1% or $3K in listing fees. Eligible buyers get 0.5% cash back after closing. Find out how much you can save with Clever today!
Selling a home in Ohio
Ohio real estate market forecast for sellers | |
|---|---|
⏰ Homes are selling 12 days faster than the annual average | 💰 Homes are selling for $21,781 more than the annual average |
💸 Average listing commission: 3.19% | 💸 Average buyer's commission: 2.62% |
How to sell a home in Ohio
- The Best Low Commission Real Estate Brokers
- Top Real Estate Agents in Ohio (June 2021 Rankings)
- 8 Steps to Selling a House in Ohio
- How to Sell a House By Owner in Ohio (2021 Update)
- 4 Best Ohio Flat-Fee MLS Companies in 2021
- We Buy Houses for Cash Companies in Ohio (2021 Rankings)
Cost to sell a home in Ohio
- What's The Average Ohio Real Estate Commission In 2021?
- How Much Are Closing Costs for Sellers in Ohio? | Clever Real Estate
- The Ultimate Guide to Ohio Real Estate Taxes
Buying a home in Ohio
How much home you can buy with $300,000 in... | |
|---|---|
🏠 Cleveland: 2,459 sq ft | 🏡 Columbus: 1,622 sq ft |
🏡 Cincinnati: 1,807 sq ft | 🏠 Dayton: 2,479 sq ft |
- How to Save with a Home Buyer Rebate
- 8 Definitive Steps to Buying a House in Ohio
- The 5 Most Affordable Places to Live In Ohio
- The Best Time to Buy a House in Ohio
- The Ultimate Guide for Moving to Ohio
Investing in Ohio real estate
- Top 5 Best Real Estate Investment Markets in Ohio
- How to Buy a Foreclosed Home in Ohio: An In-Depth Guide
- The Ultimate Guide to Flipping Houses in Ohio
- A Beginner's Guide to Buying an Apartment Building
Best of Ohio
💡 Did you know…
Although the city may garner more attention for its annual Oktoberfest celebration, Cincinnati is also a great place for coffee fanatics. Residents can savor an inexpensive cappuccino for just $3.72 — far below the national average of $4.47 per cup.
» Thirsty for more info? ☕ Read our full study here: The Best Coffee Cities in America
Each month, we compare cities in Ohio based on different criteria. This month, we're looking at affordability and ranking the best cities in the state.
Most Affordable Cities in Ohio |
|---|
1. Portsmouth |
2. Salem |
3. Marion |
4. Mansfield |
5. Youngstown-Warren-Boardman |
Ready to buy a home in Ohio? Eligible buyers get cash back with Clever!
Worst of Ohio
Each month, we compare cities in Ohio based on a different criteria. This month we're looking at affordability data. These are the cities that ranked the worst in the state.
Least Affordable Cities in Ohio |
|---|
1. Columbus |
2. New Philadelphia-Dover |
3. Cleveland-Elyria |
4. Ashtabula |
5. Athens |
Ohio resources
- Department of Commerce - Ohio Division of Real Estate and Proffesional Licencing
- Ohio's real estate license verification
- Ohio's real estate agent code of conduct
- Ohio's disclosure forms
- Transfer taxes in Ohio
- Home buying assistance programs in Ohio
Frequently asked questions about Ohio real estate
It is currently a seller’s market in Ohio. Limited inventory is keeping the market hot and homes are selling quickly. While that may be the case for Ohio as a whole, each city and town is different, which is why it’s best to consult with a real estate agent to understand your local trends.
Yes, investing in Ohio real estate is a good idea, especially in bigger cities like Columbus and Cleveland, where there is always a demand for housing. However, maximizing your investment requires proper preparation, such as planning out your finances and researching the best neighborhoods to buy in. Learn more in our guide to real estate investing.
For most people, it might not be a good time to buy a house in Ohio, as listing prices are a bit higher than normal. However, mortgage rates here are lower, which means that you could save a lot of money in the long run with a locked-in low rate. To understand all your options, work with a top real estate agent in the state.
Methodology
Clever's analysis of state market trends is based on local data from Zillow, realtor.com, Redfin, Bankrate, the U.S. Census, and Clever surveys. Our team of over 20 real estate analysts from across the country research local markets and data to compile our "Best" and "Worst" rankings.