Ohio Real Estate Market May 2022: Forecasts + Trends

Ohio real estate trends (May 2022)

How is the real estate market in Ohio?
🏠 Average home value: $201,688	📈 0.24% home value increase month over month
💰 Median sale price: $215,700	⏳ 39 days on the market
🔑 Homes on the market: 10,839	📆 0.9 months of housing inventory
🏦 30-year mortgage rate: 5.55000%	💵 Average income: 58116
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 1.5% or $3K in listing fees. Eligible buyers get 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 16 days slower than the annual average	💰 Homes are selling for $16,862 more than the annual average
💸 Average listing commission: 3.19%	💸 Average buyer's commission: 2.62%

How to sell a home in Ohio

Cost to sell a home in Ohio

Buying a home in Ohio

How much home you can buy with $300,000 in...
🏠 Cleveland: 2,500 sq ft	🏡 Columbus: 1,571 sq ft
🏡 Cincinnati: 1,744 sq ft	🏠 Dayton: #DIV/0! sq ft

Investing in Ohio real estate

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 locations in Ohio based on different criteria. This month, we're looking at levels of happiness and ranking the best counties in the state.

Happiest Counties in Ohio
1. Delaware County
2. Union County
3. Medina County
4. Warren County
5. Hamilton County

Ready to buy a home in Ohio? Eligible buyers get cash back with Clever!

Worst of Ohio

Each month, we compare locations in Ohio based on a different criteria. This month we're looking at levels of happiness data. These are the counties that ranked the worst in the state.

Least Happy Counties in Ohio
1. Adams County
2. Meigs County
3. Scioto County
4. Pike County
5. Gallia County

Ohio resources

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.

Ohio Real Estate Market in 2022: Forecasts + Trends