Buyers, sellers, and realtors are in a mad dash for properties and profit in the Ohio real estate markets. For buyers, these markets are goldmines of cheap but valuable real estate.
On the other hand, for sellers, this is the moment to sell before the market crashes again. Other than Cincinnati, major markets such as Baltimore, Cleveland, Columbus, and Madison are hot markets filled with properties with unstable value.
Some smaller markets, such as Centerville, Dublin, Mason, and Powell, have real estate with a stable or rising value. Overall, it’s smarter to aim for these markets than for the bigger markets in Ohio.
Even if the circumstances look unappealing to a buyer, Ohio can offer high-value properties at a low cost. You simply have to be aware of the market conditions, which I’ll be helping you with.
The Nature Of Ohio’s Real Estate
Before buying a home in Ohio, you have to know about the issue constantly plaguing its real estate. Almost all markets suffer from property value instability.
Major markets such as Baltimore, Cleveland, Columbus, and Madison are all either skyrocketing or plummeting in value across all brackets. Let’s look at these markets for a clearer picture.
1.Baltimore’s upscale properties had a median list price of $337,442 on December 20, 2019. It rose to $825,180 on July 2, 2021, then hit $323,715 on September 2, 2022. It rose to $446,108 on December 9, 2022.
2.Cleveland’s best properties had a median price of $273,615 on December 20, 2019. By September 04, 2020, the price skyrocketed to $437,842 and fell to $276,719 on December 10, 2021. On December 9, 2022, it was listed at $306,369.
3.On December 20, 2019, Columbus’ luxury properties had a median list price of $866,000. On February 28, 2020, it raised to $1,200,000, then plummeted to $669,365. On December 9, 2022, it was measured at $850,554.
4.Madison’s upper-bracket properties had a median list price of $268,194 on December 20, 2019. On April 16, 2021, it rose to $474,369 and peaked by June 17, 2022, at $606,988. After that, the median list price plummeted, and it was $343,512 on December 9, 2022.
I’ve highlighted the most problematic brackets in each market, but all brackets have experienced similarly wild fluctuations.
The only exception to the rule is Cincinnati, which has experienced a more natural rise and fall in price, with only upscale properties showing rapid changes from May 2020 to October 2021.
The biggest reason for this fluctuation is the clash between the pandemic price hike and numerous foreclosures. Of Ohio’s 32,723 housing inventory, 19,234 are foreclosed properties.
Foreclosures offer cheap real estate to the market, driving attention and making buyers wary of new properties. This keeps driving the price down and lowering the market median list price.
For experienced buyers, these properties are uncertain. And with 2023’s crash incoming, these markets are on the brink of collapse. So, it’s better to focus on the smaller markets with less inventory in Ohio, such as the housing options in Centerville.
Why Smaller Real Estate Markets Are Faring Better
Ohio’s smaller real estate markets with lower inventory have better track records comparatively. Because of the overall low number of real estate, these markets have a low risk of being flooded with low-priced properties.
While they experience fluctuations, the value of the properties either remains the same or rises gradually. For examples of steady markets, let’s take a look at Dublin, Mason, and Powell.
1.On December 20, 2019, Dublin’s properties had a median list price of 549,995. These properties reached their highest median list price of $875,000 on February 25, 2022. On December 9, 2022, the number was at $698,900. Dublin currently has 38 properties in inventory.
2.Mason’s properties had a median list price of $557,458 on December 20, 2019. On April 07, 2022, the median list price peaked at $997,900. On December 9, 2022, it came down to $950,000. Mason has 31 properties in inventory.
3.Powell’s properties have had the steadiest rise in median list price.
On December 20, 2019, the median list price was found to be $544,900, and this peaked at $699,000 on June 3, 2022. On December 9, 2022, the median list price was $646,000. Powell has 46 properties listed for sale right now.
None of these markets had their median list price drop lower than what it was in December 2019. Centerville has consistently risen in property price and value from November 26, 2021, when the median list price was $244,000.
Since then, the median list price has skyrocketed to $444,900 by December 9, 2022, and it shows no signs of slowing down. Right now, Centerville only has 42 properties listed for sale.
Whether as an investment or a home, you must always find a property with rising or steady value. And in Ohio, you’ll only find such properties in markets with low inventory.
Even with the rising price and seller priority, properties in these markets are going for much less than equivalent properties in other states. So, before buying a home in Ohio, pay close attention to these markets for your golden opportunity.