Ohio Housing Market Trends 2024: What's Happening Now?

September 2024: A Snapshot of the Ohio Housing Market

The most recent report from Ohio REALTORS® paints a pretty clear picture: while the number of homes sold in September 2024 saw a slight dip (0.5% decrease compared to September 2023), the average sales price is still climbing. We're talking a 9.3% increase, reaching a statewide average of $301,158. This is great news if you're a seller, but it might make things a little tougher for buyers. The total dollar volume of sales also increased.

Ohio REALTORS® President Ali Whitley describes the market as “strong and steady.” And you know what? I agree. While we might see some minor month-to-month fluctuations, the overall trend shows a consistently robust market, with homes still holding their value and appreciating nicely.

This isn't just my opinion; it's reflected in the data. Out of the 14 major markets tracked across the state, 12 showed an increase in the average sales price. That's a strong indication of a healthy and active market.

Year-to-Date (January-September 2024): A Bigger Picture

Looking at the bigger picture, the Ohio housing market continues to perform well. Year-to-date sales are up 1% compared to the same period in 2023, reaching 98,636 homes sold. That’s a substantial number! The average sales price for the year so far sits at $292,158, a solid 7.4% increase compared to the same period last year. This consistent growth across both sales volume and pricing further supports the idea of a robust housing market.

This steady growth suggests that buying a home in Ohio remains a smart investment, despite the slightly higher prices. The ongoing positive trends indicate that the market might be poised for continued growth, or at least remain relatively stable for a considerable time.

Market-by-Market Analysis: Ohio Housing Market Trends Across the State

The statewide numbers give a great overview, but the Ohio housing market isn't uniform. Different regions have different stories to tell. Let's take a look at some key market areas, based on the provided data (Remember, this is based on a limited snapshot of some major MLS areas and may not represent every part of the state):

• Strong Performers: Some markets, like Cincinnati and Columbus, experienced significant increases in both the number of homes sold and the average sales price. This shows a robust market with high demand in these metro areas. These areas are seeing a higher level of competition for homes.
• Moderate Growth: Other areas, like Mansfield and Scioto Valley, saw more modest gains in average sale price, despite fluctuations in the number of homes sold. This indicates more balanced market conditions where prices are still growing, but maybe at a slower pace.
• Softer Markets: Then there are places like Ashland, Dayton and Greater Portsmouth that had decreases in the number of homes sold and, in some cases, decreased average sale prices. This shows some areas are experiencing slower market growth or even some softening, which could present more opportunities for buyers, especially in those specific markets.

Here's a summary table for September 2024:

MLS Area	Units Sold (2023)	Units Sold (2024)	% Change	Average Sale Price (2023)	Average Sale Price (2024)	% Change
Ashland	19	17	-10.5%	$186,926	$170,147	-9.0%
Athens	59	56	-5.1%	$277,600	$417,654	50.5%
Cincinnati	1,433	1,715	19.7%	$320,776	$349,526	9.0%
Columbus	2,445	2,508	2.6%	$348,569	$371,397	6.5%
Dayton	1,344	1,175	-12.6%	$253,283	$276,129	9.0%
Firelands	252	229	-9.1%	$264,821	$283,154	6.9%
Greater Portsmouth	90	78	-13.3%	$224,791	$211,622	-5.9%
Knox	35	30	-14.3%	$260,192	$408,066	56.8%
Mansfield	152	151	-0.7%	$189,513	$211,663	11.7%
MLS Now	4,024	3,820	-5.1%	$245,928	$268,661	9.2%
NORIS	781	815	4.4%	$222,471	$235,578	5.9%
Scioto Valley	83	78	-6.0%	$202,215	$220,815	9.2%
West Central	111	125	12.6%	$192,341	$211,561	10.0%
WRIST	428	400	-6.5%	$237,181	$257,346	8.5%
Statewide	11,256	11,197	-0.5%	$275,422	$301,158	9.3%

Here's a similar table for the year-to-date data (January-September 2024):

MLS Area	Units Sold (2023)	Units Sold (2024)	% Change	Average Sale Price (2023)	Average Sale Price (2024)	% Change
Ashland	168	180	7.1%	$203,105	$220,795	8.7%
Athens	657	760	15.7%	$195,063	$203,376	4.3%
Cincinnati	14,772	15,293	3.5%	$324,311	$346,164	6.7%
Columbus	21,168	21,844	3.2%	$348,164	$366,839	5.4%
Dayton	10,216	10,969	7.4%	$253,947	$278,348	9.6%
Firelands	1,920	1,989	3.6%	$231,534	$254,943	10.1%
Greater Portsmouth	717	630	-12.1%	$172,806	$187,295	8.4%
Knox	320	283	-11.6%	$261,193	$296,332	13.5%
Mansfield	1,129	1,026	-9.1%	$177,402	$228,979	29.1%
MLS Now	34,112	33,481	-1.8%	$239,424	$257,075	7.4%
NORIS	7,068	6,881	-2.6%	$207,874	$221,448	6.5%
Scioto Valley	645	592	-8.2%	$216,721	$213,562	-1.5%
West Central	1,050	1,113	6.0%	$178,999	$196,768	9.9%
WRIST	3,688	3,595	-2.5%	$223,019	$234,339	5.1%
Statewide	97,630	98,636	1.0%	$272,010	$292,158	7.4%

Factors Influencing the Ohio Housing Market

Several factors play a role in shaping these Ohio housing market trends. Interest rates, economic conditions, and the availability of inventory are all crucial pieces of the puzzle. The recent dip in home sales in September could be attributed to a variety of reasons, including seasonal changes, interest rate fluctuations, or simply a temporary slowdown. However, the sustained growth in average sales prices suggests a strong underlying demand for housing in Ohio.

What Does This Mean for You?

For home buyers in Ohio, these trends signal a competitive market, potentially requiring faster action and stronger offers to secure a property. For home sellers, it’s a favorable climate. The increased average sale prices and consistent sales volume indicate a healthy environment for selling, albeit potentially with a slightly reduced volume.

Remember to work with a real estate professional! A knowledgeable agent can provide personalized insights based on the specific area you're interested in and help you navigate this dynamic market.

Looking Ahead: Future Ohio Housing Market Predictions

Predicting the future is always tricky, but based on the current trends, it's reasonable to expect the Ohio housing market to remain relatively strong in the coming months. However, it's crucial to monitor economic indicators, interest rate changes, and inventory levels for any shifts in the market's trajectory.

My final thoughts: The Ohio housing market is showing impressive resilience. The numbers are clear; a healthy growth is observed in terms of sales and price. It’s a good time for both buyers and sellers to strategize carefully, keeping a close eye on market developments and seeking professional advice.

Ohio Housing Market Forecast for 2024 and 2025

The Ohio housing market has been holding its own in the face of national market fluctuations. While certain regions have experienced more dramatic changes than others, overall, the market has shown resilience and stability. This stability can be attributed to factors like:

• Strong local economy: Ohio boasts a diverse economy, with major sectors like manufacturing, healthcare, and agriculture contributing significantly to job growth. This stability has resulted in a steady demand for housing.
• Affordable housing options: Compared to other states, Ohio offers more affordable housing options, drawing in buyers seeking value for their investment.
• Stable inventory: While inventory levels are not as high as in previous years, the market has been experiencing a more balanced supply and demand scenario compared to the frenzy of the past few years.

Key Factors Influencing the Ohio Housing Market Forecast

Several key factors will play a significant role in shaping the Ohio housing market forecast for the next two years. These factors include:

1. Interest Rates: The Federal Reserve's aggressive interest rate hikes have significantly impacted the housing market. Higher interest rates make mortgages more expensive, impacting affordability and potentially slowing down buyer demand.

2. Inflation: Persistent inflation is contributing to higher costs for materials, labor, and overall living expenses. This can affect home prices and potentially limit buyer budgets.

3. Economic Growth: The Ohio economy is anticipated to experience moderate growth in the coming years. While this growth is expected to support the housing market, it might not be as robust as in previous years, potentially moderating price increases.

4. Job Market: Ohio's strong job market, with a diverse range of industries, is anticipated to remain stable, bolstering housing demand.

5. Demographics: Ohio's population is aging, with a growing number of seniors looking to downsize or relocate. This demographic shift could affect demand for different types of housing.

Ohio Housing Market Forecast for 2024

Forecasting the Ohio Housing Market: A Regional Perspective

While a statewide forecast is helpful, it's essential to consider regional variations. Here's a breakdown of the expected home price growth (%age) for specific areas in Ohio, based on data from Zillow as of Sept 2024:

RegionName	31-10-2024	31-12-2024	30-09-2025
Cincinnati, OH	0	-0.3	0.8
Columbus, OH	0.1	-0.2	1
Cleveland, OH	0.1	-0.1	0.8
Akron, OH	0.1	-0.4	0.4
Toledo, OH	0.1	-0.3	0.1
Youngstown, OH	0.2	0.1	1.7
Canton, OH	0.1	-0.4	0.2
Huntington, WV	0	-0.4	-1.3
Wheeling, WV	-0.4	-1.4	-3.3
Springfield, OH	0.1	-0.1	2.1
Mansfield, OH	0.1	0	2.1
Weirton, WV	0.1	-0.2	0.4
Lima, OH	0.2	-0.1	1
Salem, OH	0	-0.5	-0.4
Ashtabula, OH	0.3	0.2	2.2
New Philadelphia, OH	0.3	0.1	0.4
Zanesville, OH	0.1	-0.3	1.2
Chillicothe, OH	0.3	0.4	1.6
Sandusky, OH	0.3	0.3	1.6
Findlay, OH	0	-0.4	0.1
Portsmouth, OH	0.2	-0.1	0.2
Marion, OH	0	-0.8	0.6
Athens, OH	0.2	-0.1	-0.7
Mount Vernon, OH	0.3	0.1	1.9
Marietta, OH	0.1	-0.6	-1.8
Fremont, OH	0.1	-0.3	0.5
Norwalk, OH	-0.2	-0.9	-0.9
Tiffin, OH	0.1	-0.3	0.4
Point Pleasant, WV	0.1	-0.3	0.6
Ashland, OH	0.4	0.6	2.4
Greenville, OH	0	-0.1	1
Sidney, OH	0	-0.4	0.1
Wapakoneta, OH	0.2	-0.1	0.1
Bellefontaine, OH	0.1	-0.2	0.9
Celina, OH	0.5	0.3	1.2
Wilmington, OH	0.1	-0.3	1.3
Bucyrus, OH	-0.2	-0.5	1.3
Urbana, OH	0	-0.4	0.7
Cambridge, OH	-0.1	-0.4	0.2
Defiance, OH	0.2	-0.2	-0.1
Coshocton, OH	0	-0.1	0.8
Jackson, OH	-0.6	-1.6	-1
Washington Court House, OH	0	-0.3	0.9
Van Wert, OH	0.4	0.4	2.5

Analysis of the Ohio Real Estate Forecast:

Okay, so we're looking at how home prices in different parts of Ohio are expected to change over the next year or so. These are just forecasts, so they might not be exactly right.

Most places show a pretty small change, either up or down, by the end of 2024. Many places are predicted to have a slight increase (0.1% or 0.2%), which basically means prices will stay about the same. A few areas might even see a tiny drop in price (-0.1% or -0.2%).

By the end of September 2025, the picture gets a bit more interesting. A good number of areas are expected to see increases of 1% or more. Some towns, like Ashland, Van Wert, and Ashtabula, are predicted to have noticeably higher price increases (2.4%, 2.5%, and 2.2% respectively). These are places where it looks like homes will become a good bit more expensive.

On the other hand, a few places like Wheeling, WV, and Marietta, OH, are predicted to see price drops of more than 3% and 1.8% respectively by the end of 2025. This suggests that home values in these areas may go down quite a bit. Huntington, WV, and Norwalk, OH, also show expected drops in home value.

It's really important to remember that these are just predictions. Lots of things can affect house prices – the economy, interest rates, and even how many houses are for sale in a town. So, don't take these numbers as absolutely guaranteed. They're more like a general idea of what might happen.

Looking Ahead: Considerations for the Long-Term Ohio Housing Market

While the forecasts for 2024 and 2025 provide a snapshot of the short-term trends, several long-term factors will continue to shape the Ohio housing market:

• Demographic Shifts: The aging population, increased urban migration, and growing Hispanic population will continue to impact housing demand in specific regions.
• Infrastructure Development: Investments in transportation, technology, and renewable energy infrastructure could attract new residents and businesses, influencing housing demand.
• Technological Advancements: The adoption of smart home technologies and remote work options might reshape housing preferences and create new opportunities.

The Ohio housing market is poised for continued stability and growth in the coming years. While external factors like interest rates and inflation will influence market trends, Ohio's diverse economy, affordable housing options, and strong job market will contribute to a healthy and balanced market.