Whether you plan on purchasing real estate as an investment or as a personal property to live in, you will want to know the market. In fact, it helps you save time and money (and not to mention a few headaches) by:
- giving you an idea of how much you should spend on a home.
- helping you understand what others are buying and selling in your area.
- cluing you in on when to engage the market when it’s affordable for your budget.
If you aren’t fond of plugging numbers into calculators, reading about excessive statistics, or speaking confusing real estate jargon, here’s a few things you should know about the Ohio real estate market.
What’s Happening with the Ohio Real Estate Market?
The National Listing Price Has Fallen
At the beginning of 2019, the national median listing price for real estate was approximately $300,000. As of August, this price has fallen to $275,000.
Due to lower listing prices, it may be a great time for buyers and investors to hit the market.
With the summer coming to a close, it may be prudent to buy now before the market ebbs and flows, and then increases to a high in the spring. Listing prices tend to fluctuate remarkably during the fall and winter months.
Ohio is Becoming an Attractive Market
Lower listing prices are also indicating that the bigger real estate markets, like Los Angeles and Atlanta, are cooling down. Because of this, areas that have been historically at low values are becoming more attractive.
Why?
This is because Millenials are now beginning to buy homes and make real estate investments. Wallet-friendly areas, like Columbus, are extremely attractive to Millenials.
Here is a basic breakdown of Ohio’s real estate market, as of August 2019.
- Median Sales Price: $175,000
- Home Value: $140,400 (as of August 21, 2019)
- Time on Market: 45 days
Over five years, the real estate market in Ohio has become particularly lucrative for all kinds of buyers and real estate investors. Experts are citing the recent surge in real estate value to strong job growth and lower interest rates, which are fueling the demand for real estate.
Nothing is Certain
Although Columbus, Ohio has one of the hottest real estate markets in the country, forecasters are urging buyers, sellers, and investors to avoid getting too excited with their spending.
In 2018, mortgage rates started pretty high and dropped significantly towards the end of the year. In 2019, the opposite is true. Mortgage rates have been dropping all year, and experts are wondering if this translates into hotter markets going forward.
If you have a tight budget for what you can spend, it’s reasonable to go ahead and engage the Ohio real estate market. For buyers, mortgage rates are low and more attractive this time of year. For investors, this means more opportunities to spend and increase their cash flow.
The Ohio real estate market is growing, but for how long? As a buyer, seller, or investor, you should always keep tabs on your local real estate market to enable yourself to make the best possible deal at the right time.