Crash or Growth: Ohio Housing Market Crash in 2024? 

Blog, Housing Market

Ohio real estate has received extensive national press in recent months. If you’re thinking about getting your real estate license, you may be following this current Ohio market analysis to determine whether it’s a good time to enter the industry.

Let’s look at the current Ohio market analysis – and how industry leaders interpret that information to make expert predictions and opinions for 2024.

Current Data and Comparison with Previous Years

What’s going on in Ohio real estate? Here’s what the most current data shows.

1. Home prices

According to data collected by Redfin, the average home price in Ohio is $221,800. This is up by 5.3% year over year (YoY). Due to Ohio’s tight inventory, this number is expected to keep increasing marginally.

2. Sale-to-list price ratio

The sale-to-list ratio is the final sale price divided by the last list price – based as a percentage. If it’s above 100%, the home sold for more than the list price. If it’s less than 100%, the home sold for less than the list price. Ohio’s sale-to-list price ratio is 99.4%, an increase of 0.4 pt YoY compared to late 2022.

3. Home sales

Home sales in Ohio have decreased by 10.6% YoY.

4. Median days on the market

The median days on the market for homes for sale was 27 days, which is down eight days YoY.

5. Months of supply

The average month of supply is one month, which is worse than the national housing market.

Economic Factors Impacting the Market

It’s no secret that the current mortgage interest rates are affecting home sales in Ohio as well as the rest of the country. However, mortgage interest rates are expected to stabilize (but will remain above 6%) in the last half of 2024. We’ve already seen a slight drop since November, partly due to the softening labor market and a slowing economy.

Expert Predictions and Opinions for 2024

High mortgage rates and home prices may sound like bad news for Ohio real estate agents. However, here’s what is predicted for the Ohio real estate market in 2024.

Inventory will increase in Ohio.

Sellers waiting for the perfect market will become impatient and return to the market in 2024. In addition, baby boomers looking to downsize will increase the inventory of affordable family homes.

Buyers will return to the market.

Mortgage demand rose after the interest rates lowered slightly in November. We’ll see more buyers return to the market as interest rates level out later in the year.

Ohio home prices will continue to rise.

Toledo, Cincinnati, Cleveland, and Columbus recently received national press as being some of the best cities for real estate. Expect home prices to continue rising in these key markets.

Buyer demand and seller confidence will improve in Ohio in 2024.

In short, Ohio will have more buyers and sellers in 2024. And each of those real estate transactions will require the expertise of a real estate agent to help guide the transaction.

Will Ohio experience a market crash? (or reverse market crash?)

A housing market crash in Ohio is unlikely. After all, Ohio has a thriving job market and ranks 17th for having the most affordable average cost of living. These robust economic fundamentals create a solid foundation for continued housing demand.

And what about a reverse market crash?

For those unfamiliar with the term, a reverse market crash is characterized by a sudden rise in asset prices, leading to the rich getting richer and the poor getting poorer. A reverse market crash in Ohio is also unlikely in Ohio because of the state’s affordable housing market.

We’ve given you a lot of data and analysis to digest, but what does it all mean for someone interested in becoming an Ohio real estate agent? In short, if you have considered a real estate career in Ohio, now is the time to act.

You can become an agent by taking pre-licensing real estate courses online, in person, or via livestream with Hondros College. You’ll learn everything you need to know to pass the Ohio salesperson exam and advise your future clients on one of their life’s most important financial decisions. And, when you are ready to advance your career and become a broker, we can help you with that process as well.

Contact Hondros College today to learn more about the Ohio licensing process.

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