Insiders Expect Hot Ohio Real Estate Markets for 2024
January 31, 2024 |
A report published by the National Association of REALTOR’s® (NAR) predicts that Toledo, Ohio, will be the country’s hottest real estate market for 2024. In addition, Cincinnati, Columbus, and Cleveland are also expected to be highly competitive markets in the coming year. Here’s what the reports say and what this information means for Ohio real estate professionals.
Why Analysts Have Labeled Ohio as a Hot Market
Toledo’s affordability in a very expensive national housing market has drawn buyers to the city. While other major markets are expected to have lower home sale counts compared to 2017-2019 numbers, Toledo is expected to see an increase of 5.2%.
Additionally, Zillow published a list of cities that “should stand out as strong in a housing market still buffeted by low inventory and relatively high mortgage rates and prices.”
Buffalo, NY ranked first on this list, followed by Cincinnati and Columbus. Cleveland ranked eighth on Zillow’s list of the hottest housing markets of 2024. According to Zillow, the rankings were based on anticipated home value appreciation, speed of home sales, and the estimated number of new jobs per new home.
These reports may not be a surprise for those following Ohio real estate. Home prices in Central Ohio have risen more than 40% since 2019.
What This Data Means For the Real Estate Industry
A low inventory of new homes may leave buyers competing for those on the market. In addition, mortgage rates have been steadily dropping since October 2023, leading experts to believe 2024 may offer good news to those wanting to move. Increased prices and volume mean good things for the real estate industry.
If you have been considering a career in the real estate industry in Ohio, NOW is the right time to earn your real estate license. It takes three to six months to complete the licensing process. This means that by the end of next season, you could be a part of Ohio’s real estate boom.
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- Prakash, Anushna. “Why Buffalo Will Be 2024’s Hottest Market.” Zillow, January 10, 2024. https://www.zillow.com/research/2024-hottest-market-33566/.
- Speianu, Sabrina. Danielle Hale. “Top Housing Markets for 2024.” Realtor.com Economic Research, December 4, 2023. https://www.realtor.com/research/top-housing-markets-2024/.
- Weiker, Jim. “Three Ohio Cities Among Nation’s ‘Hottest’ Real-Estate Markets for 2024.” The Columbus Dispatch, January 5, 2024. https://www.dispatch.com/story/business/real-estate/2024/01/05/ohio-home-shoppers-to-find-no-relief-in-2024-according-to-forecasts/72118589007/.