What is the Average Ohio Home Value?

Ohio encompasses a total area of more than 44,000 square miles, which includes booming metropolitan areas, revitalizing regions of the Rust Belt, and rural farming communities. There is a large amount of variation in the value of homes around the state as a result of the wide mix of markets. So, what is the actual average price of a home in Ohio in the year 2023? The question is, how does Cleveland real estate compare?

It is common practice for industry professionals to compute a population-weighted Cleveland real estate average in order to arrive at accurate data for the entire state. This strategy is responsible for the higher levels of sales activity that are observed in densely populated locations such as Cleveland, Columbus, and Cincinnati in comparison to counties that have a lower population density.

Statewide Home Value Overview

Home prices across the Cleveland Ohio Real Estate Market have been steadily and consistently increasing over the course of the last decade. According to the data provided by Zillow, the population-weighted average home value in the year 2012 was $131,000. In the present day, it has increased by 46%, reaching a total of $192,000.

During the early stages of the Great Recession, there was a decline in average values, which reached their lowest point of $122,000 in 2011. On the other hand, the housing market in the state recovered more quickly than in many other parts of the country. In point of fact, since 2013, the average value of homes has increased each and every year, which is a reflection of the robust and consistent demand.

In addition, drill-downs conducted by the property research firm Kukun indicate that the Midwest region as a whole will outperform the national average for home sales in 2022. This tenacity permeated the state of Ohio.

Cleveland Real Estate Benchmarking

In light of the present state of the housing market in Ohio, how does Cleveland square up to the rest of the state? Zillow now estimates home values in the Cleveland metropolitan area to be $176,000 at this time. The region has had a cumulative appreciation of 48% over the past ten years, which is precisely in line with the speed of the state as a whole.

It is important to note that the median sale price in the Cleveland metropolitan area is $165,000, which is 7% lower than the average sale price across Ohio, which is $177,000. As we look more into the details, we find that the valuations of homes in Cuyahoga County are extremely diverse, ranging from a high of $267K in the Rocky River neighborhood to just $66K in the Central neighborhood.

Consequently, despite the fact that the city has outperformed comparable Midwest counterparts such as Pittsburgh, St. Louis, and Detroit in recent years, it is still significantly behind other regional players such as Columbus and Cincinnati in terms of median income.

Outlook for Cleveland Real Estate

Despite the fact that the Cleveland real estate values have climbed back at a slower rate than in other hot places in Ohio, the market in Cleveland continues to have strong momentum. As a result of buyers taking advantage of rising rents and competitive pricing, sales activity had a significant resurgence after the pandemic.

Over the next five years, market experts anticipate that appreciation will outpace inflation. This is due to the fact that residential renovation is continuing gradually in many neighborhoods. Additionally, it seems likely that the push towards remote employment will draw new people from more expensive coastal cities for the same reason.

Contact Cleveland Income Real Estate For Expert Services Today!

When it comes to Cleveland real estate investors, establishing a connection with a local supplier such as Cleveland Income Real Estate offers them access to information that is not available through statewide reporting.

Using the growth direction of the metropolitan Cleveland area, our team is able to assist in evaluating the potential for upside. Contact Cleveland Income Real Estate