Ohio Market Overview

Unless you’re a licensed agent, chances are you don’t stay on top of how the housing market in your city compares to the rest of the nation. Seeing as your next home is a large investment, knowing when to sell plants the first stepping stone for a successful experience. Selling your home when the market is “hot” will increase the chances of your home selling faster and potentially for a higher price considering it’s increased value.

We did some research into how some of the Ohio markets that BHHS is located compare to the national averages. And well, the results were pretty in line with what our agents are experiencing in each respective market! Take a look:

Current Home Value

National Average: $216,000

Columbus: $181,600                             Cincinnati: $159,600                                Cleveland: $140,500

Dayton: $116,400                                  Akron: $134,300

 

Median List Price

The following data and list prices come from Zillow's latest report as of May 2018. 

National Median List Price: $275,000

Ohio: $165,000         Columbus: $173,000        Cincinnati: 209,000         Cleveland: $79,900

 

Median Sale Price

The following data and sale prices come from Zillow's latest report as of April 2018.

National Average Sale Price: $238,000

Ohio: $139,000         Columbus: $146,000         Cincinnati: no data         Cleveland: $58,700


After taking a look at these numbers, there are a few points to emphasize about each respective market. While the current home value in all parts of Ohio is under the national average, this speaks to the cost of living that is significantly lower than other parts of the nation like California and New York. We all know that building a home in Ohio is much more affordable so these numbers weren't surprising. However, Columbus stands out with current home values just $34,400 under the national average.

The average difference that homes are being listed and then sold for is $37,000. Making this a starting point to compare the rest of the markets noted, this puts Ohio under at $26,000 of a difference between list and sale price. Seeing that Ohio has a smaller margin than the national average, homeowners are generally listing their homes at smarter prices or the market is hot enough to increase a home's value. Cleveland fairs the best with a margin as small as $21,200 between list and sale price on average. Keep up the good work Northeast Ohio!

Another interesting metric that supports the Median List Price further is the Median List Price Per Square Foot. The latest report comes from Zillow's report in May 2018.

Median List Price Per Sq. Foot

National: $148

Ohio: $104              Columbus: $121                 Cincinnati: $122               Cleveland: $67

Graph courtesy of Zillow

Graph courtesy of Zillow

Breaking each market down further allows us to see how areas within a location compare to the national averages. The information below highlights these respective areas:

Largest Home Value by City

National Average: $216,000

Columbus: Upper Arlington at $419,800

Cincinnati: Mason at $257,400

Cleveland: Westlake at $270,200

Largest Home Value by County

National Average: $216,000

Columbus: Union County at $197,300

Cincinnati: Warren County at $213,900

Cleveland: Geauga County at $225,900

Researching the market conditions in your state, county, city and neighborhood are important before beginning the process. This will allow you to see first hand why your agent may tell you to increase or decrease the initial list price of your home. Agents today will tell you the market is hot & homes are selling quickly. The trick to a smooth selling or buying experience is knowing WHEN... now is the time to get your home on the market!

*All data & analytics from this post came from Zillow reports*