Ohio’s housing market remains strong in 2019, fueled by low interest rates and soaring job growth. Its strength is evident in metro Columbus, whose healthy economy is reaching new highs.
Here are Ohio real estate trends to look forward to for the rest of 2019:
Strong, consistent economic figures
Zillow rates Ohio’s current housing market as “very hot,” which only means it’s leaning toward a seller’s market. But further inspection into this condition reveals that median home values are still reasonably priced at $139,100. This is significantly lower than the national median value of $226,800. This price is a rate many buyers can work with.
These manageable prices of Columbus, OH real estate led to several closings in March. The Columbus real estate market’s splendid performance led to its number one ranking on Realtor.com’s “hottest real estate markets” for the said month, along with fellow Ohio cities Akron and Canton.
For the entire first quarter, Ohio’s economic performance was just as impressive. Five Ohio counties were among USA Today’s list of “25 most affordable housing markets in the US” in February. Interest rates were kept low during this period, registering4.4% in March – the lowest it has been since 2001. The unemployment rate also kept its downward trend with people finding more job opportunities in this state. With more jobs and higher growth prospects, people are snapping up real estate in the area.
The choice of millennials
Millennials, currently the largest group of home buyers in the country, are nudging buying trends from cosmopolitan areas to smaller but vibrant communities with affordable housing. Sunny California locations which previously topped the charts in terms of millennial interest are losing their appeal. This is due to soaring real estate pricing and cost of living.
Columbus offers a sharp contrast with its vibrant mid-sized community, a strong economy, and affordable housing. As of May 2019, the median home listing price in Columbus was at $156,500. These qualities are what make it more attractive to this new generation of home buyers.
Investors’ choice
Both real estate experts and investors continue to see a rosy outlook for real estate investment here. In fact, Urban Lands Institute and PwC consistently ranked Columbus among the top 20 investment cities for office, retail, and hotel properties in their “Emerging Trends in Real Estate 2019” survey. Results from the said survey reveal strong confidence among investors from the three sectors in the Columbus real estate market. This encourages them to keep on buying properties or at the least, hold on to these.
Another list of 13 major Midwest cities shows Columbus receiving an above average rating in the region. Taking the third spot, it is listed above Cincinnati (#5) and Cleveland (#12). Experts behind the survey also express confidence in Columbus’ local economy, investor demand, and development opportunities.
As long as dynamic job growth in the Columbus metro area continues as projected, expect the city and the surrounding area to attract new residents in the next few years.
Whether you are a first-time home buyer or a seasoned investor, you can be assured that the Columbus housing market will present great opportunities for you. Dena Clouse and Courtney Eaglin of the Clouse Eaglin Team will be on hand to help make your real estate journey a success.
Get in touch with them today at 614.325.1740 or 614.746.0304. You can also send an email to dena(at)rcgrealtors(dotted)com or courtney@rcgrealtors.com.