Ohio Newest Real Estate Listings | Zillow (2024)

FAQs

Are real estate prices dropping in Ohio? ›

Ohio Housing Market Overview

In June 2024, home prices in Ohio were up 5.7% compared to last year, selling for a median price. On average, the number of homes sold was down 11.1% year over year and there were 11,642 homes sold in June this year, down 13,102 homes sold in June last year.

The short answer is yes, at this moment in time the housing market is booming with higher home sales than even the pre-COVID-19 pandemic days.

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The Ohio real estate market has seen consistent growth in recent years, with residential property prices growing 5.8% year on year in 2023.

Cincinnati is the third most populous city in Ohio, located along the southwestern border near the Ohio River. Its median housing prices in April 2024 were also higher than the statewide average at $270,500, a 6.5% increase from April 2023. Its median DOM in April 2024 was 39, suggesting a strong market for buyers.

Today, buyer demand is still greater than housing supply. So home prices are likely to stay mostly the same in 2024, with some markets experiencing a small increase or a small decrease in dollar amount.

The worst time to sell a house is typically during the winter months, particularly in December, January, and February. During this period, bad weather can deter potential buyers from attending open houses, and many people are preoccupied with holiday activities and planning.

Bottom Line: The Best and Worst Month To Sell a Home

June is usually the best month to sell a house. It's when you're most likely to reach the most potential buyers and get a price above market value. As a result, on average nationwide, June has one of the highest median sale prices and the most sales overall.

When it comes to days of the week, Thursday is the sweet spot for listing your home for sale. This is mainly because house-hunters tend to plan their in-person home tours for the weekend, when they're not at work, and pre-weekend listings are fresh in their minds.

What is the busiest month for real estate? ›

Late spring and early summer are the busiest and most competitive time of year for the real estate market. There's usually more inventory listed for sale than other times of year, and home prices are steeper to reflect the increased demand.

Ohio Housing Market Forecast for 2024 and 2025

Despite record-high mortgage rates, Ohio's real estate market is still among the hottest in the country. As a result of the increased rates, buyers now have a better chance of having their offers approved, although it is still a seller's market.

Home prices in Ohio are rising and will continue to rise till the supply-demand dynamic changes. The number of houses for sale in OH was only 26,159 in January 2024. There is very limited inventory to satiate the demand from house hunters.

Home sales have steadily declined since the start of the pandemic. In 2022, there were 209,612 homes purchased in Ohio – the lowest annual number since 2015.

2024 Rent trends outlook

Rent growth across all submarkets is forecasted to range between 3.3% and 4.2%, significantly outperforming the broader national average. At the market level, rent growth in Columbus is expected to reach 3.6% by the end of the year.

There are currently 38,185 homes for sale in Ohio. The median list price in Ohio is $275,000 and the average price per square foot is $161.

As of the latest projections: July 31, 2024: A slight decline of -0.1% September 30, 2024: Anticipated decline of -0.2% June 30, 2025: A forecasted growth of 1.2%

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