Current State of Ohio’s Housing Market
As Ohio’s real estate landscape continues to evolve, local experts have observed notable shifts in market dynamics. Jose Medina, a prominent Keller Williams broker based in Cleveland, noted, “When I say it is a competitive market, it is not like it was four years ago.” His recent experience with a home listed for sale receiving two offers within 24 hours exemplifies the competitive spirit in today’s market, though it falls short compared to the more frenzied bidding wars of the past.
The fluctuating inventory levels have played a significant role in shaping this market. According to data from HousingWire, as of April 4, 2025, the average number of active single-family home listings stood at approximately 11,669. While this is a marked decrease from the near 30,000 listings recorded in November 2019, it is an improvement from the pandemic-era low of 6,916 listings seen in late April 2022.
Demand Strains Amidst Limited Inventory
Despite the increase in available housing, real estate professionals in Ohio agree that the supply is still insufficient to meet buyer demand. The average number of new single-family home listings each week has been around 1,407—a slight increase compared to the figures from the past four years but trailing behind April 2019’s weekly average of 2,295.
Reasons for Low Seller Activity
Several factors contribute to the reluctance of some homeowners to list their properties. Michelle Billings, president of the Ohio Association of Realtors and agent with Coldwell Banker Realty, pointed out that many sellers are holding onto their homes due to low interest rates. The prospect of selling and then reinvesting substantially in a new home—particularly given rising prices—deterrents many potential sellers from the market.
Medina echoed this sentiment, suggesting that the current inventory might not be compelling enough for sellers to make a move. He references the demand for well-maintained, move-in-ready properties, noting that high-quality homes tend to sell rapidly at premium prices. Conversely, homes requiring significant renovations often linger on the market and face price reductions.
Most sellers currently listing their homes are doing so due to substantial life changes, such as family growth or job relocations, reinforcing the notion that the market is primarily driven by necessity rather than choice.
Shifting Home Prices
The Ohio housing market has experienced significant price growth, with the median list price rising from $174,900 in April 2019 to nearly $300,000 in the summer of 2024, as per HousingWire data. While these price increases might surprise some first-time buyers or those who have not been active in the market for years, industry experts like Maloney argue that this trajectory was overdue. “The prices are where they need to be now—they were way too low before—and I think they will keep going up,” Maloney stated, indicating a strong possibility of continued price appreciation.
Impact of Economic Uncertainty
Looking ahead, some real estate professionals in Ohio remain cautious about the market. Concerns about economic conditions, particularly those stemming from fluctuating tariff policies from the Trump administration, could influence future housing market dynamics. Medina suggested that the spring market might prove to be the peak for this year, with expected slower sales over the summer and fall.
Nevertheless, Billings maintains a more optimistic perspective, forecasting a robust summer market with sustained price increases, even if activity levels do not match those of previous years when interest rates were substantially lower. She remarked, “It will be a very healthy and growing market,” indicating a hopeful outlook despite prevailing economic uncertainties.
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