Ohio - The Buckeye State is a Buyer's Market

If you are thinking of buying real estate in Ohio, the time is ripe to act. Market conditions like average home price and buyer-to-seller ratio make this the perfect time for potential buyers to seek out properties. 

Statewide Statistics

With 27,620 homes in foreclosure in Ohio as of March 31, 2008, it is clear that the Buckeye State is feeling the heat of the housing slump. Mortgage rates and the number of houses on the market are also inching upward, according to Yahoo! Real Estate. Yet some experts view this as a perfect opportunity for first-time Ohio homebuyers. The Associated Press recently reported that the average home price in central Ohio sits just above $150,000; a four-year low. Fewer homes sold in 2007 than in prior years. Those homes that did sell were on the market for an average of more than 20 days longer than in preceding years.

Statistics for Ohio's five largest cities

Columbus—With a population of over 1.75 million, the Columbus metropolitan area is Ohio's biggest population center. Columbus is also seen as being one of the nation's top ten city economies. The housing market is doing fairly well these days. In late March 2008, 5,720 homes were on the market in Columbus proper. This number is up 3% from the previous month. The median asking price here is $128,500, yet the median home value is $218,000. If you are looking to buy in Columbus there may be a good deal in store for you.

Cleveland—Cleveland may rock, but some residents are reeling in the wake of the housing bubble burst. In September 2007, one in 57 Cleveland homes was in foreclosure. One in ten of these foreclosures was vacant. Yet according to The Cleveland Plain Dealer the market is rapidly recovering. The average single-family home sale price was $132,791 in January 2008. However, the median home value for Cleveland proper is just $99,100. 

Cincinnati—Another buyer's dream town, home sales are slow in Cincinnati. According to Cincinnati's Business Courier, home sales went from a record 33,449 in 2005 to 28,185 in 2007. Houses stay on the market longer here, and have a median sale price of $159,900. There were 1,424 foreclosures as of March 2008. The median home value here is $247,000.

Toledo—At $140,000, the median home value is mid-range for the state. Yet with home values shrinking and foreclosures on the rise (1,179 as of March 2008), some experts are less optimistic about the current housing market conditions in Toledo. At this writing, there are a scant six homes currently for sale in Toledo on Yahoo! Real Estate.

Akron—There are currently 2,415 homes on the market here, though the Ohio Association of Realtors recently reported that home sales are down 16.6% in the Akron-Canton area. Nearly 1,300 homes are in foreclosure in Akron. The 2,415 homes on the market have a median price of $104,900. The median home value here is $181,000.

Taking the Ups with the Downs

Some experts say the Buckeye State is in a recession. While this is never good news, things like lower home prices can serve as an opportunity for some. If you are thinking of buying a home in Ohio, odds are currently in your favor.