Michelle McQuade

How to Make the Most of Ohio Housing in 2024

Planning to invest in Ohio’s real estate market this year? Here’s an insider’s look at the latest trends to help you make smart, well-informed decisions about buying, selling, or investing in the Ohio housing market in 2024.

Trends and factors currently influencing the growth of Ohio’s housing market

According to this report from Redfin in May 2023, Ohio is one of four major metropolitan areas where buying a home is cheaper than renting one.

Real estate prices, however, have increased during the past two years, aligning with trends nationwide.

Population growth

From 2010 to 2022, Ohio’s population increased by 1.9%, from 11.5 million to 11.7 million, which is lower by a wide margin compared to the 7.7% population growth in the US during the same period.

However, in a recent report by the Greater Ohio Policy Center, the rest of Ohio (excluding Columbus and other surrounding areas) experienced a loss in population of around 1%, roughly equivalent to about 100,000 people.

Although Ohio experienced a relatively stagnant growth rate, the state remains one of the most populous states according to the United States Census Bureau.

Impact on the real estate market

Ohio’s real estate market has become increasingly competitive over the past several years. In Cleveland, homes receive an average of three offers and sell within 25 days, reflecting a sizable increase in demand.

Some of the main contributing factors pushing this trend are the region’s vibrant economy, the slow pace of construction, and the presence of notable employers like Nestle, Progressive Insurance, Goodyear, and Sherwin-Williams.

New first-time homebuyer programs

The Ohio Housing Finance Agency (OHFA) announced several first-time buyer programs available statewide to residents of Ohio. With an OHFA loan, qualified homebuyers can get $5,000 offered assistance with no income limit.

For eligibility requirements and other information, check the OHFA website.

Key factors to watch out for in Ohio’s housing market in 2024

Want more helpful real estate tips? Check out some of our previous blog posts!

WORK WITH CLEVELAND’S TOP REALTOR TODAY

In the market for the Ohio real estate? Work with me, Michelle McQuade, today! Realize your goals and navigate the real estate market with ease by getting in touch with me at 440.823.2448 or by sending an email.

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