Important FAQs on the Current Real Estate and Mortgage Market in Ohio

In our business, we receive a lot of questions regarding our market. Staying on top of current trends and understanding the world around us helps us help our clients! We wanted to share some insights as well as frequently asked questions we receive.

Current Market Conditions

The Ohio housing market has experienced significant changes recently. Home prices have risen by 6.5% year-over-year, with the median home sale price now at $215,600 as of January 2024. Mortgage rates are currently around the 7’s, and inventory remains tight, contributing to a competitive market environment.

Common Questions

1. Is now a good time to sell?

Yes. The Ohio real estate market remains favorable for sellers due to high demand and low inventory. Homes are selling quickly, with the median days on the market being 42 days, down from the previous year.

2. How long does it typically take to sell a home?

On average, homes in Ohio stay on the market for 27 to 42 days. This can vary depending on the location and condition of the property.

3. What's the best time of year to sell?

Spring and early summer are traditionally the best times to sell a home. However, given the current market conditions, any time can be advantageous due to the persistent demand.

4. How do I determine the right asking price for my home?

Consider recent comparable sales, current market conditions, and your home's condition and features. Consulting with a real estate agent for a comparative market analysis is also highly recommended.

5. What if I sell my home but can't find a new one to buy?

This is a common concern. Options include negotiating a rent-back agreement with the buyer or exploring temporary housing solutions while you search for a new home.

6. Will an increase in foreclosures affect home values?

Foreclosure rates in Ohio remain low due to strict lending standards and high equity levels among homeowners. Therefore, a significant impact on home values is unlikely.

7. How competitive is the buyer's market?

The market is competitive for buyers due to low inventory and high demand. However, mortgage rates are expected to stabilize between 6% and 6.5% later in 2024, which may ease some of the competition.

If you would like to discuss any of this information further, don’t hesitate to reach out!