We will discuss the latest Columbus Ohio real estate market trends & news and find out how they can affect the investors and homebuyers in the latter half of 2020. Columbus is a slowly and steadily growing real estate market that will be thriving well into the foreseeable future. The real estate statistics in Columbus show us that while the construction is increasing, inventory is still scarce because of increasing demand. This is leading to a steady year-over-year increase in the Columbus house prices. Last year Columbus was ranked #3 among 20 Hottest Housing Markets listed by Realtor.com.
The entire Greater Columbus Metro Area was ranked seventh on the Realtor.com’s list of the toughest markets for homebuyers, based on the area’s 9% decline in listings year-over-year in January 2020, and 13% increase in median listing prices year-over-year to $285,000. There were just 8.1 listings per 1,000 households that showed strong relative demand and limited relative supply. Due to the impact of Covid-19, the Frankin county saw only 1,092 valid sales totaling $243.2 million in April – a 42% decline from the same month in 2019.
The latest “COLUMBUS HOUSING MARKET REPORT” is given below.
Is it a good time to buy a house or invest in Columbus? Let’s talk a bit about Columbus and the surrounding metro area before we discuss what lies ahead for investors and homebuyers. Columbus, Ohio is the 14th largest city in the U.S. It is home to almost nine hundred thousand people. Forbes reported in 2018 that Columbus is a rare Midwest success story, a “Rust Belt” city that has truly transformed itself and has begun growing again.
It is the only large northern city to grow by more than 10% between 2010 and 2018. Compare this to many northern cities continuing to hemorrhage people, whether they are moving to the suburbs or the south. This makes the Columbus housing market much healthier than Cleveland, Detroit, and smaller Ohio cities from which it has drawn population. The Columbus Ohio real estate market is bigger than many think. Take the suburbs into account, and the Greater Columbus metro area encompasses around two million people. Around 2.4 million people live in the combined statistical area (CSA).
The current home prices in Columbus are relatively low, so if you want to invest in Columbus real estate, then now would be a great time to do so. It is the second-largest metro area in the state. The area is expected to grow by more than 50% over the next 20-25 years. The real estate appreciation rate in Columbus in the latest quarter was around 0.45% which equates to an annual appreciation rate of 1.81%. Even small changes in the appreciation rate can change the long-term value of buying considerably.
Let’s continue to explore the Columbus housing market trends to understand what it will look like in 2020. We shall also discuss some important reasons why you may want to consider buying Columbus investment properties in 2020. You will get a fair amount of knowledge of the fundamentals of this hot real estate market. Please note that real estate prices are deeply cyclical because its demand side is impacted by economic cycles. Much of it is dependent on factors you can’t control. The recent example is COVID-19 which has badly impacted our economy. Therefore, many variables can potentially impact the value of the real estate in Columbus in 2020 (or any other market) and some of these variables are impossible to predict in advance.
Columbus Ohio Housing Market Trends & News 2020
We shall now discuss some of the most recent Columbus real estate trends & news, and compare it with the past couple of years. We shall mainly discuss median home prices, inventory, economy, growth, and neighborhoods, which will help you understand the way the local real estate market moves in this region. Columbus is also one of the hottest real estate markets in the nation. In the past ten years, the annual real estate appreciation rate has amounted to 3.35%, according to NeighborhoodScout.com. This puts Columbus in the top 30% nationally for real estate appreciation. Columbus is currently a buyer’s real estate market.
Columbus Housing Market Report Before COVID-19 Hit The Country
2019 was a strong year for Columbus’ real estate market fueled by the overall strength of the economy across most of the country. With a strong economy and low mortgage rates, buyer activity saw great increases in the region. As mentioned above with supply and demand continues to favor sellers, prices have been rising steadily in the entire Columbus metro area housing market. The overall median sales price increased by 7.6 percent to $209,900 for the year 2019. Single Family home prices were up 7.4 percent compared to last year, and Condo home prices were up 7.5 percent.
2020 started with a bang in the Central Ohio housing market. It includes Columbus, OH Metropolitan Statistical Area, which encompasses ten counties. As new listings in January jumped to 2,407, an increase of 10.4 percent from a year ago and up 61.9 percent from the previous month according to Columbus REALTORS® Multiple Listing Service. January 2020 home sales saw a record high for home sales for this month of the year.
The year-over-year increase in sales was about 9%. There were 1,976 homes and condominiums sold during February, a 13.3 percent increase over the previous year, and it was again a record high for the month. The average sales price of a home in February was $235,371, up 6.7 percent over the same month a year ago. The median sales price was $210,000 which was a 10.7 percent increase over February 2019. March continued with the same trend in home sales which were up 11.8 percent over last year. Then came the coronavirus pandemic and shelter in place order on March 22nd.
Impact of COVID-19 on Columbus Housing Market
Inventory and sales were down slightly in April but home prices increased again. April’s home sales fell 15.1 percent. Inventory levels dropped 13.3 percent from one year ago. The median price of a home sold in central Ohio was $213,000, up 8.1 percent from one year ago. The average sale price was $243,414, up 6.6 percent from last year.
Below is the latest monthly report of the Franklin County or Columbus City’s Housing Market. The source of this report is – “Columbus REALTORS®.” The report compares key housing metrics of the Columbus City School District from April 2020 with April 2019.
Home sales dropped by 15.4%.
Pending sales dropped by 18.7%.
Median Sales Price rose by 12.1% to $185,000.
Average Sales Price rose by 10.6% to $207,313.
Average Price Per Square Foot rose by 11.8% to $143.48.
Days on Market Until Sale remained unchanged at 28.
New Listings dropped by 24.6%.
Total Inventory of Homes for Sale dropped by 9.3%.
Months Supply of Inventory dropped by 7.7% to 1.2.
Chart Credits: Columbus REALTORS® Multiple Listing Service (MLS)
The question now is what happens moving forward. These numbers can be positive or negative depending on which side of the fence you are — Buyer or Seller? It is quite evident that the ongoing pandemic has had some impact on home sales in the Columbus real estate market. Columbus home sales dropped sharply in April from both the previous month and year as the housing market began to feel the full impact of the coronavirus outbreak and the state’s stay-at-home order.
At the same time, home prices remained unaffected and rose by around 10%. The report shows it is still a strong seller’s real estate market with just 1.2 months of inventory left on the market. As we move forward the industry is adapting to the current environment by conducting business using technologies such as virtual showings and e-signing to help buyers and sellers with their housing needs in the face of these challenges. The real estate is also deemed as an essential business. As the economy starts opening all over the country the home sales will rebound.
Columbus Ohio Real Estate Market Forecast 2020 – 2021
What are the Columbus real estate market predictions for 2020? We get to find that on Zillow, the median home value in Columbus is $174,109. Let us look at the price trends recorded by Zillow over the past few years. Since 2015, the median home prices in Columbus have appreciated by around 57%, from $111,000 to $174,109. The prices rose by 8.4% over the last 12 months alone. Last year saw was the seventh consecutive year of home price gains.
The Zillow Buyer-Seller Index (BSI) considers Columbus a sizzling hot seller’s real estate market. This is computed monthly. According to their index, there exists a limited supply of homes in Columbus, and buyers are forced to compete often resulting in higher prices and/or quicker sales that tend to benefit sellers. In other words, based on the last month’s key housing market indicators, the demand is exceeding the supply, giving sellers an advantage over buyers in price negotiations. There are fewer homes for sale than there are active buyers in the marketplace.
The latest Columbus real estate market forecast is that the home prices may remain flat or decrease by a mere 0.6% – in the next twelve months. This could be due to the short term impact of the ongoing pandemic which has impeded the real estate sales activity in the entire country.
The question is whether it is going to remain a sizzling real estate market amid the ongoing Coronavirus pandemic, which no one knows when it is going to end.
OUR TAKE ON COLUMBUS HOUSING MARKET FORECAST
Columbus has been one of the hottest real estate markets in the country for years. It is also one of the hottest real estate markets for investing in rental properties. This market is very much skewed to sellers due to a very low level of inventory that can’t meet the demand of the rising population. The impact of the pandemic would be a drop in home sales and flattening of prices, both of which are short term. The uncertainty lies only in the lasting of this crisis. Whenever it ends, things would be back to normal.
The home sales will drop temporarily without affecting the prices. It is expected that there will be some increase in the inventory levels due to COVID-19. If buyer demand eases, we could see a positive influence on Columbus’ low inventory levels while at the same time seeing a negative impact on sales. Columbus and the entire metro area market is so hot that it cannot shift to a complete buyer’s real estate market, for the long term.
In a balanced real estate market, it would take about five to six months for the supply to dwindle to zero. In terms of months of supply, Columbus can become a buyer’s real estate market if the supply increases to more than five months of inventory. And that’s not going to happen. Therefore, in the long term, the Columbus real estate market remains strong and skewed to sellers, due to persistent imbalance in supply and demand.
Whether you’re looking to buy or sell, timing your local market is an important part of real estate investment. Currently, the inventory is relatively increasing in Columbus, so buyers should take advantage of scooping up their favorite deals which otherwise are taken away by seasoned investors in the bidding wars.
Here is a short and crisp Columbus Ohio housing market forecast for the 3 years ending with the 3rd Quarter of 2021. The accuracy of this forecast for Columbus is 87% and it is predicting a positive trend. LittleBigHomes.com estimates that the probability of rising home prices in Columbus is 87% during this period. If this price forecast is correct, the Columbus home values will be higher in the 3rd Quarter of 2021 than they were in the 3rd Quarter of 2018.
Here is the visual representation of historical Columbus home prices and the latest forecast until March 2021.
Snapshot Courtesy of Zillow.com
Columbus Real Estate Market: Columbus, OH Homes For Sale
Columbus has a mixture of owner-occupied and renter-occupied housing units. According to Neighborhoodscout.com, a real estate data provider, one and two-bedroom single-family detached homes are the most common housing units in Columbus. Other types of housing that are prevalent in Columbus include large apartment complexes, duplexes, rowhouses, and homes converted to apartments. Single-family homes account for about 46% of Columbus’ housing units. About 456 single-family homes were sold in April 2020 in the Columbus City School District (Fraklin County).
From January to April this year, 1700 single-family homes have been sold. As compared to 2019, it makes a year-to-date increase of 5.7% in the sale of single-family homes. At the national level, the single-family rental homes have grown up to 30% within the last three years. Almost all the housing demand in the US in recent years has been filled by single-family rental units. With 2020 being, theoretically, in the middle of a boom, there are still 4 years for residential construction to surge. Most likely, a housing shortage will remain in 2020, keeping home prices high.
Currently, there are 1008 homes for sale in Columbus, OH on Zillow, an online real estate database company. Additionally, there are 1146 homes for rent. Under potential listings, there are about 15 Foreclosed and 250 Pre-Foreclosure homes. These are the delinquent properties that may be coming to the market soon but are not yet found on a multiple listing service (MLS).
The median list price per square foot in Columbus is $130, which is lower than the Columbus Metro average of $136.
The median price of current listings is $179,900.
The median price of homes sold in March was $177,600.
The median rent price in Columbus is $1,250, which is lower than the Columbus Metro median of $1,300.
There are currently 2748 homes for sale and 1198 homes for rent in Columbus, Ohio on Realtor.com, a real estate listings website. These may include open houses, and homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. According to their statistics, in May 2020, Columbus was a buyer’s real estate market, which means there were roughly more active homes for sale than there were buyers. Despite housing inventory being so low, the buyers restrained themselves and did not come out to buy properties due to the COVID-19 outbreak. Homes in Columbus sell faster than average compared to other cities in Franklin County. It takes an average of 47 days on the market for a home to sell in Columbus.
Ideally, a buyer would prefer a sale to asking price ratio that’s closer to 90%. The sellers in Columbus have managed to hold good leverage in these negotiations in the past month. On average, they could sell homes for 100% of the asking price. A seller would always prefer scenarios that can yield a ratio of 100% or higher. In May 2020, the median list price of homes in Columbus, OH was $199.9K, trending up 5.3% year-over-year. The median listing price per square foot was $128. The median sale price was $277K.
Graph Courtesy of Realtor.com®
Columbus Housing Market: Foreclosure Statistics In 2020
Here are some foreclosure statistics of the Columbus housing market. The foreclosure market continues to decline, bearing no resemblance to its former unhealthy peaks. In 2019, the percentage of closed sales that were either foreclosure or short sale decreased by 28.6 percent to end the year at 2.5 percent of the market. As per the Columbus foreclosure data by Zillow, in Columbus 4.5 homes are foreclosed (per 10,000). This is greater than the Columbus Metro value of 2.8 and also greater than the national value of 1.2.
The percent of delinquent mortgages in Columbus is 1.2%, which is higher than the national value of 1.1%. The percent of Columbus homeowners underwater on their mortgage is 8.0%, which is higher than Columbus Metro at 6.2%. There are currently 387 properties in Columbus, OH that are in some stage of foreclosure (default, auction, or bank-owned) while the number of homes listed for sale on RealtyTrac is 1,376. In May 2020, the number of properties that received a foreclosure filing in Columbus, OH was 86% lower than the previous month and 96% lower than the same time last year.
Potential Foreclosures in Columbus
387 (RealtyTrac)
Homes for Sale in Columbus
1376
Recently Sold
8386
Median List Price
$199,900 (5% rise vs Apr 2019)
In Columbus, the zip code with the highest foreclosure rate is 43222, where 1 in every 1753 housing units is foreclosed. So, you’d find a lot of distressed sellers in this area and get some discounted off-market deals. 43204 zip code has the lowest foreclosure rate, where 1 in every 19314 housing units becomes delinquent.
Columbus Real Estate Market: Is It A Good Place For Investment?
Now that you know where Columbus is, you probably want to know why we’re recommending it to real estate investors. Investing in real estate is touted as a great way to become wealthy. Should you consider Columbus’s real estate investment? Many real estate investors have asked themselves if buying a property in Columbus is a good investment? You need to drill deeper into local trends if you want to know what the market holds for the real estate investors and buyers in 2020.
If you are looking to make a profit, you don’t want to buy the most expensive property on the Columbus real estate market and expect to make a good profit on rents. Perhaps you are looking for a slightly different hold-over, an investment property in Columbus that you might move into or sell at retirement in the future. Either way, knowing your profit potential and purpose is the first thing to consider.
Let’s take a look at the number of positive things going on in the Columbus real estate market which can help investors who are keen to buy an investment property in this city. We’ll address the biggest factor pulling people to the Columbus housing market next.
1. Columbus Real Estate Is Appreciating for Many Reasons
A city that’s losing people is typically going to see property values decline, though desirable neighborhoods may see steady or slight increases in valuation. The Columbus Ohio housing market is seeing steady growth due to slow population growth. Between 2013 and 2018, property values have increased. Over the last year, prices increased by around 8%. This is partially due to the demand for older, renovated homes in established, walkable neighborhoods. The limited supply of family-friendly homes in these areas is driving up their prices.
2. Real Estate Investor Friendly Policies Make It a Great Opportunity
One interesting factor driving property valuations in the Columbus Ohio real estate market is city tax abatements in downtown neighborhoods. The city is encouraging people to buy up properties and renovate them, whether to rent out or live in themselves. Another point in favor of Columbus is that they didn’t crack down on private rentals like Airbnb. For example, they decided in 2018 not to limit the number of days people could rent their homes out on Airbnb and similar sites.
3. Columbus is Landlord Friendly
Ohio is rather landlord-friendly, in the same category as Idaho and North Carolina. That makes it much more landlord-friendly than neighboring Midwestern states and far better than Pennsylvania. There are no laws regarding pets, payment grace periods, or re-keying. Interest owed on deposits is modest. Rental agreements are recommended but not required for short leases. There is no statutory limit on late fees but they must be “reasonable”.
4. Columbus’ Economy Is Healthy
We’ve already mentioned that Columbus, Ohio is considered a “Rust Belt” city that’s unique for a rebound. It enjoys unemployment rates around 4%, but this is phenomenal compared to the surrounding area. The US saw incomes grow 22% between 2010 and 2016. Columbus metro area incomes grew roughly 25%. The city’s economy is healthy enough to retain many young people and attract some coming here to work, but it isn’t so hot that the bubble may burst. Most of the Columbus housing market growth has been younger people moving there from Ohio. This includes but isn’t limited to those who came for school but decided to stay.
5. Columbus’ Sizable Student Market Is a Boon to Investors
Columbus, Ohio is the state capital. This means there are several universities in the city. Franklin University hosts nearly five thousand students. Capital University has about three thousand students. Ohio Dominican University is home to nearly two thousand students. There are nearly 40 colleges within fifty miles of Columbus. And the sheer variety of colleges in the area means that investors can rent to the large population of students in the Columbus Ohio real estate market without worrying about their property values rising and falling based on the popularity of a flagship school.
6. Columbus’ Demographic Momentum Will Keep the Market Strong
Between kids attracted to the Columbus Ohio housing market for school and work and choosing to stay to start their own families, the Columbus market enjoys a median resident age of 32.3. This is seven years less than the median age for the state of Ohio. We can expect the next generation to grow up here to stay, as well, fueling demand for the Columbus housing market.
7. Columbus’ Tax Climate Is Balmy
Ohio’s effective property tax rate is 1.6%. That’s higher than the national average. However, Ohio is better than its peers for real estate owners, since its property tax rates are lower than those in several surrounding Midwestern states. Property tax rates do vary between counties, so you may pay lower property taxes for investment property in the suburbs as in downtown Columbus.
8. The Low Cost of Living Attracts and Keeps Residents
Columbus, Ohio has to compete with many other surrounding cities in the Midwest. However, one point in its favor is the lower cost of living. That attracts residents who earn just as much here as in Chicago but don’t have to pay as much for things. The annual salary is a little less than the national average, but rents and housing are even lower – and much lower than hotter markets like Chicago.
9. Columbus House & Rent Prices Are a Bargain
The median house price in Columbus is around 174,000 relative to the national median price of $280,000. According to RENTCafé, the average rent for an apartment in Columbus is $959, a 4% increase compared to the previous year. Despite these increases, rents are still relatively affordable in Columbus, with about 65% of the rental housing units going for $1,000 per month or less, and 25% of the units going for $1,001-$1,500. It has a large rental market with the median rent around $850 a month. This yields a decent return on investment for real estate owners.
10. Redevelopment in Columbus
There are at least ten major redevelopment projects planned around Columbus, Ohio. These projects total to an estimated billion dollars. Each of these redevelopment projects will increase the demand for homes in the area. In neighborhoods with new luxury condos, shopping, and employers, everyone’s property will be worth more. This allows real estate investors to invest in the Columbus Ohio real estate market in one or multiple locations, depending on their budgets and preferences. Nor do you have to worry about the one multi-family housing unit you bought collapsing in value because the mega-project in downtown was delayed or fell through for lack of funding.
Columbus Investment Properties: Real Estate Investment
Investing in the Columbus real estate can be a worthy investment due to a steady rate of appreciation. It’s only wise to think about how you can and should be investing your money. In any property investment, cash flow is gold. Should you consider Columbus real estate investment? The Columbus real estate market is a bright spot in a declining region. It mixes smart redevelopment, quality of life, and growth to create a stable, slow-growing market that will be thriving well into the foreseeable future. If you’re looking to buy Columbus investment properties, it makes sense to do so when inventory levels are relatively high, like in the current phase of the pandemic.
The surplus of available opportunities can lead to softer negotiations with sellers. Columbus has a lower cost of living than the national average. Good cash flow from Columbus investment properties means the investment is, needless to say, profitable. A bad cash flow, on the other hand, means you won’t have money on hand to repay your debt. Therefore, finding a good Columbus real estate investment opportunity would be key to your success. If you invest wisely in the Columbus real estate, you could secure your future. The best investment is now looking for a rental property that will generate good cash flow.
Your best tenants would be the retirees who intend to relocate to Columbus and want to purchase property to rent out. The running costs for owning and managing a Columbus rental property should not be high. While hiring a property management company you should expect to give up roughly ten percent of the rent for each property they manage. Remember to factor this loss into your calculations when budgeting for a new rental property.
The three most important factors when buying a real estate anywhere are location, location, and location. The location creates desirability. Desirability brings demand. There should be a natural and upcoming high demand for rental properties. Demand would raise the price of your Columbus investment property and you should be able to get a good return on your investment over the long term. The neighborhoods in Columbus must be safe to live in and should have a low crime rate. The neighborhoods should be close to basic amenities, public services, schools, and shopping malls.
A cheaper neighborhood in Columbus might not be the best place to live in. A cheaper neighborhood should be determined by these factors – Overall Cost Of Living, Rent To Income Ratio, and Median Home Value To Income Ratio. It depends on how much you are looking to spend and if you are wanting smaller investment properties or larger deals such as duplex and triplex in Class A neighborhoods. The inventory is low, but opportunities are there.
When looking for real estate investment opportunities in Columbus or anywhere in the country, the generally accepted standard is to purchase a property that will give you a modest but minimum of 1% profit on your investment. An example would be: at $120,000 mortgage or investment cost, $1200 per month rental. That would be the ideal equation for example. Even with rent increases, buying a $500,000 investment property in Columbus is not going to get you $5000 per month on rent.
Homes downtown tend to sell at higher prices than those on the city’s south side. There are many neighborhoods to consider for buying properties in Columbus. Properties in Worthington and downtown Columbus have higher than average median home prices, and their relatively low crime rates add additional appeal. Places like Victorian Village, where home prices remain higher than many other places in the city, support a strong local market, and they can signify a lower level of risk. Some of the other popular neighborhoods in Columbus, Ohio are Upper Arlington, North Linden, and Grandview Heights.
Upper Arlington has a median listing price of $450K, making it the most expensive neighborhood. South Linden is the most affordable neighborhood in Columbus with a median listing price of $59K. Even as Columbus’s home prices have reached new heights, they are still near to the national average, and the market remains attractive to residential real estate investors. As they continue to compete for potential investment properties at the lower end of the market, the challenges for first-time homebuyers will remain. Millennial homebuyers can’t outbid real estate investors and hence end up renting.
As with any real estate purchase, act wisely. Evaluate the specifics of the Columbus housing market at the time you intend to purchase. Hiring a local property management company can help in finding tenants for your investment property in Columbus. If it is your first time to invest in Columbus real estate, then you would have to be aware of common beginner’s mistakes. Beginners would usually follow the media, buy a property, and wait for its value to increase. This could be risky. Real estate investing requires research. We recommend doing your research or hiring a real estate investment specialist for guidance.
NORADA REAL ESTATE INVESTMENTS has extensive experience investing in turnkey real estate and cash-flow properties. We strive to set the standard for our industry and inspire others by raising the bar on providing exceptional real estate investment opportunities in many other growth markets in the United States. We can help you succeed by minimizing risk and maximizing the profitability of your investment property in Columbus.
Consult with one of the investment counselors who can help build you a custom portfolio of Columbus turnkey properties. These are “Cash-Flow Rental Properties” located in some of the best neighborhoods of Columbus.
Not just limited to Columbus or Ohio but you can also invest in some of the best real estate markets in the United States. All you have to do is fill up this form and schedule a consultation at your convenience. We’re standing by to help you take the guesswork out of real estate investing. By researching and structuring complete Columbus turnkey real estate investments, we help you succeed by minimizing risk and maximizing profitability.
Buying or selling real estate, for a majority of investors, is one of the most important decisions they will make. Choosing a real estate professional/counselor continues to be a vital part of this process. They are well-informed about critical factors that affect your specific market areas, such as changes in market conditions, market forecasts, consumer attitudes, best locations, timing, and interest rates.
Is It The Right Time To Invest In Real Estate? – The national homeownership rate is on the decline for the first time since 2017. As demographics change and baby boomers retire, you’re seeing Millennials who may not be ready to buy houses. In 2018, Millennials made up about 22 percent of the population in the United States. They’re choosing to rent over buying a single-family home or an apartment. Rising home prices and shortage of starter homes have not left Millennials many choices but to delay homeownership. Moreover, it’s even harder to take out a mortgage for those who have student loan debt.
Columbus | Ohio Real Estate Investment Opportunities
There are many other markets in the state of Ohio for real estate investing. Cincinnati is one of them. The Cincinnati real estate market is on the upswing and looking strong for the foreseeable future. It provides many opportunities for investors, regardless of the market you want to invest in. It is growing faster than the nation as a whole, though this is partially due to its recovery from a low point during the Great Recession. It is recovering home values and growth in cheap markets can yield the greatest ROI.
Cleveland is another good market to invest in real estate. Cleveland is a notable exception to the decline of the Rust Belt cities. It has managed to reinvent itself, shifting from classic manufacturing to biotech and medicine. In the process, it has maintained its population and has strong potential for growth both economically and demographically.
Similarly, you can also consider Akron for real estate investing. It also presents a great opportunity for real estate investors. Akron has been known as the “Rubber Capital of the World” for more than a century. It is home to around 200,000 people. However, the Akron real estate market is much larger than this. Include the suburbs and small towns that surround it, and the Akron housing market contains roughly 700,000 people. The Akron area has hit it’s low and is starting to appreciate. This is a safer choice than buying in depressed areas that may not recover anytime soon.
Dayton is the sixth-largest city in Ohio. The city is home to roughly 140,000 people. The metro Dayton Ohio housing market includes around 800,000 people. Home values are predicted to go up steadily in the next five to six years making Dayton a great place for real estate investing. The Dayton Ohio real estate market is one of the best deals in the Midwest. It balances affordable properties with strong future growth, a large rental market and stable property values, low carrying costs, and decent ROI.
Let us know which real estate markets you consider best for real estate investing!
Remember, caveat emptor still applies when buying a property anywhere. Some of the information contained in this article was pulled from third party sites mentioned under references. Although the information is believed to be reliable, Norada Real Estate Investments makes no representations, warranties, or guarantees, either express or implied, as to whether the information presented is accurate, reliable, or current. All information presented should be independently verified through the references given below. As a general policy, the Norada Real Estate Investments makes no claims or assertions about the future housing market conditions across the US.
REFERENCES:
Overview/Demographics
https://en.wikipedia.org/wiki/Columbus,_Ohio
http://www.city-data.com/city/Columbus-Ohio.html
Latest Market Data, Trends, and Statistics
https://www.columbusrealtors.com/housing-reports
https://www.zillow.com/Columbus-oh/home-values
https://www.neighborhoodscout.com/oh/columbus/real-estate
https://www.littlebighomes.com/real-estate-columbus-oh.html
https://www.rentcafe.com/average-rent-market-trends/us/oh/columbus
https://www.realtor.com/realestateandhomes-search/Columbus_OH/overview
https://www.movoto.com/guide/columbus-oh/columbus-real-estate-market-trends-and-statistics
Hottest Housing Markets
Foreclosures
https://www.realtytrac.com/statsandtrends/foreclosuretrends/oh/franklin-county/columbus
Low cost of living
https://realestate.usnews.com/places/ohio/columbus
Rebound
https://www.forbes.com/sites/adammillsap/2018/08/06/columbus-ohio-is-booming-but-will-it-last/#62a10ded25be
Real estate friendly policies
https://www.dispatch.com/business/20180713/columbus-wont-cap-rental-days-as-rules-for-airbnb-type-properties-near-finish-line
Landlord friendly
https://www.avail.co/education/laws/ohio-landlord-tenant-law
https://www.planetizen.com/news/2018/04/98435-which-states-are-most-renter-or-landlord-friendly
Student market
https://www.collegesimply.com/colleges-near/ohio/columbus
Taxes
https://smartasset.com/taxes/ohio-property-tax-calculator
Redevelopment
https://www.dispatch.com/news/20170810/downtown-development-boom-seems-endless-experts-say
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