Activity in the Ohio housing market cools in 2022
Activity in the Ohio housing marketplace slowed in 2022, as the sector was affected by rising interest rates, according to Ohio REALTORS.
Ohio’s homes sales reached 163,155 in 2022, a 9.6% decrease from the 2021 year-end level of 180,461. The average sales price across Ohio in 2022 reached $240,088, a 6.9% increase from the $224,554 mark posted during 2021. Finally, total dollar volume in 2022 reached $39.2 billion, a 3.3% decrease from the 2021 level of $40.5 billion.
“The economic climate that persisted throughout 2022, with rising interest rates, recessionary concerns and uncertain consumer confidence, dampened home sales activity in all corners of Ohio,” said Ohio REALTORS President Ralph Mantica. “Throughout the year we experienced a housing marketplace returning to a more balanced position, with inventory levels of homes being marketed for sale rising and prices stabilizing.
“Ohio’s REALTOR community is proud to have played an integral role in helping people navigate the complexities of the home buying process and, most importantly, being trusted partners in making the dream of home ownership a reality,” Mantica added.
Sales in December 2022 reached 9.332, a 25.3% decrease from the December 2021 level of 12,490. The market posted a gain in average home price in December, reaching $263,579, a 1% increase from the $260,981 mark posted in December 201.
Around the state, 14 of the 15 markets tracked experienced an increase in average sales price for the year compared to 2021. In terms of sales activity, 14 of our 15 local markets posted year-end decreases compared to the prior year.
Data provided to Ohio REALTORS by Multiple Listing Services includes residential closings for new and existing single-family homes and condominiums/co-ops.
Ohio REALTORS, with more than 37,000 members, is the largest professional trade association in Ohio.