Ohio's Housing Market Displays Resilience in 2023 Despite Slowing Sales
The demand for homes in Ohio’s housing marketplace remains strong despite sales activity slowing in 2023, as the industry was affected by rising interest rates, according to Ohio REALTORS.
Ohio’s home sales reached 127,016 in 2023, a 14.9% decrease from the 2022 year-end level of 149,270. The average sales price across Ohio in 2023 reached $272,646, a 5.1% increase from the $259,303 mark posted in 2022. Finally, total dollar volume in 2023 reached $34.6 billion, a 10.5% decrease from the 2022 level of $38.7 billion.
“Ohio’s housing market experienced both opportunities and challenges in 2023. High interest rates and low inventory slowed sales, while home prices continued to increase. We have seen resiliency from Ohio’s homebuyers, showing that consumers value homeownership,” said Ohio REALTORS President Ali Whitley. “In 2023 we saw a market that began to stabilize and return to a more normal state after record activity during the COVID-19 pandemic. As we step into the new year, Ohio's housing market retains a favorable stance for potential buyers and sellers alike, with interest rates beginning to decrease and pricing remaining consistent.
“An Ohio REALTOR serves as a professional partner, guiding buyers and sellers through the intricate process of homebuying and selling, to successfully achieve their housing goals,” Whitley added.
Sales in December 2023 reached 9,207, a 9.5% decrease from the December 2022 level of 10,174. The market posted a gain in average home price in December, reaching $265,808, an 8.1% increase from the $245,934 mark posted in December 2022.
In terms of home prices, 12 of our 14 local markets in the state posted year-end increases compared to the prior year, and in December, all 14 markets posted increases in average sales price.
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 36,000 members, is the largest professional trade association in Ohio.
CLICK HERE for a market-by-market analysis of sales activity throughout Ohio and local contact information.
(NOTE: There might be a slight variance between this release's reported number of sales and actual activity in the various markets due to Ohio REALTORS’ early reporting requirement. Check with contacts in the particular market.)
