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Ohio's June 2018 Housing Report: Rising list prices and quicker sales pace due to low inventory levels

Jul 11, 2018

By Carl Horst, Ohio REALTORS Director of Publications/Media Relations

The latest review of the Ohio housing marketplace shows a continued rise in list prices and fewer days homes are being marketed compared to June 2017. The Buckeye State is continuing to confront the challenges posed by persistent low inventory levels of homes listed for sale, although there are signs of improvement in select marketplaces

The takeawy headline from realtor.com's June 2018 Housing Report, which tracks inventory of for-sale single-family homes and condos, median list prices, inventory levels and days on the market for cities across the country, is that during the month there has been a deceleration in the rate of inventory decline but continued increases in prices and decreases in time spent on the market More:

  • This June, the nation’s inventory of active home listings continued decline, albeit at a slower pace, according to new data from realtor.com. Inventory decreased by 4 percent year over year and continued to sell at a rapid pace, moving 10 percent more quickly than in June 2017. Listing prices continued to reach new highs, as prices increased by 9 percent year over year.
  • The median age of properties on realtor.com in June reached 54 days, 6 days less than last June and 1 days less than May. Homes are expected to continue to sell rapidly, despite continued increases in listing prices.
  • The median listing price, reached $299,000, its highest point since realtor.com®’s inventory data series commenced in early 2012. Listing prices increased 9 percent over last June and do not yet show signs of slowing down, as they have increased on average 9 percent year over year for the last 12 months.
  • This June, inventory grew by 4 percent over May, showing a typical seasonal increase. However, inventory decreased 5 percent over last June. This annual rate of decrease is slower than the 8 percent average decrease in the previous 12 months.
  • Approximately 547,000 new listings hit the market in June, 2 percent lower than the previous month but 2 percent higher than June of last year, providing some relief to tight inventory conditions.

 

Ohio Housing Report -- June 2018 vs. June 2017

Ohio Marketplace Median List Price Days on Market Active Listings
Akron $170K / 13% 44 / -9% 2.7K / -8%
Ashtabula $118K / 10% 62 / -17% 465 / -5%
Canton-Massillon $150K / 7% 40 / -16% 1.1K / -12%
Chillicothe $145K / 6% 58 / -14% 280 / -22%
Cincinnati $260K / 13% 40 / -9% 6.2K / -14%
Cleveland-Elyria $185K / 10% 50 / -15% 8.5K / -10%
Columbus $250K / 0% 31 / -14% 7.6K / 76%
Dayton $150K / 13% 40 / -16% 3.4K / -19%
Findlay $183K / 11% 42 / -1% 334 / 6%
Lima $125K / 37% 57 / -7% 378 / -20%
Mansfield $133K / 33% 39 / -18% 294 / -7%
Marietta $151K / -10% 62 / -11% 162 / -22%
New Philadelphia-Dover $144K / 3% 48 / -12% 260 / -12%
Portsmouth $120K / 0% 88 / -5% 334 / -1%
Salem $120K / 5% 70 / -1% 406 / -20%
Sandusky $190K / 3% 64 / -14% 614 / -18%
Springfield $113K / 14% 51 / -21% 654 / -6%
Steubenville-Weirton, WV $90K / 6% 70 / -9% 452 / -17%
Toledo $147K / 9% 45 / -15% 2.4K / -9%
Wooster $166K / 12% 47 / -2% 284 / 7%
Youngstown-Warren-Boardman $119K / 19% 65 / -10% 2.3K / -12%
Zanesville $162K / 3% 51 / -32% 358 / -16%
U.S. Average $299K / 9% 54 / -10% 1.5M / -4%


“Markets across Ohio are continuing to face the challenge of low levels of homes currently listed for sale,” said Ohio REALTORS President Tiffany Meyer. “The shortfall in inventory is not only helping to push list prices upward, it is a key factor in quickening the pace of sales we're experiencing in nearly every market throughout the state."

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