Residential Property Transactions
- The number of residential property transactions throughout Ohio increased from 161,201 in 2015 to 240,335 in 2021. This represents a 6.9% annual increase in residential property transactions in Ohio. A total of nearly 1.4 million residential property transactions occurred in Ohio between 2015 and 2021.
- Expressed in nominal dollars, the median sale price of residential property transactions in Ohio was $117,000 in 2015 and $174,900 in 2021. This represents a nominal growth in the median sale price of $57,900. After adjusting for inflation, the median sale price of residential property transactions was $168,980 in 2015 and $174,900 in 2021. This represents a real increase of $5,920.
- In Ohio, residential property transactions affordable to households with income between 60% and 120% of AMI increased from 41,556 in 2015 to 82,477 in 2021. This represents an annual growth rate of 12.1%. Residential property transactions affordable to households with income between 60% and 120% of AMI comprised 25.8% of transactions in 2015 and 34.3% of transactions in 2021. This means the share of workforce housing transactions increased by 8.5 percentage points between 2015 and 2021.
- The real growth between 2015 and 2021 in the median sale price of residential property transactions affordable to households with income between 60% and 120% of AMI ranged from $24,507 in the 60% to 79.9% of AMI income range to $32,457 in the 80% to 99.9% of AMI income range. This means that residential property transactions in the workforce housing income range experienced real growth that was between 4.1 and 5.5 times as high as all residential property transactions across Ohio between 2015 and 2021.
New Construction Permits
- Across Ohio, permits issued for new construction of single-family homes increased from 13,529 permits in 2015 to 20,506 permits in 2021. Permits issued for new construction of single-family homes increased at an annual rate of 7.2% between 2015 and 2021. A total of 116,168 permits were issued for new construction of single-family homes in Ohio between 2015 and 2021.
- Expressed in nominal dollars, the average value of permits issued for new construction of single-family homes increased from $247,488 in 2015 to $308,468 in 2021. This represents a nominal increase of $60,980. After adjusting for inflation, permits issued for new construction of single-family homes had an average value of $357,440 in 2015 and $308,468 in 2021. This represents a real decrease of $48,972.
- In Ohio, permits issued for new construction of single-family homes that were affordable to households with between 60% and 120% of AMI increased from 569 permits in 2015 to 5,146 permits in 2021. This represents an annual growth rate of 44.3%. Permits issued for workforce housing comprised 4.2% of all permits issued in 2015 and 25.1% of all permits issued in 2021. Therefore, the share of workforce housing permits issued increased by 20.9 percentage points from 2015 to 2021.
- Between 2015 and 2021, the real growth in the average value of permits issued for new construction of single-family homes ranged from $4,205 for permits affordable to households with income between 100% and 120% of AMI to $201,738 for permits affordable to households with income between 60% and 79.9% of AMI. This indicates that permits issued for new construction of single-family homes in the workforce housing income range experienced an increase in average value between 2015 and 2021 despite a decrease in average value among all permits issued.