We’re already halfway through 2024! It’s a good time to take a look at the current trends, prices, and overall health of Northwest Ohio’s housing market. Many of us are privy to the fact that we’ve been in an intense seller’s market for years, but it can be hard to decipher the data and what’s relevant to our area. Let’s dive into how things have changed over the last year and what’s expected through 2024.
Northwest Ohio REALTORS serves Toledo and surrounding areas, including Defiance, Fulton, Hancock, Henry, Lucas, Mercer, Paulding, Putnam, Williams, and Wood Counties. As of June 2023, the 12 month rolling sale price for the region averaged $199,266. That’s now up 5.2% with a 12 month average sale price of $209,573 in June 2024. This figure is on par with pre-COVID appreciation. According to the Freddie Mac House Price Index, US homes appreciated at an average rate of 6.2% per year between 2012 to 2019. The highest jump on record occurred in 2021 when house prices increased more than 18%.
Low inventory is still a major force in the market. Closed sales are down 9.8% over the last year in Northwest Ohio, but the most dramatic drops occur during the winter months. This summer is on a similar trajectory to last year. The number of homes for sale in June 2023 was 1,922 while the region had 1,932 homes for sale last month. The percentage of list price that homes sold for had a minimal increase of 0.6%. On average, homes sold for 99.8% of list price over the last 12 months. The number of days on market is also right on par with last year at an average of 60 days in June 2023 compared to 61 days in June 2024.
Data from Noris MLS
Interest rates have fluctuated slightly throughout the year, but the impact so far has been negligible. According to Odeta Kushi, deputy chief economist at First American, “It’s unlikely that mortgage rates will experience any major swings in July. The 30-year, fixed mortgage rate is likely to hover in the high 6 percent range.”
Fannie Mae, Freddie Mac, and the National Association of REALTORS all predict interest rates to be in the range of 6.5% to 6.7% by the fourth quarter.
While the market data hasn’t shown dramatic changes over the last year, there are some silver linings. Appreciation is at a more stable and predictable rate. This is the time of year when buyers have more options. And mortgage rates will likely come down a little in the last half of 2024. It’s important to remember that it’s impossible to time the market. The best time to buy is when your life circumstances dictate the need for a new home.