From rising inventory to investment opportunities, here’s what’s happening in the Northwest Ohio real estate market this fall and winter.
What’s brewing in Northwest Ohio’s real estate market as we neared fall and winter 2024?
The market is buzzing with more activity than a Black Friday sale, and I’m here to break down the five key trends stirring the pot. From record-breaking home values to inventory changes that could shake things up, there’s plenty to keep your eyes on. Ready for the rundown? Here are the top five trends shaping the market:
Home appreciation continues. Home values in Northwest Ohio have reached an all-time high, with prices per square foot varying based on factors like school districts, zip codes, and the house’s condition. If interest rates drop, we could see more upward pressure on prices.
Rising inventory. More homes are coming on the market as people move due to life changes—marriage, divorce, new jobs, or simply downsizing. Despite low mortgage rates on existing loans, sellers are still listing their homes, and inventory is slowly increasing.
Strong demand for investment properties. Duplexes and fourplexes are in high demand. Investors from California, New York, and internationally are targeting the area, keeping the market for multi-unit properties red hot. Northwest Ohio remains a substantial investment opportunity with lower property values than other states.
Sewer inspections in Maumee. While Maumee’s pre-sale sewer inspection rules have been legally lifted, buyers still expect clarity on potential sewer issues. This means sellers may still feel pressured to address these concerns before selling their homes.
New buyer representation rules. Buyers must now sign a representation agreement before viewing homes with a Realtor. While this change hasn’t caused a significant shift, it has made the process slightly more complex for buyers, and many feel the added pressure.
As we head into the colder months, it’s important to note that if interest rates drop by half a point or more, the market could see a surge in activity, with more homes selling and prices continuing to rise.
The real estate market is constantly evolving. My team and I are committed to staying ahead of the curve, using new marketing techniques and strategies that didn’t even exist 20 years ago. Our team’s motto is simple: A tradition of trust in Northwest Ohio real estate. We follow this ethos, built on time-tested principles like telling the truth and treating others how we want to be treated. If you have questions about buying, selling, or managing real estate in Northwest Ohio or need help navigating the current market, call me at (419) 874-1188 or visit my website for more information. We’re here to help with all your real estate needs.
