Home Prices Continue Climbing In Most Ohio Markets

[Kenneth Sponsler / shutterstock]
The site of housing development in Twinsburg, Ohio in 2016. In Ohio, as in many parts of the nation, tight housing supply is driving demand for new constructions. [Kenneth Sponsler / shutterstock]
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The average home sale price continues to climb in most Ohio housing markets, according to data released Monday by the Ohio Association of Realtors (OAR).

[Graph: Adrian Ma / Source: Ohio Association of Realtors]

In Ohio, the average home in March 2018 went for around $171,396a 5 percent increase from $163,255 in March 2017. In Northeast Ohio, the average sale price last month was $151,294. 

For Now, the Cycle Continues Upward

When it comes to real estate, the market typically goes in cycles.

"It goes down, it comes up. It goes down, it comes up," said Karen O'Donnell, President of the Akron Cleveland Association of Realtors. And yet, for the past year, home sale prices in Ohio have pretty much only gone up.

So, what gives?

It is still firmly a sellers' market, O'Donnell said, with the demand for homes far outstripping supply. She figures some sellers may have been sitting on the sidelines, waiting to see how the new GOP tax law would play out. Others may be holding off selling to see just how high the market will go. O'Donnell's advice to homeowners: "If you have a house and you're on the fence about selling it, this is the time."

Perhaps that advice is not surprising coming from a realtor. But, according to OAR, home sales activity is currently moving at a near-record clip. And, O'Donnell said, sale prices could see a dip as the weather warms up and more properties hit the market.

Around the state, 13 of the 18 markets tracked reported upswings in average sales price, according to OAR.

The trend of higher home prices is playing out on a national level as well. According to the real estate brokerage site Redfin, the median home sale price nationwide increased 8.9 percent in March from a year agothe highest price growth in four years.

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