{"id":4956,"date":"2023-01-01T09:40:00","date_gmt":"2023-01-01T13:40:00","guid":{"rendered":"https:\/\/propertyonion.com\/education\/?p=4956"},"modified":"2023-01-04T09:47:34","modified_gmt":"2023-01-04T13:47:34","slug":"which-ohio-housing-markets-had-the-biggest-price-increases-in-2022","status":"publish","type":"post","link":"https:\/\/propertyonion.com\/education\/which-ohio-housing-markets-had-the-biggest-price-increases-in-2022\/","title":{"rendered":"Which Ohio Housing Markets had the Biggest Price Increases in 2022?"},"content":{"rendered":"\n

Overall, many investors in the U.S. real estate market will likely describe 2022 in a single word \u2014 volatile. Some of the factors creating volatility include record-high inflation<\/a>, rising interest rates<\/a>, and supply-chain challenges that hindered new construction. <\/p>\n\n\n\n

In Ohio, housing prices continued to rise statewide in 2022. Through October 2022, the average sales prices in 13 of Ohio\u2019s 14 MLS housing markets rose over the previous 2021 prices. However, the number (volume) of home sales across the 14 markets dipped by roughly 22%. <\/p>\n\n\n\n

MLS house sales prices (January through October 2022) <\/h4>\n\n\n\n

The following chart contains the five housing markets with the largest increase in average sales price:<\/p>\n\n\n\n

Ohio Housing Market (Region)<\/em><\/td>2021 Average Sales Price<\/em><\/td>2022 Average Sale Prices<\/em><\/td>Increase %<\/em><\/td><\/tr>
Mansfield<\/td>$ 158,229<\/td>$ 176,584<\/td>11.6 %<\/td><\/tr>
Columbus<\/td>$ 298,730<\/td>$ 332,711<\/td>11.4 %<\/td><\/tr>
Knox County (Mt. Vernon) <\/td>$ 213,923<\/td>$ 237,768<\/td>11.1 %<\/td><\/tr>
Dayton<\/td>$ 218,927<\/td>$ 241,763<\/td>10.4 %<\/td><\/tr>
Portsmouth (Greater)<\/td>$ 137,444<\/td>$ 151,028<\/td>9.9 %<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Source: <\/em>MLS Stats<\/em><\/a><\/p>\n\n\n\n

One way that the U.S. Census differentiates small cities from mid to large cities involves excluding sparsely populated communities from their \u201cmetropolitan statistical area\u201d reports. They define<\/a> a metro area as having one urban area with a population of 50,000 or more. <\/p>\n\n\n\n

In looking at the chart above in terms of population, only Columbus (900,000+) and Dayton (130,000+) represent mid or large Ohio housing markets. The following chart looks only at the major Ohio housing markets based on the median prices. <\/p>\n\n\n\n

As expected, the spike in mortgage interest rates translates to decreased affordability and a less competitive market for available homes.<\/p><\/blockquote>\n\n\n\n

NAR house sales prices (Third Qtr. 2022<\/a>)<\/h4>\n\n\n\n
Ohio Housing Market (Region)<\/em><\/td>2021 Median Sales Prices<\/em><\/td>2022 Median Sales Prices<\/em><\/td>Increase % (vs 2021)<\/em><\/td><\/tr>
Dayton<\/td>$ 195,200<\/td>$ 224,200<\/td>14.9 %<\/strong><\/td><\/tr>
Akron<\/td>$ 188,700<\/td>$ 215,500<\/td>14.5 %<\/strong><\/td><\/tr>
Columbus<\/td>$ 286,300<\/td>$ 312,100<\/td>9.0 %<\/strong><\/td><\/tr>
Cleveland<\/td>$ 212,900<\/td>$ 227,000<\/td>7 %<\/td><\/tr>
Cincinnati<\/td>$ 253,500<\/td>$ 268,400<\/td>5.9 %<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Source: <\/em>National Association of Realtors<\/em><\/a><\/p>\n\n\n\n

Among the major Ohio housing markets, Akron, Columbus, and Dayton all experienced significantly higher prices. <\/p>\n\n\n\n

During the onset of the pandemic in 2020, the median home values in the state surged with historically low home mortgage rates.<\/p><\/blockquote>\n\n\n\n

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