With excellent investment opportunities and consistency, Ohio real estate has been bubbling over time. The state’s capital has also been at the top for being the best real estate destination last year. With that in mind, there will be a question – how will real estate in Ohio perform for the rest of 2020 and going into 2021? We are here to find out.
Four trends are set to influence Ohio’s real estate market heavily. These include:
This is a common fact for Midwest real estate market, and the same applies to Ohio real estate. Real estate investment in Ohio is exceptionally affordable. The average prices of properties begin at $220,000, making it considerably cheaper than the national average price of $300,000.
Along with lower property prices in Ohio, living in the state is relatively cheap. Compared to the other cities in the US, the state capital of Ohio, Columbus, comes in at 52nd place. This means the cost of living in Columbus is 14.5% lower than the national average. Combining it with the majority of people choosing to rent in this city, the real estate market is set to grow. Cheaper real estate and low cost of living are factors that can shoot up investment opportunities in the coming future.
Ohio investment properties are set to benefit from the high real estate appreciation rate. Over the last decade, Ohio saw its real estate market in the top 30% for national appreciation, according to NeighborhoodScout. Pre-Covid, Ohio saw property prices increase by 6%.
For the first time in Central Ohio history, sales prices exceeded list prices in July 2020 as buyers were paying more for a home than it was listed for sale. The limited supply of homes assisted to increase the average sales price up 10.4% versus July 2019 and up 6% YTD. Check out the numbers.
3. Growing economy:
Cities in Ohio have been strong and diverse, and have been contributing well to the state’s economy. With popular industries being education, banking, defence, food, and health care, there has been constant growth. The capital city of Columbus ranked second-highest in Ohio in 2016 GDP and 29th amongst all US cities. With such a strong economy backed by young professionals, entrepreneurs, and start-ups, the state is set to grow further. The projections state that Ohio real estate is set to strengthen in the coming years and will become one of the best places to invest.
4. Airbnb’s success:
Airbnb saw phenomenal growth over the last couple of years, making it one of the prime reasons to invest in Ohio real estate. Columbus was one of Airbnb’s primary cities in 2018, generating millions of dollars of income and welcoming thousands of guests. With Airbnb’s success, real estate investors can invest fairly well in Ohio realty and set themselves for years of success.
Ohio has always been a state to look out for when it comes to real estate investment, and in 2020, it’s no different. Cheaper investment options, a great standard of living, excellent opportunities, and a growing economy should tick all the boxes when it comes to investing in Ohio real estate. If you need any assistance with investing in real estate in Ohio, you can speak to us at Perfect RealEstate Investment. Our experts can guide you at every step and set you up for years of success. Book a consultation today!