Ohio Real Estate

“The Buckeye State” is covered in grassy plains and farmland. Of its 26.2 million acres, 14.5 million are used for farming. Much of the state is made up of rural farm communities, but big cities like Columbus and Cincinnati have a large metro community. Residents occupy single-family homes on large wooded lots, modern houses in gated communities, lakefront condominiums, historic brick homes and rustic log cabins.

Homeowners make up 69.1 percent of the state’s population and vacancy is at 7.1 percent. The median value of a home in “the heart of it all” is $103,700. For its size, Ohio has one of highest populations in the country. 11.4 million people live in Ohio, of which 9.2 million people live in urban areas and 2.2 live in rural communities. There has been an increase in construction rates in the past 10 years. As of 2000, there were 4.7 million housing units in the state, this was up 9.4% from 1999. 3.7 million of these units were in urban areas and one million were in rural areas.

Columbus is one of the hottest places to buy in Ohio. Its population is at 1.6 million and growing. Columbus is also home to the largest university in the nation. Ohio State has over 100,000 students, making it a lucrative place to rent apartments and condominiums. Columbus has many different types of properties to choose from, ranging from the low $100,000s to the 2 million dollar range. Inventory is growing this year, and the area is becoming more buyer friendly. Building seems to be softening in the area, and many builders are adding incentives to buyers. Most homeowners of five years or longer are making the most money on their properties sales in the area. The median price of a home in the area is $127,842.

Another metro area is Dayton, where the market is in favor of the buyer. There are plenty of homes available and the market is in a downward trend. First time buyers are buying up property where school districts are doing well. The market is stale where school test scores are lower. The average single family home is going for $150,000 and sellers are receiving 95 percent of their asking price.