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Yahoo
30-04-2025
- Business
- Yahoo
See the 5 Ohio housing markets that rank among the top 20 in the US
The U.S. has a new No. 1 housing market — and it's in Ohio. The Wall Street Journal/ released its spring housing market rankings for the nation, with Toledo taking over the top spot. Overall, Ohio has five communities ranked in the top 20. "The Midwest boasts affordability, a low cost of living and climate resiliency, all of which contribute to its presence on the Housing Market Ranking list," according to the report. Wall Street Journal/ rates the 200 largest metropolitan areas on median home prices, cost of living and other factors. Ohio had a strong presence in the top 10, with Canton — which was No. 1 in the winter rankings — coming in at No. 5 and Akron at No. 6. The Youngstown-Warren area was a newcomer at No. 18. And Dayton was No. 19. Columbus, which has appeared in the rankings before, fell out of the top 20. Toledo saw a considerable jump in the rankings this spring due to strong demand, quick market pace and significant price growth in the past year, according to the report. "Toledo is mid-sized with roughly 600,000 residents, but pulled in significant buyer attention in the first quarter of 2025," the report reads. "Almost two-thirds of listing viewers in Toledo were from outside of the metro area, highlighting the appeal of this low-priced market, especially to other Midwesterners. The median listing price in Toledo climbed 17.5% compared to one year prior in March and homes spent 37 days on the market, more than two weeks less than the national median." According to a recent home value and sales forecast from Zillow, home values are predicted to drop by 1.9% this year. An earlier forecast predicted a 0.6% increase. "The combination of rising available listings and elevated mortgage rates is signaling potential price drops by year's end," according to the forecast. "With increased supply, buyers are gaining more options and time to decide, while sellers are cutting prices at record levels to attract bids." Here's a look at the top 20 housing markets this spring and the median listing price: Toledo: $235,000 Manchester-Nashua, New Hampshire: $565,000 Rockford, Illinois: $249,000 Springfield, Massachusetts: $330,000 Canton-Massillon: $240,000 Akron: $225,000 Harrisburg-Carlisle, Pennsylvania: $365,000 Hartford-West Hartford-East Hartford, Connecticut: $450,000 Milwaukee-Waukesha-West Allis, Wisconsin: $375,000 Reading, Pennsylvania: $330,000 New Haven-Milford, Connecticut: $460,000 Lancaster, Pennsylvania: $400,000 Fort Wayne, Indiana: $310,000 Appleton, Wisconsin: $426,000 South Bend-Mishawaka, Indiana-Michigan: $249,000 Worcester, Massachusetts-Connecticut: $550,000 Green Bay, Wisconsin: $490,000 Youngstown-Warren-Boardman, Ohio-Pennsylvania: $185,000 Dayton: $240,000 Kalamazoo-Portage, Michigan: $325,000 This story was updated to add a video. This article originally appeared on The Repository: Top US housing market is here in Ohio: See the Wall Street Journal list
Yahoo
30-04-2025
- Business
- Yahoo
5 Ohio housing markets rank among the top 20 in the US. See the list
The U.S. has a new No. 1 housing market — and it's in Ohio. The Wall Street Journal/ released its spring housing market rankings for the nation, with Toledo taking over the top spot. Overall, Ohio has five communities ranked in the top 20. "The Midwest boasts affordability, a low cost of living and climate resiliency, all of which contribute to its presence on the Housing Market Ranking list," according to the report. Wall Street Journal/ rates the 200 largest metropolitan areas on median home prices, cost of living and other factors. Ohio had a strong presence in the top 10, with Canton — which was No. 1 in the winter rankings — coming in at No. 5 and Akron at No. 6. The Youngstown-Warren area was a newcomer at No. 18. And Dayton was No. 19. Columbus, which has appeared in the rankings before, fell out of the top 20. Toledo saw a considerable jump in the rankings this spring due to strong demand, quick market pace and significant price growth in the past year, according to the report. "Toledo is mid-sized with roughly 600,000 residents, but pulled in significant buyer attention in the first quarter of 2025," the report reads. "Almost two-thirds of listing viewers in Toledo were from outside of the metro area, highlighting the appeal of this low-priced market, especially to other Midwesterners. The median listing price in Toledo climbed 17.5% compared to one year prior in March and homes spent 37 days on the market, more than two weeks less than the national median." According to a recent home value and sales forecast from Zillow, home values are predicted to drop by 1.9% this year. An earlier forecast predicted a 0.6% increase. "The combination of rising available listings and elevated mortgage rates is signaling potential price drops by year's end," according to the forecast. "With increased supply, buyers are gaining more options and time to decide, while sellers are cutting prices at record levels to attract bids." Here's a look at the top 20 housing markets this spring and the median listing price: Toledo: $235,000 Manchester-Nashua, New Hampshire: $565,000 Rockford, Illinois: $249,000 Springfield, Massachusetts: $330,000 Canton-Massillon: $240,000 Akron: $225,000 Harrisburg-Carlisle, Pennsylvania: $365,000 Hartford-West Hartford-East Hartford, Connecticut: $450,000 Milwaukee-Waukesha-West Allis, Wisconsin: $375,000 Reading, Pennsylvania: $330,000 New Haven-Milford, Connecticut: $460,000 Lancaster, Pennsylvania: $400,000 Fort Wayne, Indiana: $310,000 Appleton, Wisconsin: $426,000 South Bend-Mishawaka, Indiana-Michigan: $249,000 Worcester, Massachusetts-Connecticut: $550,000 Green Bay, Wisconsin: $490,000 Youngstown-Warren-Boardman, Ohio-Pennsylvania: $185,000 Dayton: $240,000 Kalamazoo-Portage, Michigan: $325,000 This article originally appeared on The Repository: Top US housing market is in Ohio: See the Wall Street Journal list
Daily Mail
29-04-2025
- Business
- Daily Mail
Americans flock to heartland city where they can get a $200K discount on a home... but Wall St is closing in
Affordable home prices and rising demand in the area are turning one surprising small city into a hotbed for real estate competition. Toledo, OH, once attracted the attention of local homebuyers who could afford it, but has now caught the eye of out-of-state investors with deep pockets, who have set14643897 off a real estate tug-of-war. While the median home price jumped 18 percent in March to $235,000, that's still is still about $200,000 cheaper than the US median, says 'We do get a lot of calls from out of state investors who are paying cash,' local realtor Megan Hornsby tells The news comes amid crashing prices elsewhere in the US, including spots in Florida and four metros in Texas. She adds that the rate at which out-of-state investors are snapping up properties has gotten so out of control that Toledo has enacted new rental property ordinances to try to curb people coming in from out of town. 'They they did a paint ordinance where there can't be any peeling paint on rental properties. Some people are saying it's unconstitutional because it goes after landlords and doesn't go after owner occupied homes.' Most of the investors buying the homes then rent them out to locals, but fail to keep up with managing the property from afar, letting lawns grow to long and small fixes to remain broken. 'It's very hard to find a good management company around here,' says Hornsby. 'They have an app now where you can report properties that are falling into disrepair.' The affordable prices and high demand has pushed Toledo to the top of the Wall Street Journal/ Housing Market Ranking. It evaluates cities based on home price growth, economic momentum, lifestyle amenities, and resilience to climate change. In March, Toledo's median home listing price rose 18 percent year-over-year to $235,000, in large part by investors who have discovered the city. Data firm Cotality reports that investor purchases of single-family homes in the city doubled over the last seven years, from 15 percent in 2018 to 30 percent in early 2025. 'Most of the calls that I get from out-of-state people are because they wanna buy a property cheap and then use it as a rental,' Hornsby says. 'The city of Toledo I think has almost 50 percent rental properties at this point.' Most of the out-of-state investors are coming from large cities like New York and San Francisco. Others are coming from and even countries like Canada and Italy, who see Toledo as a hidden opportunity. Outdoor space is also a big draw for people moving to Toledo, which sits on a river. Only the top 5% of Toledo homes are priced above $336,000, but that still means you can find spacious houses on large lots for affordable prices Because of the investor interest, traditional and local buyers are being frozen out of the market. Real estate agents say cash buyers are quick to waive appraisals and inspections in order to secure deals faster and beat out first-time buyers or buyers who need to secure a mortgage. Rents in the area are also rising. A two-bedroom in Toledo is normally $1,000 a month, but because of high demand and property tax increases that has shot up to about $1,500. As for Toledo, there has also been a lot of interest in the city after it was awarded a few grants to revitalize downtown. 'We have a couple of outdoor shopping dining restaurant areas. 'Downtown Toledo has seen a major resurgence with lots of money invested and they're trying to get additional housing down there to support everything available. 'We're on the river so there's a concert series. There's a lot more events and things to do in my opinion then there used to be even just a couple years ago.' Pictured: A 4 bed, 2.5 bath house that's 2,032 square feet priced at $325,000 in Toledo, Ohio Elsewhere in Ohio, housing prices are skyrocketing where they were once affordable. In Cleveland, Ohio, home sale prices rose 15 percent in 2024 - the most of any of the 50 biggest US cities. 'Places that have long been known as affordable places to live, like Cleveland are now seeing double-digit price increases - and that's after home prices skyrocketed during the pandemic,' said Redfin senior economist Elijah de la Campa. Bonnie Phillips, a Redfin Premier real estate agent in Cleveland, explained some of the reasons why prices are on the up in the city. 'A lot of sellers have a very specific number in mind because they saw their neighbor sell for $40,000 over the asking price during the pandemic' she said. They're willing to walk away if they don't get that number, which is one factor keeping prices high.' She continued: 'Cleveland may still have a reputation as an affordable-housing haven among out-of-staters, but not so much among locals.'
New York Post
25-04-2025
- Business
- New York Post
Heartland city emerges as top US market — where typical home is $200K less than national median
The top housing market in the U.S. this spring season is a heartland hub where the typical home costs an impressive $200,000 less than the national median. Toledo, OH, a city of 265,000 people situated on the western tip of Lake Erie, claimed the No. 1 spot in the latest Wall Street Journal/ Housing Market Ranking through a winning combination of strong demand, quick market pace, and impressive price growth compared with a year ago. Although a midsized city, Toledo—located about 60 miles from Detroit—attracted outsized attention from homebuyers during the first three months of 2025, climbing two spots in the ranking from the previous quarter. Almost two-thirds of online listing viewers in Toledo were from out of town, highlighting the appeal of this affordable metro, particularly among fellow Midwesterners. However, house hunters from New York City and Washington, DC, are also taking notice. 4 Toledo, Ohio is the top housing market in the U.S. this spring. Nicholas J. Klein – The typical home in Toledo cost $235,000 in March, nearly $200,000 lower than the national price—and that's after a 17.5% year-over-year price increase. Given Toledo's robust demand and affordability, it's not surprising that homes there were flying off the shelves. In March, the typical residential property in Toledo was purchased within 37 days, or more than two weeks faster than the national median. Predictably, Toledo saw the sharpest increase in home sales profit margins so far this year, according to a new report from ATTOM Data Solutions, a curator of land, property data, and real estate analytics. 4 In March, the typical residential property in Toledo was bought more than two weeks faster than the national median. Zenstratus – At the start of the new year, the median price of a home sold in Toledo was 44.7% more than the median purchase price for homes sold, up from 27.8% during the same period in 2024. The resulting 16.9 percentage point gain was the largest in the country in the first quarter. Toledo's other major draw, which it shares with other Midwestern metros, is a lower risk of climate-related disasters compared with coastal areas. 4 One of Toledo's major draws is a lower risk of climate-related disasters compared to coastal areas. SeanPavonePhoto – A mere 1.5% of properties in Toledo are facing severe or extreme risk of one of the five risks considered—extreme heat, wind, air quality, flood, and wildfire—over the next 30 years. Overall, the top 20 markets in the latest ranking saw an average of just 4.7% of properties at risk of climate-related damage. Toledo's economy primarily revolves around manufacturing, health care, and education. It also boasts a vibrant arts scene, anchored by the Toledo Museum of Art. But like any urban hub, Toledo is not without its challenges. The unemployment rate in the city has climbed the past couple of years, reaching 6.6% in March—the highest rate across the top 20 metros in this quarter's ranking. 'Unemployment climbed due to contraction in the professional and business services, information and manufacturing industries compared to last year,' says Chief Economist Danielle Hale. 'Nevertheless, the relatively affordable cost of living and low housing costs could continue to attract homebuyers.' The Wall Street Journal/ Housing Market Ranking evaluates the 200 most populous metros, weighing real estate demand, housing inventory, median days on the market, median price trends, property taxes, climate risks, unemployment rate, wages, regional price parities, amenities, and other factors that affect the cost of living and quality of life. The Midwest and parts of the Northeast dominate the rankings Every one of the top 20 metros in the latest quarterly ranking is in either the Midwest or Northeast, continuing a trend driven by affordability, a low cost of living, and climate resiliency. As in the past quarter, the Midwest emerged as the big winner, with 12 of the 20 cities on the list scattered across the region—five of them in Ohio. Following Toledo, Manchester, NH, claimed the No. 2 spot in the ranking, with Rockford, IL, in third, Springfield, MA, in fourth, and Canton, OH—last quarter's top market—settling into the fifth spot. Four of the 12 Midwest cities on the new list had an unemployment rate below the national level of 4.2% in March, with Appleton, WI, boasting the lowest jobless rate among the top 20 metros, at 3.1%, followed by Green Bay, WI (3.3%), Milwaukee (3.8%), and Fort Wayne, IN (4.1%). All four cities have strong labor markets and affordable costs of living, in part owing to the fact that essentials cost an average 7% less than the national level there. Home prices follow the trend of lower costs in the Midwest. In March, Youngstown, OH, emerged as the metro with the lowest median list price of $185,000—a staggering $240,000 below the national price. 'These low home prices mean that the minimum recommended income to purchase in one of these markets was an average $68,000, compared to the U.S. minimum recommendation of $98,000,' says Hale. 4 According to a new report from ATTOM Data Solutions, Toledo saw the sharpest increase in home sales profit margins so far this year. Nicholas J. Klein – New Haven ascends as Trenton loses ground In the March rankings, New Haven, CT, ascended 34 spots since the past quarter, to No. 11, the biggest gain of any metro on the list. Although New Haven is higher-priced than the national market, with the typical home there costing $460,000 in March, it still offers buyers relative affordability within commuting distance of New York City, about 80 miles to the southwest. Youngston, OH, saw the second-biggest gain in rankings, jumping 16 places from the previous quarter to claim the No. 18 spot. Meanwhile, Trenton, NJ, suffered the most dramatic reversal in a span of three months. After climbing 16 spots to No. 12 during the winter, Trenton tumbled 12 places, crashing out of the top 20 and landing at No. 24 this quarter. Columbus, OH, experienced a similar fate, having lost 13 spots since the past quarter, to end up in No. 28 this time around.
