Ohio’s housing market is slipping, but the value of your home isn’t

CLEVELAND, Ohio (WOIO) -Since March, Ohio’s housing market has been cooling off, but now that June’s numbers are out, its beginning to look more like a significant decline.

In March, home sales slipped 4.8% when compared to March of 2021, according to Ohio REALTORS.

In June, that number slumped even lower, with 6.8% fewer home sold when compared to June of 2021.

“Rising mortgage rates and tight inventories of homes being marketed for sale contributed to a slower level of activity across the Ohio housing marketplace in June,” said Ohio REALTORS President John Mangas. “The continued rise in average price is an indication of a still-competitive market.”

That’s the bright spot is that the value of homes continues to increase.

The average sale price in June of 2022 was $281,176, a 9.7% increase from the $256,232 mark posted during the month in 2021.