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.
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