2016 was the best year for Ohio’s real estate industry since 2005. The state registered significant increases in prices and sales, and it could have been even better were it not for supply shortages.
Several aspects of Ohio’s real estate industry registered improvements compared to previous years. To start with, statewide home sales increased 7.5 percent from 2015 to stand at 151,600. This reflected an increase of about 8percent in sales across Northeast Ohio and other regions of the state. The average price for a home also rose by about 4.8percent since 2015 to about $159,531.
This surge in sales and prices came amidst a market slowdown in many parts of the U.S. It was attributed partly to the low mortgages coupled with the solid job creation witnessed in the state in the recent past.
The success witnessed in 2016 would have been even greater, but a shortage of housing curtailed the surge right towards the end of the year. There were not enough homes to meet the rising demand, and the problem persisted throughout the year and got worse in December. In fact, it is estimated that the current supply of homes will last only 3.6 months, thus painting a grim picture for 2017.
In this case, sellers now have the upper hand in Ohio’s real estate market as a balanced market should have about 6-months supply of houses.
About Tammy Mazzocco
Tammy Mazzocco is one of Ohio’s most notable real estate agents. She currently works with Judy Gang & Associates and operates in many counties including Delaware, Licking, Franklin, and Fairfield counties. She describes the reputable Judy Gang as a friend and mentor.
Like many real estate agents, Tammy Mazzocco’s career started low and continues to grow as she gains more experience. She has worked in many companies and under many mentors including RE/MAX, The Edwards Realty Company, and Scotland Yard Condominiums.
For more info, see Tammy’s ideamensch.com agent profile.