Ohio Real Estate Market Trends & Analysis
The Ohio real estate market boasts about as much activity as any other state—if not more so. One thing, in particular, has invited buyers, sellers and investors to participate in the Ohio housing market: affordability. There simply aren’t many other statewide markets with more affordable housing than Ohio. Despite nearly seven consecutive years of appreciation, median home values in Ohio remain affordable and look as if they will remain stable.
Slight appreciation is expected in the coming year, but at a tempered pace, which bodes well for current and would-be buyers. Investors, on the other hand, covet the Ohio real estate market for another reason: distressed inventory. Ohio is currently home to one of the country’s highest foreclosure rates, which suggests a large contingent of homes that may be acquired at a discount.
Slight appreciation is expected in the coming year, but at a tempered pace, which bodes well for current and would-be buyers. Investors, on the other hand, covet the Ohio real estate market for another reason: distressed inventory. Ohio is currently home to one of the country’s highest foreclosure rates, which suggests a large contingent of homes that may be acquired at a discount.
Ohio Real Estate Fees & Regulations
Real Estate
| Closing Conducted by: | Title Companies, Lenders |
| Conveyance: | Warranty Deed |
Foreclosure Procedure
| Primary Foreclosure Method: | Judicial |
| Process Period: | 5 - 7 months |
| Notice of Sale: | Sheriff |
| Redemption Period: | Until Confirmation |
Taxes
| Income Tax: | 0.50% - 5.00% |
| Corporate Tax: | No |
| Sales Tax: | 5.75% |
| Estate Tax: | No |
| Inheritance Tax: | No |
| Median Property Tax: | 1.36% |
| Property Taxes by County: | http://www.tax-rates.org/ohio/property-tax#Counties |
Average Transactional Costs
| Closing Cost: | $2,392.00 |
| Transfer Fee: | 0.4% (0.1% plus 0.3% local) |
| Origination Fee: | $1,707.00 |
Overview
- Median Home Value: $141,400
- 1-Year Appreciation Rate: +5.4%
- Median Home Value (1-Year Forecast): +2.7%
- Median Rent Price: $1,100
- Price-To-Rent Ratio: 10.71
- Average Days On Market: 59
- Unemployment Rate: 4.1% (latest estimate by the Bureau Of Labor Statistics)
- Population: 11,689,442 (latest estimate by the U.S. Census Bureau)
- Median Household Income: $52,407 (latest estimate by the U.S. Census Bureau)
- Percentage Of Vacant Homes: 10.87%
- Foreclosure Rate: 1 in every 1,735
Ohio Foreclosure Trends & Statistics
Tax Lien Investing
- Tax Lien or Deed: Tax Lien state *Sales only held in counties with more than 200,000 in population
- Interest Rate: 18% *Only for Institutional investors
- Redemption Period: 1 year