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.

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