Trends and Tips for Buying a Home in Ohio and the Midwest

So, you’re looking to buy a new home, or maybe sell your home. Or you might be a real estate agent ready to help your clients meet their goals and reach their dreams with a new home.

Regardless of your role in the homebuying process, market change will have an impact. The market is shifting, and you need to be ready. We’re gathering the tips, trends and data for Ohio and the Midwest that you should know to succeed in the competitive real estate market.

Inventory Levels in the Midwest

According to a National Association of REALTORS® (NAR) report, home inventory levels are rising in the United States as buyers see more homes available. This is especially true in the Midwest and markets like Akron, Ohio, where home inventory benchmarks are rated as healthy.

Even with the increase in overall inventory, challenges persist. Many urban areas still struggle with the availability of homes and residences. The Midwest and South are seeing higher inventory levels, but in other places, especially the East and West Coasts, a housing deficit persists.

The affordability of homes is also a challenge.

The same report explains that the market for lower-priced homes is still tight, and buyers can expect a highly competitive market. Households that earn less than $75,000 can only afford 21.2% of the homes on the market. This is significantly less than the inventory before the pandemic, and this affordability gap continues to have an impact on the housing market.

The Affordability Gap in Ohio

Another recent report on homes in Ohio found a gap of more than 250,000 homes for low-income households. Some rural communities in Ohio have an acute shortage of affordable homes. While new housing programs that push developers to build smaller homes will ease the crisis for affordable homes, it will take time to fill the gap.

Even middle-income homebuyers, earning less than $100,000, can afford only 37% of the available homes, but make up 60% of all households    in the U.S., according to data from 2023.

How to Navigate the Housing Market

This means that the housing market has improved. More homes are available, and new home buyers will see options, but that affordability gap means fewer homes are available for low- and middle-income buyers. The homes on the market are not the ones that many buyers are looking for or can afford. The market is still tight, and solutions will take time to have an impact.

Here are a few tips to keep in mind for anyone navigating the housing market in Ohio and the Midwest:

• Home buyers shouldn’t be discouraged when reviewing new listings. While there may be fewer listed homes than expected, inventory is increasing, and turnover is higher than usual. It is still a seller’s market, but things are improving.
• For home sellers, increased inventory does not mean it is a buyer’s market. You can still expect competitive offers for your home and, if you prepare your home and there are no issues, a relatively quick sale. However, new homes are on the market, and it is better to act quickly rather than wait.
• Real estate agents should be honest with their clients about the market conditions. Let buyers know it may take longer to find the home they want. When working with a seller, let them know the market is changing. Stay on top of market conditions so you can best advise clients.
• Home buyers and agents should have a strategy for managing the market. That starts by getting preapproved for a loan so that when the right home becomes available, you can capitalize on the opportunity quickly and confidently.
• Another strategy for this tight market is to have your team ready when a home is available. Contact a home inspector, and work with a title agency like Network Land Title so you can streamline the buying

If you have questions or want to understand the changing market conditions and how they may impact you, contact Network Land Title and talk to our experts. We’re here to help.