Toledo, Ohio: The Unexpected Number One U.S. Real Estate Market of 2024
When thinking of the most sought-after housing markets in the United States, cities like Miami, San Diego, and Austin may come to mind. However, according to a recent report from Realtor.com, Toledo, Ohio, has emerged as the number one U.S. real estate market of 2024.
What Makes Toledo Stand Out?
Toledo, also known as the Glass City, topped the list of Realtor.com’s 2024 top 10 housing market rankings. The rankings compared the 100 largest metropolitan areas in the U.S. using three metrics: median home listing price in November, forecasted 2024 home sales price change, and forecasted 2023 home sales change percentage.
With a median home list price of $200,000, Toledo’s prices are well below the U.S. median home price of $420,000 in November. Furthermore, Toledo homes have a forecasted 2024 sales price change of 8.3% and a forecasted 2024 home sales change of 14%.
Influx of New Buyers and Renovations
Realtor.com’s report also highlights that Toledo has experienced an influx of new buyers in search of affordable homes. Many of these buyers are renovating homes before renting them out. This trend continues despite some recent pullback as higher interest rates have led to fewer mortgage applications.
Realtor.com Chief Economist Danielle Hale commented on Toledo’s stability, saying, “It’s less prone to the wild swings we’ve seen in other markets. The highs weren’t as high and the lows weren’t as low—so that’s one of the reasons they’re going to start to recover first.”
Top 10 U.S. Housing Markets of 2024
According to Realtor.com, the top 10 U.S. housing markets of 2024 are as follows:
- Toledo, OH
- Oxnard, CA
- Rochester, NY
- San Diego, CA
- Riverside, CA
- Bakersfield, CA
- Springfield, MA
- Worcester, MA
- Grand Rapids, MI
- Los Angeles, CA
Realtor.com’s full report on the top 10 U.S. housing markets of 2024 can be found online.
What Does This Mean for Homebuyers and Investors?
For those looking to purchase a home or invest in real estate, Toledo’s ranking as the top U.S. housing market of 2024 presents an exciting opportunity. With its affordable home prices, forecasted growth, and stability compared to other markets, Toledo is an attractive option for both first-time homebuyers and seasoned investors.
Considering a move to or investment in Toledo, Ohio? Explore available listings and learn more about the local real estate market at Jessica Fulk Real Estate.
Orginal article: Link To Article – provided by Kansas City Realtors
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