The Ohio housing market has been growing rapidly over the last few years. Demand for condos in the northern part of the state has been especially strong. According to Michelle Jarboe McFee, condo sales increased 11.6% between January and June, but could rise even higher before the end of the year.
Northern Ohio Housing Market Continues to Accelerate
The housing market throughout most of Ohio has been stronger in 2015 than any other year since the beginning of the recession. However, the market has been particularly strong in Northern Ohio. Data from the Northern Ohio Regional Multiple Listing Service shows that sales have risen five times faster in the northern region than the rest of the state.
The report may be surprising after recent data detailed the strength of the Central Ohio housing market. Realtor.com recently reported that Columbus has the fifteenth strongest housing market in the country. However, while the market for homes in Central Ohio is particularly strong, the market appears to be growing much faster in the northern parts of the state.
Economists are confident that the economy will continue to grow through 2015. They believe that the stronger job market and increased business activity in Ohio will lead to a stronger housing market before the end of the year.
Condo Market is Particularly Resilient
The demand for condominiums and single family homes is poised to grow even faster than demand for other units in 2015. There are probably several factors that are affecting demand for condos and other smaller properties in the area:
- A growing number of millennials are choosing not to have children or are waiting longer before starting families.
- The strong job market appears to be drawing recent college graduates from other states to Ohio.
- Many families chose to downsize during the recession and have become more adjusted to living minimalist lifestyles. They may prefer living in smaller homes.
- Debt remains a concern for many Ohio homeowners. According to a recent report, a growing number of Dayton homeowners are underwater with their mortgages. These families may also want to live in smaller homes to save money.
Demand for all forms of housing is expected to continue to rise throughout the rest of the year. The market should prove especially strong as the job market and other sectors of the economy grow. However, the market for condos in Northern Ohio is one of the most hottest in the state.