Ohio Real Estate Market: When will My Home Value Return?

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Ohio Real Estate Market: When will Home Values Return?

It’s full steam ahead for the Ohio real estate market. Many of Ohio’s major, metropolitan areas were recently named among the country’s top housing markets.

The Fiserv Case-Shiller Analysis shows that home values in Ohio peaked in the second quarter of 2006. And, despite the bottom falling out just two years later, Ohio home values are expected to return in the fourth quarter of 2014. This is not bad for a state that was running neck and neck with Detroit just a year ago.

A Top Housing Market

Housing Predictor’s annual list of the top housing markets has Ohio listed as one of the strongest markets for 2010. Although the large markets of Cleveland and Cincinnati were both seriously derailed as a result of the recession and housing bust, these areas are now experiencing the largest gains, showing that Ohio has an uncanny ability to quickly rebound.

Cleveland, which has no doubt been plagued by foreclosures over the last year, is now seeing home values quickly rebounding, thanks to the quick work of many banks to reduce their inventory of foreclosed homes by slashing prices. As a result, Cleveland has experienced a surge in home appreciation, according to Housing Predictor. This increase in home appreciation will certainly continue throughout the rest of the year. Cleveland now occupies Housing Predictor’s number two slot, with home values expected to rise 17.8 percent this year alone.

The number one slot is taken by Detroit, with home values expected to increase 21.5 percent in 2010. Rounding out the number three and four slots is Cincinnati and Columbus, which will see homes appreciate in value 12.7 and 10.3 percent in 2010, respectively.

Other strong markets to fair well in Housing Predictor’s list include Grand Rapids, MI (values forecasted to increase 8.4 percent); Lafayette, LA (values forecasted to increase 6.8 percent); and Marquette, MI (values forecasted to increase 6.4 percent).

A Bright Future despite Record Number of Foreclosures

One of the reasons why Ohio’s home values are increasing so dramatically is because home values really didn’t have anywhere to go but up. Along with the government tax credit and new homebuyers, the numbers for Ohio look quite bright.

In conclusion, if you are one of the countless Ohio homeowners that watched your home value plummet over the last two years, there is light at the end of the proverbial real estate tunnel. Home prices are quickly regaining their value, and home values are expected to return in the fourth quarter of 2014.


Largest Cities in Ohio

  • Columbus
  • Cleveland
  • Cincinnati
  • Toledo
  • Akron
  • Dayton
  • Parma
  • Youngstown
  • Canton
  • Lorain

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