As a real estate expert in Northeast Ohio, I am often asked about the current state of the housing market in the region. With its diverse mix of urban and suburban neighborhoods, Northeast Ohio has become a sought-after destination for homebuyers looking for affordable housing options and a high quality of life.
The Impact of COVID-19 on the Real Estate Market
Like many other parts of the country, Northeast Ohio's real estate market has been affected by the ongoing COVID-19 pandemic. In the early months of 2020, home sales in the region were on track to surpass previous years, with low interest rates and a strong economy driving demand. However, as the pandemic spread and stay-at-home orders were put in place, the market saw a significant slowdown. According to data from the Northeast Ohio Real Estate Exchange (NEOHREX), home sales in April 2020 were down 20% compared to the same time last year.This decline can be attributed to a combination of factors, including economic uncertainty, job loss, and restrictions on in-person home showings.
The Current Inventory of Homes for Sale
Despite the challenges brought on by COVID-19, there is still a healthy inventory of homes for sale in Northeast Ohio. As of October 2020, there were over 10,000 active listings on NEOHREX, with an average list price of $200,000. This includes a mix of single-family homes, condominiums, and townhouses. One trend that has emerged during the pandemic is an increase in demand for larger homes with more outdoor space. With many people now working from home and spending more time indoors, there has been a shift towards properties with home offices, extra bedrooms, and outdoor amenities like pools and gardens. Another factor contributing to the current inventory of homes for sale is the rise in foreclosures and short sales.As the economic impact of the pandemic continues to be felt, some homeowners may be forced to sell their properties at a lower price in order to avoid foreclosure. This has created opportunities for buyers looking for a good deal.
The Outlook for the Future
While the pandemic has certainly had an impact on the real estate market in Northeast Ohio, experts remain optimistic about the future. With interest rates at historic lows and a strong demand for housing, it is expected that the market will rebound once the pandemic is under control. In fact, some areas in Northeast Ohio have already seen a surge in home sales in recent months. According to data from NEOHREX, home sales in September 2020 were up 15% compared to the same time last year.This could be a sign that buyers are becoming more confident and are ready to make a move. Additionally, as more people continue to work remotely, there may be an increase in demand for homes in suburban and rural areas outside of major cities like Cleveland and Akron. This could lead to a shift in the types of properties that are in demand and could potentially drive up prices in these areas.
