The Growing Housing Market in Ohio: A Look at Popular Migration Cities

The Growing Housing Market in Ohio: A Look at Popular Migration Cities

Ohio's housing market has been experiencing a notable upswing for at least the last five years, making it an attractive destination for homebuyers and investors alike. Columbus, Ohio specifically has been on the top of Realtor.com's Hottness Index a 7 times since 2020. Various surveys and interviews with transplants point to the state's diverse economy, strong job market and of course above all, afforadble housing inventory compared to the states they are coming from.

Here's a closer look at the current trends and the cities that are drawing in new residents.

Current Trends in Ohio's Housing Market

As of 2024, Ohio's housing market continues to show robust growth. The average home price has risen by 8.4% year-over-year, reaching a median price of $254,800. While the number of homes sold has slightly decreased, the market remains competitive with homes spending an average of 36 days on the market. The increase in housing inventory by 15.8% year-over-year provides more options for buyers.

Popular Cities for Migration

Several cities in Ohio have emerged as top destinations for new residents. Here are a few notable ones:

• Columbus: As the state capital and largest city, Columbus offers a vibrant arts scene, top-tier educational institutions like Ohio State University, and a thriving job market. Its diverse neighborhoods and cultural attractions make it a popular choice for families and young professionals alike. Columbu is located in the middle of the state.

• Cincinnati: Known for its historic architecture, cultural institutions, and strong economy, Cincinnati ranks high on lists of desirable places to live. The city's revitalized downtown area and growing tech industry attract many newcomers. Cincinnati is located in the Southwest Corner of Ohio. Making it the closest city on this list to major southern cities like Nashville.

• Dayton: With its rich history and affordable cost of living, Dayton is drawing in residents looking for a balance of small-town charm and urban amenities. The city's focus on innovation and education makes it an appealing destination for young professionals. Also, it's one of the least expensive cities on this list. Dayton, it should be noted has a very large military population with Wright-Patterson Airforce base nearby. Dayton is located is Western Ohio, about 90 minutes west of Columbus.

• Springfield: This city has seen significant growth in recent years, with a 22% increase in arrivals. Springfield's strong community spirit and proximity to outdoor recreational areas make it an attractive place to settle down. Obviously the refugee population dominates this growth making it a bit of an anomoly and much more sudden than the other cities on this list. Springfield is in Western Ohio as well being just over an hour west of Columbus.

• Huber Heights: Located near Dayton, Huber Heights offers a family-friendly environment with excellent schools and parks. Its suburban feel and affordable housing options are appealing to those looking to raise a family. It's location proximate to Dayton and the major Interstate freeways makes it a popular choice as well. Huber Heights is not far from Dayton and Springfield. This illustrates that the Western part of Ohio dominates the list of cities with large incoming domestic and foreign migration.

Ohio's housing market is poised for continued stability and growth, making it an excellent time for both buyers and sellers to enter the market. Whether you're looking for a bustling city life or a quieter suburban setting, Ohio has something to offer for everyone.