Ohio – Trying to Step Towards Recovery
Cleveland is often described as “ground zero” for the subprime mortgage lending crisis, because that’s where many of the less-than-stellar lending practices began, back in the 1990’s. Fast forward a decade and a half, and you have the housing bubble burst that led to the Great Recession.
The recession may be over, but Ohioans are still trying to pick up the pieces. At the end of 2012, nearly 400,000 people here were out of work, and even more were underemployed. Between 2007 and 2012, 1.7 million Ohio residents had to rely on the state for some kind of food assistance.
While things have started to look up in the Buckeye State, they have done so slowly – painfully so.
Surprisingly, though, the housing numbers here aren’t as bleak as you might think. In November 2012, the number of homes sold around the state jumped 14% when compared to the year before -- a surge that shocked even some of the most veteran of realtors in Ohio. It was also the 19th consecutive month that the number of single-family homes and condos sold went up.
So, what can you expect Ohio’s housing market to do in 2013?
Expect Ohio’s “never say die” spirit to stay firmly intact. After all, a big part of this state is coal country, where the work is hard, and the miners are proud to do it!
Outside coal country, realtors are keeping a close eye on Cleveland. As the state’s second-largest city, it will have to play a big role in any type of housing recovery. Luckily, experts say Cleveland’s housing market has already hit rock-bottom, so the situation here has nowhere to go but up! That’s why they’re projecting a 3.6% rise in home prices in the Cleveland metro by the end of 2013.
One city that’s really surprising realtors in Ohio (and in a good way!) is Dayton. In November 2012, the number of Dayton home sales jumped 22%, compared to the year before. Home prices here rose more than 1% throughout 2012, and experts say they should climb another 4% by the end of 2013.
Youngstown got some national recognition at the beginning of 2013 – by landing on the National Association of Homebuilders list of improving housing markets, thanks to its employment growth, number of permits, and housing price appreciation.
And what about the state’s largest city – Columbus?
It’s projected to be very popular with millenials. In fact, some of the most popular homes for sale in Ohio in 2013 could be in Downtown Columbus. Luckily, there should be plenty of supply to accommodate the demand, since 5,000 new residential units will be built in the area during 2013.
Bottom line – if Ohio can get some momentum going, it can start to see some real signs of recovery!