Ohio's 2018 housing market attains near-record sales levels
The Ohio housing marketplace was extremely active in 2018 as the sector established record-setting levels in average sales price and total dollar volume, while nearly mirroring the best-ever rate of sales activity, according to Ohio REALTORS.
Homes sales finished 2018 with a seasonally adjusted annual rate of 150,258, a 1 percent decrease from the record-setting 2017 year-end rate of 151,748. The average sales price across Ohio in 2018 reached $182,561, a 5.6 percent increase from the $172,884 mark posted during 2017.
“It was a solid year for the Ohio housing market, as we experienced record gains in average prices and nearly matched our best-ever level of sales activity,” said Ohio REALTORS President Anjanette Frye. “Ohio’s REALTOR community played an integral role in helping people navigate the complexities of the home buying process and, most importantly, were trusted partners in making the dream of ownership a reality.”
Sales in December reached a seasonally adjusted annual rate of 144,916, a 5.3 percent decline from the month’s best-ever mark of 153,013 posted in December 2017. The market experienced an 8.1 percent decrease in sales from November 2018’s seasonally adjusted annual rate of 157,655.
December’s average home price of $180,284 reflects a 5.6 percent increase from the $170,727 mark posted in December 2017.
Around the state, 17 of the 18 markets tracked experienced an increase in average sales price for the year compared to 2017. Nine local markets showed a year-end increase in sales activity compared to 2017.
Home sales during the fourth quarter of 2018 slowed somewhat compared to the same three-month period a year ago. Specifically, fourth quarter 2018’s seasonally adjusted annual rate reached 151,330, a 2.4 percent decrease from the fourth quarter 2017 mark of 155,092. Total dollar volume in 2018 reached a record-breaking $27.8 billion, a 4.9 percent increase from the 2017 level of $26.5 billion.
Click here to view the seasonally adjusted Ohio home sales report and a market by market analysis of sales activity throughout Ohio and local contact information. To view a market-by-market sales report, click here.
Data provided to Ohio REALTORS by Multiple Listing Services includes residential closings for new and existing single-family homes and condominiums/co-ops. Ohio REALTORS, with more than 33,000 members, is the largest professional trade association in Ohio.
