Housing inventory was extremely tight.
Simultaneously, prices rose significantly.
The median home price in Ohio reached $174,000 in 2022, one of the highest on record.
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For households under $250k income, these conditions created challenges.
These range from modest starter homes to larger suburban houses.
Condos and Townhomes
A smaller share of buyers chose condominiums or townhouses.
These typically cost much less than site-built houses and appeal to those on tighter budgets.
While specific purchase statistics are limited, manufactured homes represent a minor portion of Ohios owner-occupied housing.
Home Size Trends
Home sizes in Ohio changed only slightly during 20182023.
The median listing size of homes for sale in Ohio hovered around 1,6501,700 square feet through these years.
ft., while by early 2023 it was roughly 1,680 sq.
Families sought extra bedrooms or home offices given the work-from-home shift.
Lot Size Trends
Lot sizes have been trending smaller for new homes.
This shrinkage reflects the push to fit more houses into developments.
For buyers, this meant slightly less yard to maintain but also homes closer to neighbors.
Interior Preferences
Interior space preferences evolved during this period.
Ohio buyers increasingly valued efficient layouts over sheer size.
Open floor plans remained popular for family living areas.
One reason home sizes didnt increase dramatically is that buyers were cost-conscious.
With work-from-home flexibility, buyers realized they didnt need to live near downtown offices.
As a result, demand surged in suburban and rural areas offering larger homes and yards at affordable prices.
Similarly, rural counties with scenic areas experienced increased interest as some families chose country living.
Urban Resilience
However, Ohios cities were far from emptying out.
Meanwhile, Columbus the states largest and fastest-growing metro continued to grow in both city and suburbs.
Upsizing and Downsizing Patterns
The Upsizing Trend
Many families sought to upsize during this period.
This led numerous homeowners to sell and move up to larger houses in 20202021.
Their logic was that they finally had the savings and opportunity to get the home they always wanted.
Limited Downsizing Effects
Some downsizing did occur, but often not as much as the market needed.
Remote work and low interest rates enabled more families to purchase weekend cabins or lake houses.
At the same time, the number of homes available for regular sale or rent dropped by 38%.
By 20222023, as interest rates rose, the vacation home boom cooled somewhat.
It consistently led the state in population and job growth, which fed into housing demand.
From 2018 to 2023, Columbus and its suburbs saw the strongest home sales and construction activity in Ohio.
New subdivisions sprang up around Columbus as builders tried to meet demand.
The median prices in Cincinnati by 2023 were in the mid-to-upper $200k range, similar to Columbus.
Clevelands metro had a mix of hotspots and slow spots.
Clevelands urban housing saw price gains during 20202021 because it was so affordable that buyers saw good value there.
Homebuying trends here were relatively slow.
Few new homes were built (only +0.2% housing stock growth since 2020).
Many younger people left for cities, so demand was not high.
Many families lost homes to foreclosure or delayed buying during the recessions aftermath.
By 2017, the economy had improved and homeownership began increasing again.
But by 2022, the rate slid back to the mid-60s%, almost comparable to the mid-2010s lows.
Market Activity
The 20082012 period had sluggish home sales.
People were cautious; banks were stricter on lending; many young adults rented longer.
Homebuilding in Ohio plummeted after 2008 and didnt recover for years.
The number of homes sold annually in the early 2010s was lower than in the late 2010s.
Houses were quite cheap, but few buyers could purchase.
From 2014 to 2017, prices gradually recovered at a modest pace.
By 2018, Ohios median home prices had reached and then exceeded pre-crisis levels.
Then from 2018 to 2023, prices rose much more dramatically, especially in 20202021.
The house price-to-income ratio in 2021 was the highest since 2005; in 2010 it was comparatively low.
Families mostly bought existing homes.
In 20082017, the average home size increased as primarily higher-income folks were buying in the aftermath.
The surge in vacation home buying in 2020 had no equivalent in 20082017.
