Home Values Surge in many Ohio Cities and Inner-Ring Suburbs (Cleveland: transplants, real estate)

[SonnyDaze]

Using data from Zillow, this article lists 47 Ohio communities of at least 10,000 residents that saw the largest increase in average home value between March 2020 and March 2021.

Many of the communities listed are cities and inner-ring suburbs in Northeast and Southwest Ohio.

https://247wallst.com/city/home-valu...t-park-ohio-2/

What are your thoughts?

[bjimmy24]

Some of these municipalities are starting at really low values so the percentage increase looks impressive but that's not hard to do for places like Youngstown and East Cleveland. That being said, we are used to seeing these areas with double digit declines in home values so to see a reversal is still impressive to me.

[woxyroxme]

I mentioned something in another thread in the Dayton subforum that skyrocketing prices for building materials would make new home construction cost prohibitive and it might cause vacant homes in Dayton to be fixed up all over town.

The list is mostly undesirable areas like East Cleveland, Youngstown, Cincinnati, Middletown, Dayton, Forest Park, Norwood, Trotwood and Franklin. There are two ways this could go, these areas could draw a higher quality of residents who will put money and sweat equity into improving the area and values being stabilized or more of the same who will be upside down in a mortgage when the bubble bursts like it did during the 2008 foreclosure crisis.

[Ohiogirl81]

I almost fainted when I saw the Zillow estimate for my old house in Madisonville. I really can't go home again.

[JR_C]

Some of the locals in Youngstown are still surprised by this brisk housing market.

I first noticed this back in March. One of the mansions facing Crandall Park went on the market, and they were asking a little under a quarter million dollars for it. This was shared on a number of Youngstown related and old house related Facebook groups that I follow. While all of the out of towners were asking why the house was so cheap, the Youngstowners were laughing about how overpriced it was, and that it will sit on the market forever. As it turns out, the house sold in a couple days, and I think the final price was just a few thousand dollars lower than the asking price.

[SonnyDaze]

Originally Posted by woxyroxme

I mentioned something in another thread in the Dayton subforum that skyrocketing prices for building materials would make new home construction cost prohibitive and it might cause vacant homes in Dayton to be fixed up all over town.

The list is mostly undesirable areas like East Cleveland, Youngstown, Cincinnati, Middletown, Dayton, Forest Park, Norwood, Trotwood and Franklin. There are two ways this could go, these areas could draw a higher quality of residents who will put money and sweat equity into improving the area and values being stabilized or more of the same who will be upside down in a mortgage when the bubble bursts like it did during the 2008 foreclosure crisis.

While there are a number of communities on the list that are plagued with poverty, crime, and blight, I would say at least half to two-thirds of the listed cities are pretty decent places to live on the whole.

It does beg the question though - who specifically is investing in these communities? Millennials? First-time buyers? Immigrants? Transplants from more expensive regions? Long time area residents?

[IonRedline08]

Originally Posted by CincyExpert

While there are a number of communities on the list that are plagued with poverty, crime, and blight, I would say at least half to two-thirds of the listed cities are pretty decent places to live on the whole.

It does beg the question though - who specifically is investing in these communities? Millennials? First-time buyers? Immigrants? Transplants from more expensive regions? Long time area residents?

We purchased a house in Austintown in December. We moved from CA for a career opportunity (and a way cheaper COL)

[bjimmy24]

Originally Posted by CincyExpert

While there are a number of communities on the list that are plagued with poverty, crime, and blight, I would say at least half to two-thirds of the listed cities are pretty decent places to live on the whole.

It does beg the question though - who specifically is investing in these communities? Millennials? First-time buyers? Immigrants? Transplants from more expensive regions? Long time area residents?

It's really bold to say "Cleveland" or "Cincinnati" are on the whole "undesirable" places to live, as the poster suggested. Some areas are absolutely prime real estate.

It's actually pretty ignorant to suggest that tbqh. Where have you been for the last 20 years?

[Nomomo07]

Originally Posted by bjimmy24

It's really bold to say "Cleveland" or "Cincinnati" are on the whole "undesirable" places to live, as the poster suggested. Some areas are absolutely prime real estate.

It's actually pretty ignorant to suggest that tbqh. Where have you been for the last 20 years?

Completely agree. But then again he lives out in Butler county and that is not an uncommon misconception for people out in the exurbs.