Toledo Real Estate Market Analysis March 2024

Toledo’s real estate landscape in Ohio has been marked by noticeable fluctuations and patterns that offer insights into where the market might be heading. Through a careful examination of data trends over the past months, we can glean how the average property values, sale prices, and even price per square foot have ebbed and flowed – presenting a dynamic environment for buyers, sellers, and investors alike.

Fluctuations in Property Values and Sale Prices

Between March 2023 and February 2024, the Toledo real estate market witnessed sizeable shifts in property values. Notably, a steep ascent was observed from August 2023, with an average property value of $12,500, peaking in September at $73,333. Such abrupt increases suggest that market conditions during those months were highly favorable for sellers—or that specific high-value properties transacted, skewing the average considerably.

Following this surge, October saw a downturn to $51,900, with a rebound in November to $66,617. This sort of volatility is not unheard of in real estate markets and could point to various causes, such as economic changes, shifts in inventory types, or localized demand spikes.

Sale prices per square foot offer further context to these trends, showing a general upward progression, scaling from $83 in March 2023 to a zenith of $98 in October 2023. These increments in sale price per square foot could reflect a combination of appreciating property values and a market that may be favoring higher-end or updated properties.

Number of Sold Homes

Sale volumes—aligned closely with market activity—have likewise experienced their highs and lows. An upward movement was evident from March 2023, starting with 3,335 properties sold, to September’s peak at 3,935. However, the momentum did not sustain beyond that point, as February 2024 saw a decrease to 3,543 properties sold. These oscillations highlight how market activity waxes and wanes, potentially influenced by seasonal patterns, economic factors, or shifts in market sentiment.

Inspecting the sale prices of properties reveals a less dramatic narrative, staying relatively stable with expected fluctuations. In May 2023, the Toledo real estate market recorded its lowest average sale price of $101,898, peaking later in October at $122,959. Such steadiness, set against a backdrop of fluctuating property values, suggests that while the worth of properties may vary widely, what buyers are willing to pay has remained somewhat consistent.

Current Market Snapshot

As we turn our attention to the most recent data, Toledo’s market, as of February 2024, boasts an average property value of $45,000, with a sale price per square foot standing at $34. A total of 21 properties were listed, and the average sale price reached $107,353, accompanying an average sale price per square foot of $85, and marking a high number of 3,543 properties sold.

Comparing these figures with the preceding months provides perspective on the market’s trajectory. Even just a few months back, in October 2023, the dynamics differed significantly with an average property value recorded at $51,900 and a notably higher sale price per square foot at $98 – while the number of properties sold was similarly high at 3,852.

Looking at the median value data, which, while untethered to specific dates, informs us of the market’s stratification. Foreclosed properties, for instance, have a median value of $99,809, encircling the reality that such distressed properties can draw in value-seeking buyers. Pre-foreclosure properties command a bit more, sitting at an average value of $108,644, indicative of a possibly more competitive space before the bank seizure. Auctions witness lower average values at $90,912, appealing to those willing to take on risk for potential reward.

Bank-owned properties in Toledo show lower average values at $68,994, hinting at possible bargains due to banks’ desire to offload these assets quickly. Properties actively for sale maintain a parallel average value at $68,982, aligning with the bank-owned segment and indicating competitive pricing in active listings. Recently sold properties, however, fetch a higher average value at $96,543, underlining the premium that comes with homes successfully transacted in the open market.

In wrapping up, Toledo’s real estate market indeed paints a picture of ebbs and flows—a tapestry of opportunities and cautionary tales. For buyers, sellers, and real estate professionals, staying attuned to such data-led trends is instrumental in devising informed and strategic decisions. Investment appetites, risk tolerance, and timing will all dovetail with these insights to navigate what can only be described as a vibrant real estate environment.