Toledo Real Estate Rollercoaster: Prices Peak and Trough with $117K High in January to $94K Low by March 2024

In recent months, the real estate market in Toledo, Ohio has demonstrated significant fluctuations in property values and sale prices. Average sold price in Toledo reached its highest level at $117,583 in January 2024 before dipping to a low of $94,234 in March 2024.

The average value of properties showed a sharp increase from $12,500 in August 2023 to $73,333 in September 2023, displaying rapid changes in market valuation. The square foot value further supports these variations, with the highest per square foot cost recorded in March 2024 at $45, up from a low of $9 in August 2023.

The number of sold homes peaked in September of last year with 3,935 properties sold, but then markedly decreased to 2,952 properties sold by May 2024. This shift in volume could be indicative of changing buyer interest or market conditions impacting the availability and demand for properties.

Comparative Market Analysis: Toledo and Nearby Cities

Comparing Toledo to neighboring cities such as Maumee, Sylvania, and Perrysburg offers further insight into the regional real estate landscape as of May 2024. Maumee notably exhibits higher market values, with properties averaging at $619,000, and maintains a higher per square foot value at $124. This suggests a more upscale market in comparison to Toledo where the average property value stands at $42,450 and per square foot value at $32.

Sylvania and Perrysburg also show more robust market conditions compared to Toledo. Sylvania recorded a considerable average sale price of $286,048, far surpassing Toledo’s $115,410, with a higher per square foot value at $144.5. Perrysburg reported the highest per square foot value at $162 and an average sale price of $305,893, clearly indicating a stronger market with potentially more luxurious property offerings.

These disparities are critical as they highlight the relative affordability of Toledo compared to its neighboring cities, possibly making it a more attractive option for budget-conscious buyers, whereas the surrounding areas might appeal to those looking for more high-end properties.

Current Trends and Market Forecasts

As of the latest reports in May 2024, Toledo’s real estate market presents an average property value at $42,450 and a per square foot price of $32, reflecting modest but stable growth compared to previous months. The average sale price stands at $115,410 with 2,952 properties sold, indicating a steady demand despite the variability seen in earlier months.

Looking at Toledo’s longer-term trends, the median sale price over the last six months was $60,781, showing an increase from the 12-month median sale price of $75,270. This can suggest an upward trend in property values, likely driven by ongoing market adjustments and potentially increasing consumer confidence. With a total of 6,266 transactions counted over the past year, the market activity appears robust, underlining consistent buyer and seller interactions despite the apparent fluctuations.

With these insights, stakeholders in the Toledo real estate market—whether buyers, sellers, or investors—can make more informed decisions based on current trends and anticipate potential changes in the real estate values and sales dynamics. The contrasting conditions between Toledo and nearby cities provide a broader perspective for potential property investments within the region, catering to different budgets and preferences.