By Ohio Realtors and 1812Blockhouse

The demand for homes in Ohio’s housing marketplace remains strong despite sales activity slowing in 2023, as the industry was affected by rising interest rates, according to Ohio REALTORS.

Ohio’s homes sales reached 127,016 in 2023, a 14.9% decrease from the 2022 year-end level of 149,270. The average sales price across Ohio in 2023 reached $272,646, a 5.1% increase from the $259,303 mark posted during 2022. Finally, total dollar volume in 2023 reached $34.6 billion, a 10.5% decrease from the 2022 level of $38.7 billion.

“Ohio’s housing market experienced both opportunities and challenges in 2023. High interest rates and low inventory slowed sales, while home prices continued to increase. We have seen resiliency from Ohio’s homebuyers, showing that consumers value homeownership,” said Ohio REALTORS President Ali Whitley. “In 2023 we saw a market that began to stabilize and return to a more normal state after record activity during the COVID-19 pandemic. As we step into the new year, Ohio’s housing market retains a favorable stance for potential buyers and sellers alike, with interest rates beginning to decrease and pricing remaining consistent.

“An Ohio REALTOR serves as a professional partner, guiding buyers and sellers through the intricate process of homebuying and selling, to successfully achieve their housing goals,” Whitley added.

Sales in December 2023 reached 9,207, a 9.5% decrease from the December 2022 level of 10,174. The market posted a gain in average home price in December, reaching $265,808, an 8.1% increase from the $245,934 mark posted in December 2022. In terms of home prices, 12 of our 14 local markets in the state posted year-end increases compared to the prior year and in December, all 14 markets posted increases in average sales price.

The Mansfield market area saw a 20.8% decrease in the number of units sold, with a corresponding decrease of 20.4% in dollar volume. The average sale price per unit rose 0.4%.

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 36,000 members, is the largest professional trade association in Ohio. 

Send us your news — of an announcement, event,
club news, fundraiser – whatever! It’s easy to do online.

Become a 1812Blockhouse Newsroom Member, support independent media in Richland County, and get access to the new Super Richland! Details here.
You May Also Like

Pinocchio At The Ren

Special to 1812Blockhouse The Renaissance Theatre will host the second of its…

ODOT Road Project Update: Week Of June 23

Each week through the end of construction season, we will be sharing…

Ohio Sales Tax Holiday Coming Soon; Here Are Some Tips

By 1812Blockhouse Ohio’s annual sales tax holiday is coming soon, and the…

A Mansfield Halloween, 100 Years Ago

By 1812Blockhouse There are events taking place across Richland County over the…