By S.E. Slack
Midwest metropolitan regions scored high on the Zillow Buyer-Seller Index, with the Ohio cities of Cleveland and Cincinnati among the top places to be a buyer.
The real estate firm’s index shows that homes in buyers’ markets stay on the market longer, with frequent price cuts by sellers used to attract would-be homeowners. Homes typically sell for less than the list price.
The opposite occurs in a sellers’ market. Home sellers can comfortably price their home at a top value and be sure that someone will buy their house. These types of markets can cause multiple offers, letting the seller pick and choose to find not just the best price but the most appealing terms for the sale.
The two Ohio cities on Zillow’s Top 10 Buyers’ Market list differ greatly in both housing costs and city personalities. Located 250 miles apart, both cities are historic industrial powerhouses located on important and stunning bodies of water.
The Ohio River and seven hills offer a picturesque backdrop to Cincinnati, a hip, bustling town that is home to both national baseball and football teams, amusement park and Ohio’s oldest continuously operating market, Findlay Market.
Cited by Bloomberg’s Business Week as one of America’s best cities, the picturesque Queen of the West, Cincinnati, has a median home value of $94,400. Home values have gone up 3.7 percent over the past year and Zillow predicts they will rise 1.5 percent within the next year. The median price of homes currently listed in Cincinnati is $112,500.
Meanwhile, in Cleveland, the median home value is $51,700. Home values have declined -3.5 percent over the past year, which lends credence to Zillow’s prediction that they will fall even further (-0.3 percent) within the next year. The median price of homes currently listed in Cleveland is $55,000.
Despite its current housing woes, Cleveland is host to a captivating collection of unique communities that lie on the shores of Lake Erie. Fine dining, sidewalk cafes and fascinating ethnic eateries give visitors a unique look into the city’s diverse cultural mix; football and rock-and-roll accent the city’s dedication to fun.