Forecast: Many Ohio Cities to Have Resilient Home Values

Forecast: Many Ohio Cities to Have Resilient Home
Zillow
Jan 7, 2014

 

By S.E. Slack

Home values in Ohio are headed upward through October 2014, according to real estate firm Zillow. While some parts of the East are expected to experience continued sliding home values, most of Ohio has a rosy outlook.

Akron home values should rise 1.3 percent. In the past year, that city has seen home values climb 9.9 percent to a value of $60,200. Some parts of the city experienced double-digit home value increases. LeBron James is one of Akron’s happiest homeowners; his 30,000-square-foot multi-million summer home near I-77 has quadrupled in value since 2003 despite the recession.

Cleveland homeowners have been struggling for a long time, but Zillow states that even that city is expected to experience an upward trajectory in home values. Forecast to improve by 1.2 percent through October 2014, home values won’t be much to brag about in most parts of town. Anything upward at this point, however, will reverse the downward path most homes have been on. Current home values are $50,400, a decrease of 4.4 percent from a year ago.

Cincinnati’s projected increase of 0.3 percent is so small that many homeowners won’t feel it. Still, coming on the heels of a year-over-year home value increase of 3.2 percent and present home values of $91,100, it could be enough to help current homeowners afford a few more of the 2 million pounds of chili they consume annually.

Toledo home values have risen 5.6 percent since December 2012. They are projected to rise 3 percent through October 2014 for an average home value of $53,200. Olde Towne and the South Side have already skyrocketed by 24.9 and 25.7 percent respectively.

The “rosy” outlook might be relative if one compares Ohio to states like California, where some areas are projected to see home values increase by nearly 25 percent in the next year.