2021 Mid Year Real Estate Market Update: Toledo

    2021 Mid Year Real Estate Market Update: Toledo

    Jul 13, 2021

    It is hard to believe that the year is half-way over!  I know many of us have been excited to finally get out and about.  My hope is that you have been able to enjoy some of this summer weather with family and friends.  As I look back on the last few months, the real estate market still has a lot of positive trends happening in our area.

    Home sale prices are still in an upward trend with an average sales price increase of 16.0% across the Northwest Ohio region.  The average time to sell has decreased 22% from last year to 68 days - this means that sellers are receiving acceptable offers within the first week on the market!  The primary driver behind these stats is the lack of available inventory to sell.  With new construction staying fairly stagnant, there isn’t enough homes being built to keep up with demand.

    Don’t let the high sales prices keep you from looking for your dream home because interest rates are at HISTORICAL LOWS.  The average interest rate this year is under 4%.  This is a huge factor considering how much of an impact interest has on the total cost of home ownership.  If you are looking to take the step up to a bigger home, or downsize to something smaller, the time is now to lock in attractive interest rates for the years to come.

    The market outlook for the remainder of 2021 will be very similar to last year and I anticipate another busy fall season.  Lumber and other building material prices have started to decrease in the last 30 days which will spur activity in this sector.  The covid issues should mellow as the year ends and I look for more balance towards the end of the year.