Toledo Will Be the Most Active Real Estate and Foreclosure Market in 2024

Toledo, Ohio, with a population of about 270,000, stands out today in the ever-changing real estate landscape of the United States. This is due to being chosen in Realtor.com’s forecast as the leading market among the top 100 real estate markets in the country.

When exploring the attractions that the city of Toledo has to offer, not only is housing affordability considered, but also other factors such as its lower median home price compared to the national average, its great job opportunities, good education, and healthcare. All of this, combined with its lively lifestyle, makes this city a place with a balanced and high-quality lifestyle, featuring parks, cultural areas, and very close-knit neighborhoods.

Speaking of Toledo’s real estate market, it is expected to experience an impressive 14.0% year-over-year increase in existing home sales, indicating a booming real estate market that surpasses the average of previous years by a significant 5.2%. This means that Toledo’s real estate sector is not only expanding but also setting new benchmarks at the national level.

Toledo leads with a forecasted 8.3% year-over-year increase in the median sale price of existing homes, indicating a solid and appreciating real estate market in 2024, adding to this its low foreclosure rates to date.

According to Realtor.com, the top real estate markets are evaluated based on expected sales and price growth in 2024. This study highlights the Midwestern and Northeastern metropolitan areas as they offer affordability amid an expensive national real estate market.

These metropolitan areas, including Toledo, have affordability as a key argument for potential buyers. This is a very important point since having prices below the national average makes it stand out as a profitable real estate market that provides better opportunities for first-time buyers and families with a lower budget.

These same metropolitan areas stand out for lower mortgage rates. A higher proportion of homeowners in these regions live in mortgage-free homes, making the market less volatile. Toledo leads in this regard, with an impressive 41.2% of residents owning their homes, making this a very stable real estate market.

Midwestern cities like Toledo, Ohio, and Grand Rapids, Michigan, are now highlighting their real estate market activity by also prioritizing jobs in education, healthcare, and especially in the manufacturing industry, having the highest average among the 100 largest metropolitan areas, which also makes them stand out in the national economic landscape.

It is also worth highlighting the geographical advantage of these metropolitan areas within their respective regions and their proximity to major cities, which enhances convenience and access to broader opportunities in employment, education, and recreation. This, along with the affordability of housing and the lifestyle they offer, makes these areas attractive places for those seeking a complete and profitable life.

In the list of top metropolitan areas, the second trend emphasizes the western metropolitan areas, which faced significant challenges last year but are expected to recover as interest rates decrease throughout the rest of this year.

Foreclosures Available:

• Toledo, OH: 150 homes available
• Rochester, NY: 120 homes available
• Springfield, MA: 90 homes available
• Worcester, MA: 110 homes available
• Grand Rapids, MI: 130 homes available

By Elias DaSilva | September 25, 2024