After months of a blazing hot housing market, Ohio sees a bit of a cooling off in March

On May 20, 2022

CLEVELAND, Ohio (WOIO) -The Ohio REALTORS organization is reporting home sales in Ohio in the month of March had a bit of a downturn when compared to March of 2021.

The housing market was about the only business that didn’t take a major hit during the pandemic. In fact, it thrived to record levels.

In March of 2022 in Ohio, there were 11,823 home sales, which is down 4.8% when compared to sales in March of 2021.

“Ohio’s housing market experienced cooling sales in March, while average prices posted double-digit gains,” Ohio REALTORS president John Mangas said. “Overall, conditions in the marketplace are extremely competitive. Would-be buyers continue to face the challenges presented by historic low levels of homes listed for sale, combined with slight increases in interest rates.”

The good news is the value of homes in Ohio took another double-digit jump.

The average price of a home sold in Ohio in March of 2022 was $247,123, an 11.1% increase from the $222,421.

One of the reasons for the slow down could be the Federal Reserve’s continued raising of interest rates.

Long gone are the record low interest rates of 3.5%.

A 30-year fixed rate is now at 5.2% which was raised from 5.13% just last week.