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Ohio Real Estate Remains Positive In Q1 2016

Posted by Staff Reporter on Mar 31, 2016 07:33 AM EDT
Cleveland's COOPs more big
A ground-mounted solar array located near the intersection of Lakeview Road and Euclid Ave across the street from Lakeview Cemetery is shown on March 25, 2014 in Cleveland, Ohio. (Photo : Duane Prokop/Getty Images)

Ohio real estate was healthiest in Columbus, Dayton and Cleveland which were among the top 10 housing markets in the country. A Nationwide's latest Health of Housing Markets report found that Dayton had the nation's most stable housing market, followed by Yakima, Wash., Cleveland,  Saginaw, Mich. and Syracuse, N.Y. while Columbus ranked No. 10.

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Unlike other housing reports, Nationwide's did not rank cities by sales cost. Instead, the report used employment, demographic, housing and mortgage information to gauge the general health of the housing market in over 400 metropolitan areas.

The Ohio real estate market was positive overall in the first-quarter according to the report. It revealed that the outlook for the U.S. housing market remained positive because of continued job increases and household growth.

David Berson, Nationwide's senior vice president and chief economist, said that the cumulative growth from stronger job boost over the past years, particularly for millennials, mixed with the pent-up demand to create households resulted in a noticeable jump in household growth starting late in 2014 and going through most of last year. Areas in Texas and Louisiana, where the economy had been suffering from low oil prices, accounted for eight of the report's 10 unhealthiest areas, according to a feature from Nashville Post.

Meanwhile, Ohio-based developer Lifestyle Communities had planned for an apartment development over 600 units in SoBro following its recent purchase of additional property in the district. The Columbus-based developer splurged $3 million for over an acre of land situated on Third Avenue South and now had roughly 2.3 acres for the project.

The Ohio real estate property seller was Hoss Mousavi of Richland South LLC. The purchase included a vacant warehouse building with an address of 719 Third Ave. S, according to a feature from The Columbus Dispatch.

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