Homebuying in Ohio from 2018 through 2023 saw significant shifts driven by economic fluctuations, the COVID-19 pandemic, and changing buyer preferences. This period featured strong demand for owner-occupied homes among middle-income families, who make up the vast majority of Ohio households.
Ohio’s homeownership rate initially climbed to around 70% in 2020, then dipped to about 64% by the end of 2022. Roughly two-thirds of Ohio households owned their homes by 2022, a slight decline after peaking during the pandemic housing boom.
Housing inventory was extremely tight. The number of homes sold annually in Ohio dropped steadily after 2020, hitting about 209,600 purchases in 2022 – the fewest sales in any year since 2015. Simultaneously, prices rose significantly. The median home price in Ohio reached $174,000 in 2022, one of the highest on record.
Homes became less affordable relative to incomes: in 2021 the median house cost about 2.6 times the median household income, the highest price-to-income ratio Ohio had seen since 2005. For households under $250k income, these conditions created challenges. Low mortgage rates in 2020–2021 helped many afford homes despite rising prices, but by 2022–2023, higher interest rates combined with high prices made buying difficult for many.
Types of Homes Purchased
Single-Family Detached Homes
The vast majority of homes bought were stand-alone houses with a yard. Over two-thirds (about 69%) of all housing units in Ohio are single-family detached homes, which is higher than the U.S. average. These range from modest starter homes to larger suburban houses. Through 2018–2023, single-family homes remained the most sought-after type, especially as many people looked for extra space during the pandemic.
Condos and Townhomes
A smaller share of buyers chose condominiums or townhouses. Only about 15% of Ohio housing units are in multifamily buildings (like condo buildings with 5 or more units), lower than the national figure. Condo purchases occurred primarily in urban areas like downtown Columbus or Cincinnati and among downsizing seniors, but they represented a minority of sales.
Notably, new construction of condos picked up toward the end of this period – Ohio saw a boom in multifamily construction (+71% from 2017 to 2022), which includes condos – but overall single-family houses still far outnumbered these options.
Manufactured Homes
A small number of Ohio families, particularly in rural counties, opted for manufactured or mobile homes as an affordable ownership option. These typically cost much less than site-built houses and appeal to those on tighter budgets. While specific purchase statistics are limited, manufactured homes represent a minor portion of Ohio’s owner-occupied housing.
Home Size Trends
Home sizes in Ohio changed only slightly during 2018–2023. The median listing size of homes for sale in Ohio hovered around 1,650–1,700 square feet through these years. There was a gentle uptick in the middle of the period – for example, in early 2018 the median home listing was about 1,630 sq. ft., while by early 2023 it was roughly 1,680 sq. ft.
This suggests buyers were, on average, getting slightly more house by square footage, though the increase was modest and likely driven by high demand for space during the pandemic. Families sought extra bedrooms or home offices given the work-from-home shift.
Lot Size Trends
Lot sizes have been trending smaller for new homes. By 2023 the median lot for a newly built single-family home was only about 8,400 square feet (just under one-fifth of an acre). This shrinkage reflects the push to fit more houses into developments.
In Ohio’s new subdivisions, newer construction in the late 2010s and early 2020s frequently featured tighter lots than older homes. For buyers, this meant slightly less yard to maintain but also homes closer to neighbors.
Interior Preferences
Interior space preferences evolved during this period. Ohio buyers increasingly valued efficient layouts over sheer size. Many sought houses with flexible spaces (for example, a dining room or den that could double as a home office). Open floor plans remained popular for family living areas.
The average number of bedrooms stayed around 3, and bathrooms around 2, which is typical for family homes. There wasn’t a significant move to extremes in size: truly large luxury homes were mostly out of reach for the under-$250k income group, while very small micro-homes were also rare in Ohio aside from some urban condos.
One reason home sizes didn’t increase dramatically is that buyers were cost-conscious. With home prices rising faster than incomes in 2020–2022, many families opted for moderately sized homes to stay within budget. In fact, when adjusted for inflation, Ohio homeowners’ median monthly housing costs in the early 2020s were lower than a decade before, at about $1,293 a month (19% of income) – the lowest share on record.
Geographical Buying Patterns
Urban to Suburban Migration
Where people bought homes in Ohio shifted in notable ways from 2018 to 2023. The period saw a continuation of movement toward suburban areas, and in some cases rural areas, especially accelerated by the pandemic’s remote work trend.
During 2020–2021, when remote work became common, many Ohioans left dense city neighborhoods for suburbs or country towns in search of more space. With work-from-home flexibility, buyers realized they didn’t need to live near downtown offices. As a result, demand surged in suburban and rural areas offering larger homes and yards at affordable prices.
For example, around Columbus, suburbs like Dublin, Westerville, and Pickerington saw an influx of remote workers looking for comfortable family houses with home offices and gardens. Similarly, rural counties with scenic areas experienced increased interest as some families chose country living.
Urban Resilience
However, Ohio’s cities were far from emptying out. Unlike expensive cities such as San Francisco or New York, which saw notable outflows, cities in Ohio remained relatively affordable and continued to attract buyers.
Home values in the city of Cleveland jumped in 2020–2021, even outpacing some of its suburbs, because urban prices there were low to begin with and thus very attractive. Essentially, people didn’t flee Ohio’s cities en masse; instead, many local buyers stayed or even moved into cities like Cleveland and Cincinnati, drawn by revitalized neighborhoods and reasonable prices.
Meanwhile, Columbus – the state’s largest and fastest-growing metro – continued to grow in both city and suburbs. Central Ohio (Columbus area) led the state in housing growth (+2.4% increase in housing stock since 2020), indicating strong demand in and around that city.
By 2021, homeowner vacancy rates dropped to an ultra-low 0.4% statewide, meaning virtually no homes were left unclaimed on the market whether in city, suburb, or rural areas. This tightness only eased slightly in 2022 (0.9% vacancy), showing how strong the appetite for homes was across Ohio’s regions.
Upsizing and Downsizing Patterns
The Upsizing Trend
Many families sought to upsize during this period. Young couples who bought starter homes earlier found themselves needing more space as children arrived or as they began working from home. The pandemic especially spurred upsizing – people suddenly wanted an extra room for a home office, a bigger yard for children to play in, or just more elbow room.
Realtors reported increased demand for properties with an additional bedroom or a finished basement that could serve as a multi-purpose space. This led numerous homeowners to sell and move up to larger houses in 2020–2021.
Boomer Housing Preferences
Surprisingly, many baby boomers – those in their late 50s, 60s, and 70s – also bucked the traditional downsizing trend and either stayed in place or even upsized. Rather than moving to a tiny condo or retirement cottage, a significant number of boomers decided to purchase their “dream home” as they approached retirement.
A survey of tens of thousands of boomers found that 46% were looking for a bigger, more upscale home for their retirement, not a smaller one. Some older couples in Ohio sold the houses where they raised their kids and then bought new homes twice the size of their old ones, with luxury features and entertaining spaces.
Their logic was that they finally had the savings and opportunity to get the home they always wanted. Many also chose to remain in Ohio; if they moved, it was often within 30 miles of their old community, showing a desire to stay near familiar social networks while upgrading the house itself.
Limited Downsizing Effects
Some downsizing did occur, but often not as much as the market needed. A portion of older homeowners in Ohio would have liked to downsize to something easier to manage but faced barriers like high costs for those smaller homes or lack of suitable options.
Baby boomer empty-nesters still hold a huge number of large houses that are “too big” for them, in fact twice as many three-bedroom-plus homes as millennials with kids. This trend was evident in Ohio as well: older homeowners aging in place meant many large suburban homes did not come back on the market for younger families.
Those who wanted to downsize often found that selling their current home and buying a smaller one could actually increase their expenses due to Ohio’s rising home prices. As a result, many boomers simply “stayed put” in their long-time homes rather than downsizing, which contributed to the limited supply of mid-sized homes for new buyers.
Vacation and Second-Home Market
While the primary focus is owner-occupied homes, vacation home trends in Ohio during 2018–2023 indirectly impacted the market. Generally, households under $250,000 in income are less likely to purchase second homes than very high-income households, but some in the upper end of this bracket did participate in the vacation property boom spurred by the pandemic.
Nationally, vacation home sales soared in 2020 – rising over 16% compared to 2019, far outpacing the growth in ordinary home sales. Remote work and low interest rates enabled more families to purchase weekend cabins or lake houses.
In resort and leisure areas of Ohio, such as the shores of Lake Erie, the Hocking Hills region, and other countryside getaways, realtors reported heightened interest. For example, cottages along Lake Erie or in the Mohican State Park area were purchased by folks from Cincinnati, Columbus, or Cleveland looking for a nearby retreat.
From 2016 to 2021, Ohio had a 13% increase in the number of housing units held for seasonal, recreational or occasional use. At the same time, the number of homes available for regular sale or rent dropped by 38%. In other words, many houses that might have been sold to an owner-occupier or rented to a local resident instead ended up dedicated as vacation properties.
By 2022–2023, as interest rates rose, the vacation home boom cooled somewhat. Additionally, some Ohioans who had bought remote getaway homes started to reconsider if they were using them enough, especially once offices re-opened.
Regional Market Differences
Columbus (Central Ohio)
The Columbus metro area was a growth engine. It consistently led the state in population and job growth, which fed into housing demand. From 2018 to 2023, Columbus and its suburbs saw the strongest home sales and construction activity in Ohio.
New subdivisions sprang up around Columbus as builders tried to meet demand. Home prices climbed steadily; by late 2023, the median sale price in the central Ohio region reached about $295,000, up over 7% from the previous year.
Columbus became a hotspot – Zillow even ranked Columbus the #3 “hottest” housing market nationally for 2024, with Cincinnati #2 and Cleveland #8. Buyers under $250k in Columbus often had to look at smaller homes or in outer suburbs due to the competitive market and rising prices.
Cincinnati and Dayton (Southwest Ohio)
The Cincinnati metro (including Northern Kentucky) also experienced solid growth. Cincinnati’s housing market mirrored Columbus in some ways: solid demand driving up prices, but still relatively affordable compared to national averages.
Many Cincinnati buyers moved between the city’s diverse neighborhoods and its suburbs in Northern Kentucky or Butler/Warren Counties in Ohio. The median prices in Cincinnati by 2023 were in the mid-to-upper $200k range, similar to Columbus.
Dayton (just north of Cincinnati) is a smaller market but also saw increased activity and slight price rises, though it remains one of the more affordable metro areas in Ohio. The suburban areas between Cincinnati and Dayton (like West Chester or Liberty Township) have been booming as families seek homes within commuting distance of either city.
Cleveland, Akron, Canton (Northeast Ohio)
Northeast Ohio’s markets have been steadier and, in some places, softer due to slower population growth. Cleveland’s metro had a mix of hotspots and slow spots. Desirable suburbs on the west side (like Lakewood, Rocky River) and some eastern suburbs saw healthy demand, while some inner-city areas and distant rural counties experienced less pressure.
Cleveland’s overall home prices remained lower than Columbus or Cincinnati – often under $200,000 median – making it attractive for first-time buyers. Cleveland’s urban housing saw price gains during 2020–2021 because it was so affordable that buyers saw good value there.
Akron and Canton, smaller cities in the region, had stable markets with gradual price increases but also plenty of affordable inventory. The challenge in parts of Northeast Ohio was not high prices, but rather economic stagnation which limited new buyers entering the market.
Rural and Southeastern Ohio
The southeastern region (stretching from counties like Athens and Hocking up through Marietta) is largely rural. Homebuying trends here were relatively slow. Few new homes were built (only +0.2% housing stock growth since 2020).
Many younger people left for cities, so demand was not high. That said, the pandemic did bring a small uptick in interest for rural homes as some city dwellers bought country properties or moved for quieter lifestyles. Overall, prices remained low, and a family with under $250k income could comfortably buy acreage or a large older house in this area, though choices of modern homes were limited.
Comparison: 2018–2023 vs. 2008–2017
Homeownership Rates
In 2008, Ohio was feeling the effects of the Great Recession. Homeownership had been high in the mid-2000s (around 70% or more), but then it fell sharply, hitting roughly the mid-60% range by the mid-2010s.
Around 2014–2015, only about 65% of Ohio households owned their homes – one of the lowest points in recent history. Many families lost homes to foreclosure or delayed buying during the recession’s aftermath.
By 2017, the economy had improved and homeownership began increasing again. Fast forward to 2018–2023: initially, this recovery continued and even surged (homeownership rebounded to ~70% by 2020), aided by low interest rates and easier credit than in the post-crash years. But by 2022, the rate slid back to the mid-60s%, almost comparable to the mid-2010s lows.
The difference is the path taken: 2008–2017 saw a fall and slow recovery, whereas 2018–2023 saw a spike and slight fall, ending at a similar point but for different reasons (the latter drop due to affordability issues, not a foreclosure crisis).
Market Activity
The 2008–2012 period had sluggish home sales. People were cautious; banks were stricter on lending; many young adults rented longer. Homebuilding in Ohio plummeted after 2008 and didn’t recover for years.
In contrast, 2018–2021 saw very robust sales – 2018 and 2019 were normal healthy years, then 2020–2021 brought a frenzy of buying (once the brief early-pandemic freeze thawed). The number of homes sold annually in the early 2010s was lower than in the late 2010s.
Essentially, 2008–2017 was a buyers’ market for a while (high supply, low demand), whereas 2018–2023 became a sellers’ market (low supply, high demand).
Price Dynamics
During the housing bust, Ohio home prices dropped or stagnated from 2008 through roughly 2013. Houses were quite cheap, but few buyers could purchase. From 2014 to 2017, prices gradually recovered at a modest pace.
By 2018, Ohio’s median home prices had reached and then exceeded pre-crisis levels. Then from 2018 to 2023, prices rose much more dramatically, especially in 2020–2021. Adjusting for inflation, 2021 and 2022 saw record-high median prices in Ohio (~$174k+ in 2022).
The house price-to-income ratio in 2021 was the highest since 2005; in 2010 it was comparatively low. So buyers under $250k income in the earlier period had an easier time with prices but a harder time getting mortgages, whereas in the later period they faced higher prices but low interest rates (until 2022) and more competition.
Housing Preferences
The late 2000s and early 2010s saw virtually no new condo development and very little construction of any kind in Ohio. Families mostly bought existing homes. By contrast, 2018–2023 had more move-up buyers (people voluntarily selling to buy a nicer home) and even some new construction options in growing areas.
In 2008–2017, the average home size increased as primarily higher-income folks were buying in the aftermath. In 2018–2023, especially during the pandemic, there was a broadening of buyer profiles including many first-time buyers (millennials hitting their 30s) and older buyers, which meant a more diverse set of home sizes.
One constant across the two periods is the predominance of single-family homes, though the 2020s saw a bit more interest in multi-unit living (condos, townhomes) than the 2010s did, partly because of revived downtown areas.
Investment Patterns
In 2008–2012, foreclosures led to investors snapping up cheap Ohio houses to flip or rent, which was a defining trend of that era. By 2018–2023, foreclosures were at historic lows, but investors were buying homes to convert into rentals or Airbnbs because inventory was scarce – a different sort of competition for regular buyers.
The surge in vacation home buying in 2020 had no equivalent in 2008–2017. The concept of widespread remote work and people buying second homes to work remotely from did not exist in the earlier period.
Conclusion
The 2018–2023 period was much more of a seller’s market with rising prices and tight supply, whereas 2008–2017 was a recovery period from a buyer’s market with plentiful choices but weaker demand.
Households under $250k income in the earlier era benefited from low prices but often struggled with the recession’s effects (job insecurity, credit hurdles). In the later era, those households found jobs easier and loans cheap, but had to deal with fierce competition and higher prices.
The contrast is stark: in the span of a decade, Ohio went from worrying about too many homes and not enough buyers, to worrying about too few homes for all the eager buyers. By 2023, despite some cooling from peak frenzy, many Ohio families were still finding it challenging to purchase an affordable home – a far cry from the situation in 2010.
References
- Homeownership – Housing Needs Assessment (FY24) | Ohio Housing Finance Agency
- Housing Stock – Housing Needs Assessment (FY24) | Ohio Housing Finance Agency
- Housing Inventory: Median Home Size in Square Feet in Ohio | Federal Reserve Bank of St. Louis (FRED)
- Share of Smaller Lots Is at New High | Eye on Housing (NAHB)
- Central Ohio Housing Report – December 2023 | Columbus REALTORS®
- How Remote Work is Changing Ohio’s Real Estate Landscape | Columbus Ohio Cash Home Buyers Blog
- Zillow and Census Bureau Data Show Pandemic’s Impact on Housing Market | U.S. Census Bureau
- More Baby Boomers Buying Bigger Homes Instead of Downsizing | WSYX News, Columbus
- Baby boomers own big houses and it’s affecting the housing crunch | NPR
- Vacation Home Sales Surges During Pandemic | National Association of REALTORS®
- Homeownership in the United States: 2005–2019 | U.S. Census Bureau, ACS Brief
