2024 Top Housing Market in US: Toledo!
This week Realtor.com released the “Top Housing Markets for 2024” naming Toledo the #1 housing market, predicting the Toledo metro area to see double-digit growth next year. In the world of real estate, 2024 promises a shift in housing affordability trends, with certain markets poised for double-digit growth. While many expensive Western markets are expected to rebound, one unexpected star on the rise is Toledo, Ohio. The city’s consistent growth is attributed to its resilience and steady market conditions.
Toledo, Ohio, stands out among the top markets with sales projected to surpass even pre-pandemic levels. Toledo remains significantly more affordable than its counterparts. As of October 2023, the median home listing price in Toledo was a staggering 51.6% lower than the national median. This affordability factor makes Toledo an attractive destination for first-time buyers and families. The region boasts a diverse range of housing options, offering something for everyone. The city’s welcoming and close-knit communities provide residents with a high quality of life without the high cost of living found in larger cities. With a mix of manufacturing, healthcare, education, and government jobs, Toledo’s job market is robust, contributing to its appeal for potential homebuyers.
Read below to see why Toledo is gaining attention and how the Midwest and Northeastern metros are becoming hotspots for homebuyers seeking affordability, cultural amenities, and a high quality of life.
Midwestern Markets make Financial Sense
Midwestern metros share common factors that make them attractive housing markets with more affordable housing options compared to larger urban centers. making homeownership more achievable. Midwest metro areas exhibit a degree of insulation from the impact of higher mortgage rates thanks to a higher proportion of homeowners residing in mortgage-free homes. Toledo stands out with the highest share of homeowners who own their homes outright among the top 10 markets.
One of the most enticing aspects of living in Toledo is the affordable cost of high-quality housing. Unlike many metropolitan areas, Toledo’s real estate market provides an array of housing options that won’t break the bank. Whether you’re a first-time homebuyer or looking to upgrade, Toledo offers a variety of neighborhoods with diverse architectural styles and housing types.
The city boasts a range of housing options, from historic homes with character to modern, energy-efficient buildings. The cost of living in Toledo is notably lower than the national average, allowing residents to enjoy a comfortable lifestyle without sacrificing quality. It’s a place where your housing dollars go further, allowing you to invest in a home that meets your needs while leaving room for other pursuits.
High Quality of Life
Toledo is experiencing a renaissance, with ongoing efforts to revitalize and enhance the city’s infrastructure. The downtown area has undergone significant development, with new businesses, restaurants, and entertainment venues transforming the urban landscape. The City of Toledo and the surrounding communities have a commitment to providing a well-rounded lifestyle that makes it an engaging and appealing place to call home in the Midwest. Metro Toledo offers a vibrant lifestyle with cultural amenities, parks, and recreational activities. The Toledo Metroparks is a past recipient of the National Gold Medal Award for
Excellence in parks and recreation management, the most prestigious award within the parks and recreation industry. With over 12,000 acres of parkland to hike, bike, kayak, and camp, the Toledo Metroparks offers something for everyone. The Toledo Zoo hosts year round events that are fun for the whole family. Residents can take a relaxing cruise on the Sandpiper down the Maumee River. If you prefer to stay on land you can still enjoy a beautiful waterside dinner at The Docks downtown.
Toledo also offers a vibrant arts community. The Toledo Museum of Art is a world-class institution that houses an impressive collection art spanning centuries. Admission is free, making it a cultural oasis accessible to all. Toledo Symphony and Opera, Stranahan Theater, and Valentine Theater are excellent places to experience local talent or see Broadway hits.
Downtown Toledo is easily accessible from all the metropolitan areas and offers a wide variety of restaurants. Sports fans can catch a Toledo Walleye hockey game, or visit Hensville for a MLB Mud Hens game. The Huntington Center and Glass City Center bring attractions year-round. .
Community and Education
What truly sets Toledo apart is its sense of community. Residents often describe Toledo as a big city with a small-town feel. This tight-knit community fosters a sense of belonging, where neighbors become friends and local businesses thrive with support from their patrons. The city is home to a strong education system, with reputable public and private schools.
The University of Toledo, which was ranked in 2023 one of the best colleges in the country by U.S. News & World Report, is a research-intensive institution, providing high er education opportunities, contributing to the city’s intellectual vibrancy. The Village of Ottawa Hills, a small community nestled in Toledo, also has one of the best public school districts in the country. See our previous blog post about Ottawa Hills Local School District here. The Village of Ottawa Hills was also named a 2023 Best Places to live in the Toledo Area by Niche.com.
Job Market and Economic Considerations
While Toledo’s unemployment rate is expected to be slightly higher at 5.2% by the end of 2024 compared to the national rate of 4.2%, the city’s economic strengths remain intact. The mix of manufacturing, healthcare, education, and government jobs positions Toledo as a resilient and stable market. The central location of Toledo enhances convenience and access to broader opportunities, with easy access to major transportation routes, making it a hub for logistics and distribution.
The Toledo Airport and under an hour drive to the Detroit airports make metro Toledo a convenient home for professionals that require frequent travel for work. The presence of major employers like Owens Corning, ProMedica, and the University of Toledo contributes to a robust job market. Whether you’re a recent graduate, a mid-career professional, or someone seeking new opportunities, Toledo offers a range of employment options in a variety of fields.
Impact of Remote Work on Housing Trends
Remote work has significantly impacted home buying decisions, providing individuals with the flexibility to explore a broader range of properties. Markets with less flexible work arrangements are predicted to show average year-over-year growth in existing home sales of +0.6%, while markets with more flexible work modes are expected to experience a -4.9% annual decline in sales. This shift reflects the changing dynamics of homebuying patterns influenced by remote work options.
You’ll Do Better in Toledo
As more people discover the advantages of living in Toledo, the city continues to evolve and thrive. So, if you’re in the market for a new home and a fresh start, consider Toledo. This city welcomes you with open arms and invites you to be part of its exciting journey. As the motto goes, “you’ll do better in Toledo.”
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