Real Estate Industry Update – March 2022

As the real estate market heads into the Spring selling season we wanted to take a look at what the experts are saying about trends happening now and what they expect to occur throughout the rest of the year.

Ohio Once Again Earns High Rankings in Site Selection’s Governor’s Cup, ranking number two among the nation for total commercial real estate projects overall for the second consecutive year. The Governor’s Cup 2021 rankings also place many of Ohio’s metropolitans and smaller cities and villages among the nation’s top in attracting new businesses and investments.

Home sales rise slightly in January across Ohio, but Ohio REALTORS President John Mangas says that a recent solid level of sales demonstrates that there is still a strong desire among buyers to attain the American Dream of ownership. He goes on to say, “Ohio’s REALTORS are optimistic that the market will experience an uptick in inventory levels as we approach the spring homebuying season.”

Cincinnati housing market in overdrive, as rates hit 4%. It seems the potential for a rate increase has prompted buyers who are worried about being priced out of the market to aggressively search for homes. Real estate agents in Cincinnati and throughout the state say that spring of 2022 may be as competitive as last year.

Greater Columbus Real Estate Market is Still Sizzling. In fact, predicts that Central Ohio will be the nation’s fifth-hottest market this year, with home sales and prices likely to rise twice as fast as the national rates.

It’s not surprising then that both Columbus and Cincinnati have been named among the 25 Promising Housing Markets for Homebuyers. These markets are considered not just affordable, but also a great place to live, with plenty of job opportunities.

Good news for buyers? New-home construction activity increases, amid a surge in building permits.  Permitting activity has remained strong in recent months, and the number of housing units that construction companies haven’t started work on despite having the authorization continues to increase. That will give builders plenty of runway to continue construction work in 2022, which should infuse the housing market with much-needed inventory.Whether buying a home, facilitating a transaction for your client, or embarking on a new commercial or residential construction project, McSteen can help.  From site plans and topographic surveys to mortgage location surveys and most recently, construction draw inspections and utility locations, we’re here for you and your clients, every step of the way.

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