Ohio home prices are on the rise -- good for sellers, but bad for millennial buyers

(Source: WOIO)
(Source: WOIO)

CLEVELAND, OH (WOIO) - The Ohio housing market is getting hotter, with prices on the rise for the last three years.

The Ohio Association of Realtors says the average price of a home was about $170,000 across Northeast Ohio.

That's an increase of about eight percent in October, and twelve percent in November, compared to the year before.

"In the past year or two, the turnaround and the momentum that we have is just amazing, and the turnaround in Cleveland in general," said realtor Autumn Enovitch.

She says the upswing started after the housing market recovered from the crash of 2008.

The recovery has heated up in the last three years as high quality, fairly priced homes come on the market, then sell fast.

"I've sold a house in four hours," said Enovitch. "I've had open houses where there's been twenty groups of people and multiple offers. If the price is right, it can sell very quickly."

That's especially true in the area's trendiest, up-and-coming areas, she said. While all of that is great news for sellers, there's another group that might get left out. Buyers. She says that's especially true for millennials on a budget.

"You hear people say millennials don't want to buy homes, but I don't think that's true. I've got lists of people, but there's not any houses for them in that price range. You know, the days of the Cleveland $100,000 home are just not there anymore," she said.

That's not only true for single-family homes.

The cost of a condo in Cleveland has risen by nearly 12 percent over this time last year.

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