Ohio cities lead list of nation's hottest housing markets
Columbus was the nation's third-hottest housing market in October, but this time Columbus shared the spotlight with other Ohio cities.
The monthly ranking from Realtor.com included four Ohio cities among the nation's 20 hottest markets — the most cities of any state. In addition to Columbus, at No. 3, the list includes Springfield (No. 9), Canton-Massillon (No. 13) and Dayton (No. 14).
The ranking is based on how quickly homes sell and how frequently real estate listings are viewed on Realtor.com. The ranking does not measure home values. In fact, the relatively low cost of Ohio homes is why so many Ohio cities appear on the list, said George Ratiu, a senior economist with Realtor.com.
While the median list price of a Columbus-area home, $279,900, was close to the U.S. average, median prices for the other three Ohio cities on the list are well below national averages: $128,00 in Springfield, $160,900 in Canton, and $169,900 in Dayton.
Low prices, coupled with Ohio's stable economy, means Ohio homes don't last long on the shelf.
"Ohio's really a microcosm of the nation's economy," Ratiu said.
Ohioans, however, aren't the only ones looking for homes in Ohio. Homes in the four Ohio cities on the list attract more out-of-state online shoppers than other cities, according to a Realtor.com analysis.
In the 100 largest U.S. metro areas, an average of 17% of home listings are viewed by out-of-state shoppers. But Canton, Columbus, Dayton and Springfield attracted 18.6% to 22.3% of their viewing traffic from out of state, according to Realtor.com. For the most part, the online shoppers live in bigger, and more expensive, Midwestern and Northeastern metros such as Detroit, Philadelphia, Pittsburgh, Chicago and New York.
Detroit and Chicago are the most-popular out-of-state locations for people looking for homes in central Ohio. When it comes to people from within Ohio looking at Columbus-area homes, 30% of shoppers come from the Cleveland area while 18% come from Akron, Ratiu said.