During the pandemic, housing markets in Florida and Texas enjoyed a surge in popularity. Unencumbered by office attendance, remote workers headed south to cash in on the Sunbelt’s warm temperatures, low tax rates, and new construction.
But that story is being rewritten now. Homebuyers are now prioritizing affordability and steady employment, meaning Rust Belt cities are now stronger than their Sunbelt counterparts. Ohio, in particular, is a quiet champion of the American housing market, thanks to the allure of the Cleveland Clinic, and a $20 billion Intel plant. Oh, and homes that are about 30% cheaper than those on the coasts.
Redfin data released in July shows the U.S. is firmly a buyer’s market, with sellers outnumbering buyers by nearly two to one.
“The biggest hurdle for Americans looking to buy a home is affordability, but those with the budget to move now–even in the face of record-high home prices and stubbornly high mortgage rates–have the power,” Asad Khan, a senior economist at Redfin, wrote in the report. “In most of the country, there are more homes to choose from, fewer bidding wars and more room to negotiate on price, closing costs and repairs.”
In a lopsided market, Ohio holds steady
