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Residential Real Estate Market In Ohio Robust Despite Pandemic

Robert Kneschke, Shutterstock.com

The COVID19 pandemic has hurt a lot of businesses but not the residential real estate market in Ohio. And there are a couple of factors that are at play here.

Ohio Board of Realtors President Chris Reese says she’s never seen a real estate market like this one.

“Low, low inventory, a high demand because the interest rates are so low. Many banks are under 3% and that’s just a record that we haven’t seen," Reese says

Reese says more listings are needed statewide to keep up wuth demand. She says some properties are in contract within hours of being listed. She says in 2007, there were 26,000 listings in Central Ohio - there are 2,600 now.

Copyright 2021 The Statehouse News Bureau. To see more, visit The Statehouse News Bureau.

Jo Ingles is a professional journalist who covers politics and Ohio government for the Ohio Public Radio and Television for the Ohio Public Radio and Television Statehouse News Bureau. She reports on issues of importance to Ohioans including education, legislation, politics, and life and death issues such as capital punishment.