Current home values in Ohio

Home values have been rising throughout Ohio and are up 8.4% from a year ago.

Statewide, the median value for a single-family home — meaning half are worth more, half are worth less — is currently $270,414, Realtor says.

Real estate agents say would-be homebuyers in some parts of the country are starting to overcome the obstacles caused by COVID-19 and are going virtual house hunting to take advantage of today's bargain mortgage rates and the low monthly house payments they provide.

Here's how that works in Ohio: Let's say you want to buy a mid-priced home using a 30-year fixed-rate mortgage at the current average interest, which is a low 3.33%, according to mortgage company Freddie Mac.

A 30-year mortgage for a $270,414 home at 3.33% would give a typical Ohio homebuyer a monthly payment of $951, assuming a 20% down payment.

How the Ohio housing market stacks up

Family having fun on their porch
tamaradavis93 / Twenty20
Families can still have fun when the weather cools down in Ohio

The state's median home value is higher than the U.S. median of $248,948, which is up 5.1% from a year ago.

While the coronavirus is expected to continue hanging over the U.S. economy like a dark cloud, Zillow forecasts that U.S. home values will rise 5.1% over the next year, while in Ohio, they're predicted to rise 4.8%.

Homes right now are going on the market in Ohio at a median price of $96 per square foot, versus $134 per square foot nationwide.

Are you looking to buy? Take a look at today's best mortgage rates where you live.

Ohio home prices over the last 10 years

Year Avg. Price
2020* $152,913
2019 $141,050
2018 $134,242
2017 $126,025
2016 $118,350
2015 $113,108
2014 $108,917
2013 $105,183
2012 $103,117
2011 $104,208
2010 $109,475
2009 $111,767

*2020 price average through March 31, 2020.

How much for an average-sized home?

Here's what a 2,500-square-foot home in Ohio is worth now, and how that's changed over the last decade, based on the Zillow Home Value Index.

Year Avg. Price
2020* $240,901
2019 $245,000
2018 $232,500
2017 $217,500
2016 $202,500
2015 $192,500
2014 $185,000
2013 $180,000
2012 $177,500
2011 $177,500
2010 $190,000
2009 $190,000

*2020 price average through March 31, 2020.

About the Author

Doug Whiteman

Doug Whiteman

Editor-in-Chief

Doug Whiteman is the editor-in-chief of MoneyWise. He has been quoted by The Wall Street Journal, USA Today and CNBC.com and has been interviewed on Fox Business, CBS Radio and the syndicated TV show "First Business."