Holy Toledo: One of the Best Matched Housing Markets of 2017
By Jennifer Riner
One of the most distressing aspects home buyers face today is a lack of available inventory within their price range. To put their frustrations into perspective and shed light on real estate market health, Trulia’s market mismatch score shows the widening gap between home searches and available home supply.
Nationally, the average mismatch score between supply and demand last quarter was 7.4 percentage points, up 1.8 percentage points from the quarter prior. What’s driving this divide? Most buyers in the U.S. search in the entry-level and trade-up price range, but the bulk of homes for-sale fall into the premium home category.
In Toledo, however, the opposite holds true. There are more entry-level listings and fewer premium listings compared to recent search demand.
Toledo Real Estate Balance
Unlike many other U.S. real estate markets, Toledo has a supply surplus where it matters most. Affordable home supply often regulates the barrier of entry for first-time home buyers. Fortunately, 23.3 percent of all Toledo homes for-sale fall into the starter home category. Out of all Toledo real estate inquiries, just 19.6 percent are starter home searches.
Meanwhile, trade-up homes in Toledo see a slight imbalance at 29.1 percent of all searches and 27.1 percent of available inventory. Premium homes make up 51.2 percent of all searches and 49.6 percent of the total inventory. Across price tiers, Toledo’s average market mismatch is a healthy 2.5 percentage points.
Now is a great time to buy in Toledo given the healthy balance between search demand and for-sale supply. Consider the following nearby neighborhoods where first-time home buyers can find housing affordability and a high quality of life.
Old Orchard is part of the Westgate area and is situated just north of the University of Toledo. Secor Road, a north-south stretch conveniently scattered with restaurants and cafes, is located near the core of the neighborhood. Home buyers can easily access grocery stores like the Fresh Market and Costco, as well as retail shops and local salons, without a hefty commute. Because its within Toledo proper, Old Orchard is known as a highly walkable neighborhood. Currently, there are nearly 40 homes for sale ranging between $31,900 to $195,000 in the Westgate area.
Drive just 15 minutes south of Toledo on I-75, and you’ll find Perrysburg, a historic community bordered by the banks of the Maumee River. Aside from a cozy town center with a broad range of locally-owned boutiques and restaurants, Perrysburg offers affordability and a sense of community in one. Even though Perrysburg is not in the city limits, there’s plenty to do for entertainment throughout the week. Sandusky Street is home to several major food chains, while Louisiana Avenue offers local bites and the Thursday Farmers Market from October through May. The median home price in Perrysburg is $188,500 with a price-per-square-foot of $99.
Resting right on the Michigan-Ohio border sits Sylvania, a suburb of Toledo less than 20 minutes east of the city. The median home price is slightly less than Perrysburg at $183,400 with a median price-per-square-foot of $92. Sylvania is well-known for Fossil Park, a 5-acre rock quarry where visitors can hunt and dig for geological artifacts. In total, Sylvania holds an impressive 252 acres of parkland, which includes both small green spaces and large outdoor zones with waterslides and other recreational amenities.
Wherever you choose to buy your next home, investing anywhere in or near Toledo is a smart move given the supply balance. Toledo offers sustainable affordability, a wide array of housing options and long-term investment opportunities in one.