Cincinnati and Dayton are among a handful of cities with double-digit increases in home prices since 2008 according to the RealtyTrac October 2014 Residential & Foreclosure Sales Report.
Nationally the median sales price of U.S. single family homes and condos in October was $193,000, up 2% from September and up 16% from a year ago, the highest level since September 2008.
“This U.S. recovery is largely being driven by investors, and as the lower-priced, often distressed inventory most appealing to investors dries up in a given market, investor activity will slow down in that market and move to other markets with more ideal inventory available,” said Daren Blomquist, vice president at RealtyTrac, in a release.
Among 97 metropolitan statistical areas with a population of 500,000 or more with sufficient home price data, 20 have reached new post-recession peaks. Half of the metro markets in the top twelve are Ohio cities.
- Dayton- up 20% with a median home price of $100,000
- Cincinnati-Middletown- up 15% with a median home price of $127,000
- Cleveland-Elyria-Mentor- up 21% with a median home price of $114,000
- Akron- up 17% with a median home price of $114,000
- Toledo- up 33% with a median home price of $100,000
- Columbus- up 14% with a median home price of 147,000
Other major markets with accelerating home price appreciation were Chicago (15 percent annual appreciation this year compared to 11 percent a year ago), Dallas (11 percent annual appreciation this year compared to 7 percent a year ago), Pittsburgh (8 percent annual appreciation compared to 5 percent a year ago), Seattle (10 percent annual appreciation this year compared to 7 percent a year ago), Tampa (15 percent annual appreciation this year compared to 12 percent a year ago) and Baltimore (2 percent annual appreciation this year compared to 0 percent a year ago).
