The luxury real estate market in a charming Midwestern city has remained steady despite a surge in demand for housing outside the country’s dense population centers.
The New York Post has listed ten cities where expensive homes haven’t gone up in price, and one of the places where you can get the most bang for your buck is Toledo, Ohio.
For those who want to buy luxury homes but don’t want to break the bank, Toledo has beautiful, spread-out homes that cost less than the national median price of $430,000.
Only the top 5% of homes in Toledo are priced above $336,000, but that still means you can find spacious homes on large lots at affordable prices.
But how did Toledo remain unaffected by the effects of the pandemic?
For those who want to buy luxury homes but don’t want to break the bank, Toledo has beautiful, spread-out homes that cost less than the national median price of $430,000.
Pictured: A 5-bedroom, 3.5-bathroom, 2,732-square-foot home for sale for $389,900 in Toledo, Ohio
Unlike many areas, some densely populated cities actually saw high-end home prices hold steady during the pandemic.
This is likely because residents took advantage of remote work options and moved, reducing demand for luxury housing in those areas.
Hannah Jones, a senior economic analyst at Realtor.com, told the NY Post that these markets were also already quite expensive, making significant price increases less likely due to lingering affordability concerns.
The remote work opportunities brought on by the pandemic have led to a surge in demand for housing outside bustling coastal cities, such as homes in the Midwest that have historically been lower in price than those on the coasts.
Pictured: A 3-bedroom, 1.5-bathroom 1,947-square-foot home on a 9,200-square-foot lot listed in Toledo, Ohio for $239,900
Only the top 5% of homes in Toledo are priced above $336,000, but that still means you can find spacious homes on large lots at affordable prices
This shift in buyer preferences meant that luxury properties in those urban areas experienced less upward pressure on prices compared to suburban and rural markets.
“These places didn’t see the same pandemic price increases across the board,” Jones told the Post. “So it makes sense that they haven’t seen the same kind of growth in luxury prices over the last four years.”
Jones also suggested two reasons why luxury prices may not have risen as dramatically in these cities.
First, pre-pandemic economic conditions, possibly combined with less speculative investment, may have protected them from greater market swings.
Pictured: A 4-bedroom, 3.5-bathroom, 2,893-square-foot home priced at $410,000 in Toledo, Ohio
Pictured: A 4-bedroom, 2.5-bathroom, 2,032-square-foot home priced at $325,000 in Toledo, Ohio
Alternatively, some of these markets may attract buyers focused on affordability, rather than the traditional, luxury clientele.
What does this mean for home buyers? The good news is that, depending on your location and budget, luxury homes may be a more viable option than in the past.
However, it is important to consider your individual circumstances before making any property decisions.
