The Akron housing market in 2024 is showing signs of a dynamic and competitive landscape, with home prices continuing to rise, albeit at a slightly slower pace compared to previous years. While the market remains competitive, there are indications that the frenzy of recent years may be cooling down slightly, potentially offering some advantages to buyers. In this article, I'll delve into the current Akron housing market trends and provide insights into what we can expect in the coming months.
Akron Housing Market Trends in 2024: A Look at Home Sales, Prices, and More
Home Sales
Looking at the numbers, the Akron housing market saw a decrease in the number of homes sold in September 2024 compared to the same time last year. According to data from Redfin, there were 198 homes sold in September 2024, which represents a 12.8% year-over-year decline.
This is a noticeable change from previous trends, which had seen consistent increases in the number of homes sold. In my opinion, this dip could be attributed to a combination of factors, including higher interest rates, increased affordability concerns for potential buyers, and a potential shift in buyer behavior.
From a personal perspective, I've observed that many buyers are now taking a more cautious approach. While the market is still competitive, there's not the same sense of urgency that we saw in the past couple of years. This change is likely influencing the number of homes being sold each month.
Home Prices
Despite the slight decrease in the number of homes sold, the median sale price for a home in Akron remains relatively strong. The median sale price in September 2024 was $142,250, which represents a 15.2% year-over-year increase. This data suggests that the Akron housing market continues to see solid appreciation, though the rate of growth has slowed down slightly.
It's interesting to see that while the rate of home price growth is stabilizing, the prices themselves are still significantly higher than they were a few years ago. I believe this reflects the underlying demand for housing in Akron and the relatively limited supply of homes available for sale.
Housing Supply
The Akron housing market is still considered a seller's market, but there are subtle signs that it might be becoming a bit more balanced. One factor contributing to this shift is the decrease in the number of homes sold, as previously discussed. However, another key factor to consider is the change in the average number of days a home stays on the market.
According to Redfin, homes in Akron are staying on the market for an average of 26 days, which is one day longer than last year. While this might seem like a minor change, it suggests that homes aren't selling quite as quickly as they once were. In my view, this trend indicates a lessening of urgency for buyers and possibly an increase in available inventory.
Market Trends
Based on the data we've reviewed, the Akron housing market is experiencing some intriguing trends that signify a potential shift. While the market remains competitive, it's no longer as frenzied as it was previously. The recent decrease in sales coupled with the slight increase in days on market hints at a potentially more balanced market emerging.
- Slower Home Price Growth: While prices are still climbing, the rate of growth is slowing down.
- Slightly Longer Days on Market: Homes are staying on the market a bit longer than before, giving buyers more time to make decisions.
- Fewer Homes Sold: The overall number of homes sold has decreased, indicating a potential cooling of demand.
In my experience, the Akron housing market has always been relatively stable compared to larger metropolitan areas. I believe this inherent stability helps to cushion the effects of fluctuations in the broader real estate market. While we've observed some changes in recent months, it's important to keep these trends in perspective.
Is It a Buyer's or Seller's Housing Market?
The current Akron housing market is still leaning towards a seller's market, but it's becoming more balanced. Sellers still have the upper hand due to the continued demand for homes and the limited inventory. However, buyers are now finding themselves in a slightly more advantageous position. They have a bit more time to consider their options, and they may not feel the same pressure to make quick decisions.
In the past, it was commonplace to see homes receiving multiple offers and selling quickly, often above the asking price. While that still happens in Akron, it's less frequent than it was a few years ago. I anticipate this trend continuing as we move forward.
Are Home Prices Dropping?
No, home prices are not dropping in Akron. They are still increasing, but at a slower pace than in the past. It's important to distinguish between a slowdown in price growth and an actual price decline. We're currently seeing the former.
In my opinion, there's a low likelihood of significant price drops in the immediate future. The underlying factors that have supported the Akron housing market remain in place, including the continued influx of new residents and the limited supply of homes available for sale.
Understanding the Migration Trends
Redfin's migration data provides some fascinating insights into the movement of people in and out of the Akron housing market. In the period between August and October 2024, Redfin.com users revealed that 21% of Akron homebuyers searched to move out of Akron, while 79% looked to stay within the metropolitan area.
Where are people moving to Akron from?
Table 1: Inbound Migration to Akron
| Rank | Metro Area | Net Inflow |
|---|---|---|
| 1 | New York, NY | 995 |
| 2 | Los Angeles, CA | 663 |
| 3 | Wheeling, WV | 596 |
| 4 | Washington, DC | 424 |
| 5 | San Francisco, CA | 248 |
| 6 | Seattle, WA | 196 |
| 7 | Chicago, IL | 160 |
| 8 | San Diego, CA | 110 |
| 9 | Boston, MA | 108 |
| 10 | Denver, CO | 97 |
Where are people from Akron moving to?
Table 2: Outbound Migration from Akron
| Rank | Metro Area | Net Outflow |
|---|---|---|
| 1 | Columbus, OH | 602 |
| 2 | Youngstown, OH | 354 |
| 3 | Charleston, SC | 61 |
| 4 | Cape Coral, FL | 56 |
| 5 | Myrtle Beach, SC | 55 |
| 6 | Sarasota, FL | 51 |
| 7 | Toledo, OH | 46 |
| 8 | Charlotte, NC | 24 |
| 9 | Knoxville, TN | 23 |
| 10 | Hilton Head Island, SC | 20 |
It's interesting to note that a majority of Akron homebuyers are choosing to remain within the metro area, suggesting a strong sense of community and satisfaction with the area. However, the data also reveals that Akron is attracting individuals from a variety of other regions, including major metropolitan centers like New York and Los Angeles.
Personally, I believe Akron's affordability, coupled with its proximity to larger cities and its growing job market, is a significant factor in attracting new residents. This influx of new residents is undoubtedly contributing to the continued demand for housing in the area.
Conclusion
In conclusion, the Akron housing market in 2024 is demonstrating a subtle yet important shift. While it remains a competitive market, the intense pace of the past few years seems to be slowing down slightly. Home prices are still rising, but the rate of growth is more moderate. The number of homes sold has declined, and homes are spending a bit more time on the market.
Buyers are finding themselves in a slightly more advantageous position, with less pressure to submit offers quickly and potentially negotiate more favorable terms. However, sellers still benefit from the continued demand and limited supply.
Overall, I anticipate the Akron housing market to remain relatively stable and healthy in the coming months. It's a market that consistently performs well due to its affordability, strong local economy, and desirable location. While some adjustments and shifts are occurring, the fundamental characteristics that make Akron an attractive place to live and own a home remain firmly in place.
Akron Housing Market Forecast 2024-2025
The Akron housing market forecast suggests a relatively stable future with moderate price changes. While some fluctuations are expected, a significant crash is unlikely in the near future. We can expect a slight increase in home prices over the next year, but the pace of appreciation will likely remain relatively slow. Let's delve deeper into the specifics of this forecast and explore what it means for both buyers and sellers in the Akron area.
Akron, Ohio, has always held a unique place in the Ohio real estate market. Known for its rich industrial history and a charming blend of urban and suburban living, the city has seen its share of ups and downs in the housing market. Currently, we're in a period of transition, following a rapid surge in home prices during the pandemic. Interest rates have risen, impacting affordability, and the market has shown signs of slowing down. This is why it’s important to understand the potential future trajectory of the Akron housing market and how it might affect your plans.
As a real estate enthusiast who has been following the trends closely, I've seen firsthand how the Akron housing market has evolved over the past few years. I've noticed an increasing number of first-time homebuyers and investors drawn to the area. Factors like the affordability of housing compared to other major metropolitan areas, job growth, and the overall appealing environment have made Akron a relatively attractive location.
However, there's always a need for caution and thoughtful analysis when predicting future market trends. We can't predict the future with absolute certainty, but by analyzing recent data and considering various economic factors, we can formulate a reasonable forecast for the coming months and years. This is what I aim to do in this article.
Akron Housing Market Forecast: October 2024 to September 2025
The MSA Forecast (Zillow) data paints a nuanced picture of the Akron housing market forecast.
| Area | Forecast Period | Projected Year-Over-Year Home Price Change |
|---|---|---|
| Akron, OH | October 31, 2024 | 0.1% |
| Akron, OH | December 31, 2024 | -0.4% |
| Akron, OH | September 30, 2025 | 0.4% |
Here's a breakdown of the forecast for each period:
- October 31, 2024: The forecast suggests a very modest 0.1% increase in home prices compared to the same time last year. This implies that the market is expected to remain relatively stable in the coming months, with minimal upward or downward pressure on prices.
- December 31, 2024: The forecast predicts a slight decrease of -0.4% in year-over-year home prices. This could be indicative of a slight softening in the market, possibly due to seasonal fluctuations or continued pressure from rising interest rates. However, it's essential to remember that a -0.4% change is still relatively small and doesn't necessarily suggest a significant downturn.
- September 30, 2025: The forecast shows a projected 0.4% year-over-year increase in home prices by the end of September 2025. This indicates a potential return to a more positive growth trajectory, although the pace of price appreciation will likely remain moderate.
Important Considerations:
It's vital to emphasize that these are just forecasts. They are based on current market conditions and economic factors, but unforeseen events, such as economic downturns, changes in interest rates, or shifts in local employment can impact the actual trajectory of the market.
What does this mean for homebuyers?
If you're considering buying a home in Akron, this forecast offers some encouraging news. While prices are projected to remain relatively stable with moderate increases, it's likely that we won't see the dramatic price increases we've experienced in recent years. This could be a great opportunity for buyers to enter the market at a relatively favorable price point.
What does this mean for home sellers?
For sellers, this forecast indicates that you may need to adjust your expectations. You may not see the same level of bidding wars and quick sales as in the recent past. It will likely be more important to price your home competitively and ensure that it's well-maintained and presented to attract buyers in a more balanced market.
Possible Drivers of the Akron Housing Market Forecast
Several factors are contributing to the projected trajectory of the Akron housing market forecast.
1. Interest Rates:
The Federal Reserve's actions on interest rates have a significant impact on the housing market. Higher interest rates make mortgages more expensive, reducing the purchasing power of potential homebuyers. While interest rates have shown signs of stabilization, they are still higher than they were a few years ago. This will continue to be a key factor influencing affordability and demand in the Akron housing market.
2. Inventory:
The availability of homes for sale in the Akron area has been a point of discussion for some time. While we've seen an increase in new listings, the inventory levels are still not at a point where it's considered a buyer's market. We are still in a relatively balanced market where the number of buyers and sellers are nearly equal.
3. Economic Conditions:
The overall economic health of the Akron area and the national economy also plays a crucial role. The recent economic uncertainty has caused some hesitation among potential homebuyers, which can impact demand and subsequently affect home prices. However, Akron's relatively diversified economy has shown some resilience in the face of these challenges.
4. Local Employment:
The health of the local job market plays a significant role in the housing market. Akron has several major employers, including Goodyear Tire & Rubber Company, FirstEnergy, and the University of Akron, which have contributed to relative stability in the local economy. The job market remains a key driver for housing demand in the area.
5. Demographics:
The demographic makeup of the Akron area can also influence the housing market. We're seeing a growing number of young professionals and families moving to the area, driven by factors such as affordability and the quality of life. This growing population has fueled demand for housing, particularly in certain neighborhoods.
Akron Housing Market Forecast: Beyond 2025 – A Look Towards 2026 and Beyond
While the forecast for the next year provides a good overview of the likely trends, it's also helpful to consider what might happen further down the road. Predicting the Akron housing market forecast for 2026 and beyond is more challenging, as it involves projecting several complex economic variables.
However, based on the current situation, I believe that the Akron housing market will likely continue to experience a period of relative stability with a slow but steady appreciation in home prices.
Here are some of the key factors that could potentially influence the Akron housing market in 2026 and beyond:
- Inflation and Interest Rates: If inflation remains moderate, and the Federal Reserve is able to manage interest rates effectively, we may see a gradual decline in mortgage rates. This could potentially stimulate demand and lead to a gradual increase in home prices.
- Economic Growth: If the national and local economies continue to grow steadily, it will likely boost employment and consumer confidence, which in turn can fuel the housing market.
- Infrastructure Development: Any major infrastructure projects in or around Akron can influence housing prices positively.
- Supply and Demand: As more homes are built to meet the needs of a growing population, and hopefully, inventory increases, we might experience a more balanced market with more choices for buyers.
- Lifestyle Preferences: With increasing work from home opportunities, and a desire for a better work-life balance, Akron could become even more attractive to people who are looking to escape the hustle and bustle of larger cities.
Will Home Prices Drop in Akron?
Based on the current Akron housing market forecast, it's unlikely that we'll see a significant drop in home prices in the near future. While some minor fluctuations are expected, a sharp decline or a housing market crash seems improbable. However, as with any real estate market, we can't rule out the possibility of unforeseen events causing changes.
Will the Akron Housing Market Crash?
The possibility of a housing market crash in Akron is relatively low in the short term. As mentioned before, the Akron housing market is unlikely to experience a dramatic crash due to factors such as a relatively stable local economy, a diversified job market, and moderate price increases.
However, economic conditions can change quickly. It’s also important to remember that the housing market is cyclical and susceptible to shifts in interest rates, employment, and consumer confidence. If there were a severe national recession or a sudden drastic increase in unemployment, it could negatively impact the Akron housing market.
Should You Invest in the Akron Real Estate Market?
Investing in the real estate market is a significant decision that requires a thorough analysis of various factors. When it comes to the Akron real estate market, several data and statistics play a crucial role in understanding its investment potential. Let's examine these factors and their potential impact on the Akron real estate market:
1. Population Growth Trends
The population growth trends in Akron are a key consideration for real estate investors. As of the latest available data, understanding whether the population is growing, stable, or declining is crucial. Population growth can drive demand for housing, impacting property values and rental income.
In Akron, it's important to note that population trends have been relatively stable in recent years. While not experiencing explosive growth, a stable population can provide a reliable and steady demand for housing, making it a suitable choice for long-term real estate investors.
2. Local Economy
The local economy plays a vital role in the health of the real estate market. A strong and diverse economy often attracts businesses and residents, positively affecting the housing market. In Akron, there are several noteworthy factors to consider:
- Employment Opportunities: Akron's economy benefits from the presence of major companies, including FirstEnergy, Goodyear Tire & Rubber, and PPG Industries. The stability of these companies can provide a reliable source of jobs for residents.
- Diversification: A diverse economy with a mix of industries can enhance the resilience of the real estate market. Akron's economic diversification includes manufacturing, healthcare, and education sectors.
These economic factors suggest that Akron's economy can have a positive impact on the real estate market, as it attracts both homeowners and renters due to job opportunities and stability.
3. Jobs and Employment
The availability of jobs and employment rates in Akron directly affect the housing market. Investors should consider the following job-related factors:
- Unemployment Rate: A low unemployment rate typically indicates a healthy job market and can stimulate housing demand.
- Job Diversity: A mix of job sectors can create a diverse tenant pool, reducing the risk associated with economic downturns in specific industries.
Overall, Akron's job market has remained relatively stable, with a mix of employment opportunities across multiple sectors, further supporting the real estate market's health.
4. Rental Market
For investors interested in rental properties, the rental market's condition is a critical factor. Data and statistics related to the rental market include:
- Rental Demand: Analyzing rental demand in Akron is essential. Factors such as a growing job market and a stable population can increase the demand for rental properties.
- Rental Rates: Understanding rental rates and their trends can help investors determine potential rental income. Akron's rental rates should be compared to property acquisition costs for profitability assessments.
Additionally, it's worth considering local regulations and landlord-tenant laws that may impact the rental market in Akron. Staying informed about these regulations is crucial for property management.
5. Property Taxes and Investment Incentives
Property taxes can significantly impact the return on investment for real estate properties. Investigate Akron's property tax rates and any potential incentives or tax breaks for real estate investors. Lower property taxes or investment incentives can improve your investment's overall profitability.
6. Infrastructure and Development
Investment in infrastructure and development projects, such as transportation, schools, and public amenities, can influence property values. Areas with planned improvements may experience increased demand and appreciation in property values.
7. Market Sentiment
Local market sentiment and investor confidence can impact real estate prices. Monitoring the perception of Akron's real estate market among professionals and the community can provide insight into future trends.
Investing in the Akron real estate market can be a favorable option, especially for those looking for stable and potentially profitable opportunities. The city's stable population, diverse economy, and job opportunities make it an attractive choice. However, as with any real estate investment, thorough research, due diligence, and consideration of all the factors mentioned above are essential to make informed and successful investment decisions.
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