A charming Midwest city’s luxury real estate market is continuing to offer buyers bargains despite soaring property prices around much of the country.
The New York Post has rounded up ten cities where high-end homes have remained stable – with Toldeo, Ohio, listed as one of the top places you can get the most bang for your buck.
Only the top 5 percent of Toledo homes are priced above $336,000 – which compares to an average national median price of $430,000.
So what makes Toledo worth your while?
With a population of around 266,000 (as of 2022), Toledo is the 84th most populated city in the United States.
Toledo, located at the western tip of Lake Erie, is best known for its prominent role in the glass industry dating back to the 19th century. The median income in the city is $28,223, according to data collected from 2022.
Toledo saw a significant decrease in violent crime in 2023 compared to 2022. Police data shows improvement in five out of six major crime categories. There were reductions in homicides (30.8%), robberies (21.5%), burglaries (11. 5%), thefts from vehicles (26.4%), and people shot (26.8%).
Aside from being known as the ‘Glass City,’ Toledo also has a history of being a center in the automotive industry as it has been a manufacturing hub for companies like Willys-Overland and Jeep since the early 20th century – earning it another nickname; ‘Jeep City.’
Not to mention the city’s thriving art scene is something to be admired, with a vibrant community of artists and creatives showcasing their works in the Toledo Museum of Art and the Toledo Symphony Orchestra.
So how did Toledo’s luxury housing market manage to stay more stable than the rest of the country?
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 away, reducing demand for luxury properties in those areas.
Hannah Jones, a senior economic analyst at Realtor.com told NY Post that additionally, these markets were already quite expensive, making significant price increases less likely due to ongoing affordability concerns.
The pandemic’s remote work opportunities triggered a surge in demand for homes outside of bustling coastal cities, such as Midwest homes that have been historically lower in price than those on the coasts.
This shift in buyer preferences meant luxury properties in those urban areas faced less upward pressure on prices compared to suburban and rural markets.
‘These places didn’t see that same pandemic boom in prices all around,’ Jones told the post. ‘So it makes sense that they haven’t seen the same kind of four-year luxury price growth.’
Jones also suggested two reasons why luxury prices might not have risen as dramatically in these cities.
First, the pre-pandemic economic conditions, potentially coupled with less speculative investment, may have shielded them from larger market swings.
Alternatively, some of these markets might be attracting affordability-minded buyers rather than the traditional high-end luxury clientele.
So what does this mean for homebuyers? The good news is, depending on your location and budget, luxury homes might be a more attainable option than in the past.
However, it’s important to consider your individual circumstances before making any real estate decisions.