The luxury real estate market in a charming Midwestern city has remained stable despite increased demand for homes outside the country’s dense population centers.
He New York Post has rounded up ten cities where luxury home prices haven’t skyrocketed, and one of the places where you can get the biggest bang for your buck is Toledo, Ohio.
For those looking to buy luxury homes but don’t want to break the bank, Toledo has beautiful, spacious homes that cost less than the national median price of $430,000.
Only the top 5% of Toledo homes are priced above $336,000, but that still means you can find spacious homes on large lots at affordable prices.
But how is it possible that Toledo has not been affected by the effects of the pandemic?
For those looking to buy luxury homes but don’t want to break the bank, Toledo has beautiful, spacious homes that cost less than the national median price of $430,000.
Pictured: A 2,732-square-foot, 5-bedroom, 3.5-bath home listed for $389,900 in Toledo, Ohio
Unlike many areas, in some densely populated cities, high-end home prices have remained stable during the pandemic.
This is likely because residents took advantage of remote work options and moved, reducing demand for luxury properties in those areas.
Hannah Jones, 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 continued affordability concerns.
The pandemic’s remote work opportunities triggered a surge in demand for homes outside bustling coastal cities, such as homes in the Midwest that have historically been priced lower than those on the coasts.
Pictured: A 1,947-square-foot, 3-bedroom, 1.5-bath home on a 9,200-square-foot lot listed for $239,900 in Toledo, Ohio
Only the top 5% of Toledo homes 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 faced less upward pressure on prices compared to suburban and rural markets.
“These places didn’t see the same pandemic boom in prices everywhere,” Jones said in the post. “So it makes sense that they haven’t seen the same kind of growth in luxury prices in four years.”
Jones also suggested two reasons why luxury prices might not have increased so dramatically in these cities.
First, pre-pandemic economic conditions, potentially coupled with less speculative investing, may have protected them from larger market swings.
Pictured: A 2,893-square-foot, 4-bedroom, 3.5-bathroom home priced at $410,000 in Toledo, Ohio
Pictured: A 2,032-square-foot, 4-bedroom, 2.5-bathroom home priced at $325,000 in Toledo, Ohio
Alternatively, some of these markets could be attracting buyers concerned about affordability rather than the traditional high-end luxury clientele.
So what does this mean for homebuyers? The good news is that, depending on your location and budget, luxury homes may be a more affordable option than in the past.
However, it is important to consider your individual circumstances before making any real estate decisions.