The Ohio housing market in February 2025 presents a complex landscape, characterized by rising prices and declining sales activity. The Median Sales Price has increased to $241,600, reflecting a year-over-year (YoY) growth of 4.1%. Similarly, the Median List Price has risen to $256,600, marking a 4.8% YoY increase. This a cooling market, potentially offering more opportunities for buyers. is further supported by the median Price Per Square Foot, which has climbed to $156, a 6.7% YoY rise, and the Median List Price per square foot, now at $162, up by 7.3% YoY.

Despite the increase in prices, the number of Homes Sold has decreased significantly, with 7,800 Homes Sold, representing an 8.7% YoY decline. Pending Sales have also dropped by 7.0% YoY, totaling 10,847. New Listings have seen a reduction as well, with 9,580 New Listings, down by 6.7% YoY. However, inventory levels have increased by 12.0% YoY, reaching 20,876, which has contributed to a rise in the Months of Supply to 2.70, a substantial 50.0% YoY increase.

The Median Days on Market have extended to 52 days, an 11.0% YoY increase, indicating a slower pace in the market. The average sale to list ratio has slightly decreased to 98.0%, down by 0.2% YoY, while the percentage of Homes Sold above list price has dropped to 27.3%, a 2.3% YoY decline. Price Drops have slightly increased by 0.4% YoY, now at 22.3%, and the percentage of homes going off market in two weeks has decreased by 3.7% YoY, now at 45.7%.

Overall, the Ohio housing market in February 2025 is characterized by rising prices amidst declining sales and increased inventory. The market dynamics suggest a shift towards a more balanced environment, with buyers potentially gaining more leverage as inventory grows and sales activity slows.