A charming Midwest city’s luxury real estate market has remained stable despite the surge in demand for homes outside the nation’s dense population centers.
The New York Post has rounded up ten cities where high-end homes haven’t soared in price, and one of the places you can get the biggest bang for your buck is Toledo, Ohio.
For those who are looking to purchase 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 Toledo homes are priced above $336,000, but that still means you can find spacious houses on large lots for affordable prices.
But how did Toledo remain untouched by the effects of the pandemic?
For those who are looking to purchase 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 bath house that is 2,732 square feet listed 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 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.
Pictured: A 3 bed, 1.5 bath house that’s 1,947 square feet 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 houses on large lots for affordable prices
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.
Pictured: A 4 bed, 3.5 bath house that is 2,893 square feet priced at $410,000 in Toledo, Ohio
Pictured: A 4 bed, 2.5 bath house that’s 2,032 square feet priced at $325,000 in Toledo, Ohio
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.