Lima, OH Housing Market
AI-powered market intelligence for the Lima, OH metro area.
PropertyIQ Scores
Lima, OH Market Analysis
Market Overview
Lima, OH posts a PropertyIQ Score of 79 out of 100, a level that signals a generally solid housing market with some caution signs. The score is supported by a 12-month home value momentum of 9.91%, a median days-on-market figure of 46 days, and a price-cut share of 18.6%. At the same time, the 3-month home value momentum is -0.57%, indicating that price conditions have cooled recently. Compared with statewide benchmarks, Lima’s median home value of $192,619 is well below the Ohio average of $248,803, while its rent index of $1,211 is above the state average of $988. That combination gives Lima an affordability advantage and a relatively strong rental profile.
Other benchmarks are mixed. The local unemployment rate is 4.3%, higher than the state average of 3.4%, and median household income is $62,001, below the state average of $69,680. These figures suggest a market that is more affordable than the state as a whole but is not outperforming economically. The 79/100 score places Lima in moderate-to-strong territory overall, with the main strength coming from longer-term home value momentum and rental demand, while the softer 3-month momentum and income gap keep it from being a high-growth standout.
Key Trends
The first trend is a deceleration in home value momentum. The 12-month home value momentum is a strong 9.91%, but the 3-month momentum is -0.57%, pointing to recent softening. The data also lists a year-over-year home value change of $18. With 18.6% of listings showing a price cut, sellers appear to be adjusting to more cautious buyer demand.
A second trend is affordability relative to state benchmarks. Lima’s median home value of $192,619 is about 22.6% below the state average of $248,803. Even though median household income is also lower at $62,001 versus $69,680 statewide, the local price-to-income ratio is roughly 3.1, compared with about 3.6 for the state. That means homes in Lima remain comparatively attainable for local residents.
A third trend is rental market strength. Lima’s rent index of $1,211 is well above the state average of $988, roughly 22.6% higher. Combined with a lower median home value, this produces a gross rent-to-price ratio of about 7.5%, compared with roughly 4.8% using state benchmarks. That spread may make Lima more attractive to income-focused investors.
A fourth trend is a moderately balanced sales pace. With 213 homes for sale and a median of 46 days on market, inventory is not extremely tight, but it is not stagnant either. The 18.6% price-cut share adds evidence that buyers have some negotiating room, although the overall market remains active.
Who Is This Market For
Lima is well suited to first-time buyers who prioritize affordability. The median home value of $192,619 is significantly lower than the state average, and the local price-to-income ratio is more favorable than the state’s. A median of 46 days on market and a price-cut share of 18.6% mean buyers may have a bit more time and leverage than in hotter markets. Local incomes are below the state average, so affordability is relative, but the numbers still point to a lower-cost entry point.
The market also suits buy-and-hold investors looking for rental income. A rent index of $1,211 against a median home value of $192,619 suggests stronger gross rental yields than the state benchmark. The unemployment rate of 4.3% is higher than the state average, which is a risk for tenant demand, but the rent index suggests local rental demand is present. With 213 homes for sale, investors have some selection to work with.
Move-up buyers or those seeking rapid appreciation may find less support. The negative 3-month momentum of -0.57% and the 18.6% price-cut share suggest that short-term price growth is not the primary story. Population growth data is not provided, so there is no clear demographic growth signal to support aggressive appreciation assumptions.
Outlook
The data points toward a cooling but stable near-term market. The 12-month home value momentum of 9.91% shows that Lima has experienced meaningful appreciation over the past year, but the -0.57% 3-month momentum and an 18.6% price-cut share suggest that the pace is moderating. A median of 46 days on market and 213 homes for sale indicate steady but not overheated activity. Affordability relative to the state and a rent index of $1,211 above the state average should continue to support first-time buyers and income-focused investors. However, the unemployment rate of 4.3% compared with the state’s 3.4% and the absence of population growth data leave the outlook more grounded in stability than in rapid expansion.
AI-generated analysis based on current market data. Last updated September 25, 2026.
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Lima, OH market data
Lima, OH Housing Market Overview
Lima, OH's median home value is $193K, up 9.9% over the past year. Homes here sell in a median 46 days. Its PropertyIQ Score of 79 sits well above the state average of 50, marking a market positioned to outperform its state over the next three years.
Understanding the Lima, OH housing market requires looking beyond headline price figures. The PropertyIQ Score reads both sides of market strength: Zillow price momentum across 3- and 12-month windows, and Realtor.com flow signals — days on market and the share of listings with price cuts. Together they predict how this OH metro is set to perform relative to the rest of its state.
Midwestern housing markets are characterized by affordability and economic diversification. From manufacturing hubs undergoing tech-sector transitions to university towns with stable demand, the region offers value-oriented opportunities with lower entry costs than coastal markets. Within the Midwest, Lima, OH's PropertyIQ Score of 79 ranks among the Midwest's stronger demand signals.
Ohio's housing market offers some of the Midwest's strongest value propositions, with affordable entry points and diversifying economies. Columbus leads state growth while Cleveland and Cincinnati undergo downtown revitalization.
Each month, PropertyIQ updates its score for Lima, OH using four inputs: Zillow ZHVI twelve-month and three-month momentum, Realtor.com median days on market, and the Realtor.com share of listings with price cuts. These four signals are combined into a single 1 to 99 score computed across all metro markets and calibrated so 50 represents the state average, making it a direct read of how this market is positioned to perform relative to its state. Momentum here has been positive, with home values up 9.9% over the past year.
View Lima, OH's complete market profile including historical price trends, score history, and AI-generated analysis. Compare this market against any other US metro to find the best opportunities for your investment strategy.
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ZIP codes in the Lima, OH metro area
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Market data through August 2026. Sourced from Zillow, Realtor.com, Redfin, U.S. Census Bureau, FRED, BLS, and BEA. Per-statistic source and date shown above.
Frequently Asked Questions
Is Lima, OH a good place to buy real estate in 2026?
PropertyIQ doesn't label markets simply good or bad. Instead, the PropertyIQ Score measures a market's demand momentum against its own state, where 50 marks the state average. Lima, OH currently scores 79, a rising-momentum reading that leaves it positioned to outperform its state over the next three years. For buyers, strengthening demand usually means rising competition and firmer prices, so waiting can cost you negotiating room. Backing that up, the median home value here is $193K, up 9.9% over the past year. So whether Lima, OH is right for you comes down to your goals: a rising-momentum market can favor long-term appreciation but offers less room to negotiate, while a cooling one hands buyers more leverage. Treat the score as a timing signal to weigh alongside your budget, holding period, and plans for the property, not a verdict on the market's quality.
What is the PropertyIQ Score for Lima, OH?
Lima, OH's PropertyIQ Score is 79, indicating rising momentum on a 1-to-99 scale. The score distills four transparent inputs into a single number: Zillow home-value momentum over the past 12 months, Zillow home-value momentum over the past 3 months, the median days homes spend on the market from Realtor.com, and the share of listings with a price cut, also from Realtor.com. Rising values and faster sales push the score up, while slow sales and frequent price cuts pull it down. The scale is calibrated so 50 equals the state average, meaning a score above 50 predicts the market will outperform its state over the next three years and a score below 50 predicts underperformance. PropertyIQ computes the score across every US market nationally, then recenters it against each state, so 79 places Lima, OH above its state benchmark.
Are home prices in Lima, OH rising or falling?
Home prices in Lima, OH are rising. Over the past year, the median home value increased 9.9%, reaching $193K. Over the latest three months, values slipped 0.6%, a sign near-term demand is softening. PropertyIQ derives these figures from Zillow's home-value index, which tracks the typical value across the market rather than only the homes that happened to sell, giving a steadier read than a raw median sale price. Both the 12-month and 3-month momentum readings feed directly into the PropertyIQ Score, so this price trend is one of the core signals behind Lima, OH's current score. Keep in mind that appreciation can vary widely by neighborhood and price tier across the metro area, so treat these figures as the market-wide baseline rather than a guarantee for any single property.
How quickly do homes sell in Lima, OH?
In Lima, OH, homes sell in a median of 46 days from listing to pending sale, based on Realtor.com market data. Median days on market is one of the clearest real-time reads on local demand: when homes move quickly, buyers are competing and sellers hold the advantage, while lengthening timelines signal cooling interest and more room to negotiate. Alongside sale speed, about 19% of active listings here have taken at least one price cut — a complementary demand gauge, since a rising share of reductions often precedes slower sales and softer prices. Both median days on market and the price-cut share feed directly into the PropertyIQ Score, where faster sales and fewer cuts push the score higher. As a general guide, medians under about 30 days indicate a brisk, competitive market, while medians well beyond 60 days point to buyers regaining leverage. Actual time on market still varies by price band, property type, and season, so treat the median as a market-wide baseline.
How current is this metro area data?
This Lima, OH market data is refreshed on a monthly cycle, with the latest figures current through August 2026. PropertyIQ ingests fresh data every month from a range of authoritative sources: home values and rents from Zillow, days on market and price-cut activity from Realtor.com, additional housing signals from Redfin, demographic and housing-stock data from the U.S. Census Bureau, mortgage and macroeconomic series from FRED, and employment figures from the Bureau of Labor Statistics and the Bureau of Economic Analysis. The PropertyIQ Score itself is recomputed every month once the new source data lands, so the score and its four underlying inputs always reflect the most recent complete reporting period rather than a static snapshot. Because official housing data is typically released with a short lag, the current-through date usually trails the present by a few weeks, which is normal across the industry and not a sign the data is out of date.