Toledo, OH Housing Market

Market Overview

Toledo’s housing market earns a PropertyIQ Score of 89 out of 100, signaling a strong market overall. The score is driven by home value momentum of 9.02% over 12 months and 0.28% over 3 months, a median days on market of 39 days, and a relatively low share of listings with a price cut at 16.6%. These metrics point to steady buyer interest and a market where sellers do not need aggressive discounts.

Compared with state benchmarks, Toledo is mixed. The median home value of $205,237 is below the state average of $248,803, making it a more affordable purchase market. Rent index, however, is $1,264, well above the state average of $988, which suggests stronger rental price levels. The unemployment rate is 4.4%, above the state average of 3.4%, and median household income is $63,749, below the state average of $69,680. This combination of lower home prices, higher rents, and softer labor and income figures gives Toledo a strong but uneven profile.

Inventory stands at 1,123 homes for sale. With a median days on market of 39 and a price-cut share of 16.6%, the market is moving at a healthy clip, supporting the high PropertyIQ Score despite the benchmark gaps.

Key Trends

First, price momentum has been positive but appears to be cooling. The 12-month home value momentum of 9.02% shows meaningful appreciation, while the 3-month momentum of 0.28% is much more modest. The key metrics list a year-over-year home value change of -$12, essentially flat, which is difficult to reconcile with the 12-month momentum figure; the data provided does not explain the difference, so both are noted as given.

Second, rental performance is a standout. Toledo’s rent index of $1,264 is well above the state average of $988, even though the median home value is below the state average. That gap can support buy-and-hold investment demand and points to a rental market with more pricing power than the state norm.

Third, selling conditions remain efficient. A median days on market of 39 days and a price-cut share of 16.6% suggest that homes are selling relatively quickly and that few sellers are resorting to discounts. With 1,123 homes for sale, inventory is a visible but not extreme factor in the market’s pace.

Fourth, affordability is a two-sided story. The median home value of $205,237 is below the state average of $248,803, which helps buyers. But median household income of $63,749 is below the state average of $69,680, and unemployment of 4.4% is above the state average of 3.4%, meaning local incomes and job conditions may limit how much of that affordability advantage buyers can use.

Who Is This Market For

First-time buyers may find Toledo appealing because the median home value of $205,237 is below the state average of $248,803. That lower price point can make entry more feasible, though median household income of $63,749 and unemployment of 4.4% mean some local households may still face affordability constraints.

Investors and rental property buyers are a strong fit. The rent index of $1,264 is well above the state average of $988, which can support rental income relative to the lower median home value. Positive 12-month home value momentum of 9.02% adds an appreciation component, while the 3-month momentum of 0.28% suggests more measured near-term growth. The low price-cut share and 39-day median days on market also indicate that investor-grade properties may attract competition.

Move-up buyers and sellers can also operate confidently in this market. A median days on market of 39 days and a price-cut share of 16.6% mean sellers are not facing widespread discount pressure. Move-up buyers may benefit from home values that remain below the state average, though weaker local income and employment benchmarks compared with the state may temper some buying power.

Outlook

The data supports a cautiously positive near-term outlook. The 12-month home value momentum of 9.02% indicates that prices have risen over the past year,