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The Toledo Real Estate Market

Navigating the Real Estate Landscape and More in the Midwest

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About Toledo

If you’re new to real estate investments or a veteran looking to expand your financial holdings, the Toledo real estate market is the best place to get your feet wet. In recent times, real estate has become a vibrant commodity in Ohio, and Toledo is an area that has significantly benefited from this surge.

According to Realtor.com, Toledo, also known as the Glass City, ranks first ahead of other U.S. cities as the prime housing market for 2024. This is due to the city having significantly lower median home prices than the national average. Toledo also has a reputation for being an affordable place to live. This has resulted in an increased influx of new residents, further driving up demand for housing.

Toledo has a diverse job market which includes industries such as healthcare, manufacturing, entertainment and more. These favorable conditions have caused the demand for Toledo real estate and rentals to surpass the available supply. This makes the city a viable investment for those looking to expand their holdings and gain significant profits.

Population Growth

As of late 2023, Toledo metropolitan has a population of over 500,000 residents. Toledo’s population increased by 2,173 individuals. This growth translates to a 0.43% annual change. While Toledo doesn’t have the fastest rate, it is a relatively stable one. The United Nations World Populations projects that Toledo’s population will continue to increase steadily up till 2028.

513,000

People live in the Toledo metropolitan area

4th

4th most populated city in Ohio

84th

84th largest city in the U.S.

0.43%

In 2023, Toledo observed a 0.43% population increase

53 miles

Toledo is 53 miles away from Detroit, Michigan

Job Market

A robust job market is always an indicator of prime investing conditions, and this is precisely why Toledo’s real estate holds so much appeal on the market. The job market is diverse, with opportunities across a wide range of industries, including production, healthcare, and governance. According to the U.S. Bureau of Labor Statistics, the production industry in particular makes a significant contribution to the city’s economy. It comprises 11.7% of local employment.

22.1%

Toledo's job market is expected to grow by 22.1% in the next ten years

3.6%

Unemployment rate

$22.85

Toledo production workers earn an average of $22.85 per hour

Additionally...

  • In 2020, Toledo gained investments of $2.2 billion. This was projected to create more than 3500 jobs in the region.

  • Some of the largest companies in Toledo include Owens Corning, Libbey, Lott, and The Toledo Clinic.

  • Toledo is projected to have an increase of over 10,000 jobs within the next decade.

Real Estate Market

If you’re an investor looking for a prime real estate location in 2024, Toledo is the place for you. According to Realtor.com, Toledo is expected to have one of the most active housing markets in the U.S in 2024. Additionally, Toledo is forecasted to lead home sales in the US this year. As of January 2024, the supply of homes in Toledo is much less than the demand.

Within the last three to five years, many of Toledo’s houses have appreciated significantly. With an expected 8.3% appreciation of median sale price of homes in Toledo this year, investors are certain to make significant profits.

14%

Annual increase in existing sales

39

Toledo homes spend an average of 39 days on the market

$105k

Median sale price of a Toledo home

Strong Renters' Market

Part of Toledo’s appeal is its strong renter market. In fact, a study has revealed that close to half of Toledo homeowners rent their homes out to people seeking accommodations. The rental vacancy rate is 5.1%, which is significantly below the national average of 6.6%. This rate reflects the intense demand for properties in the region.

Toledo’s average rent is significantly lower than the national average. Renters in Toledo only pay about $757 per month, a figure significantly lower than the national average rent of $1497.

$20

In 2023, Toledo rental properties were reduced by $20

97%

97% of Toledo rentals cost less than the national average

48%

of housing is renter-occupied housing

$891

The average rent for a Toledo apartment is $891

Quality of Living

For many residents, Toledo is the ideal place to call home. The city’s unique combination of affordable rental rates and low cost of living boosts the city’s allure. Additionally, Toledo has a blossoming job market. Salaries for many occupations in the region exceed the national average. The region also has favorable weather, a supportive community, and quality education. These factors significantly contribute to the city’s appeal to residents and visitors.

 

Affordability

 Toledo’s cost of living is 13% below the national average. This ensures residents get more value for their money. The city was ranked as the second most affordable city to live in 2021 and in recent times, it continues to uphold its reputation for high affordability.

Education

Toledo has a very strong educational system comprising of over 40 middle and high schools. In addition to this, the city houses the University of Toledo, which is recognized as one of America’s best national universities. This means, Toledo residents are in close proximity to quality education.

Healthcare

Toledo is home to world-class healthcare facilities such as ProMedica Health System and Mercy Health. ProMedica, in particular, has been recognized on several occasions as one of the best healthcare facilities in the U.S. Toledo’s high-quality healthcare is also affordable, making it accessible to a broader scope of residents.

Culture and Entertainment

Toledo has a vibrant cultural landscape that captivates both residents and visitors alike. Some of the activities include museums, art galleries, music venues, and restaurants. Specific destinations include the Toledo Zoo and the Imagination Station. The city’s wide range of activities has something that appeals to every individual’s taste.

 

Dining

For lovers of delectable cuisines, Toledo has an array of dining options. These include authentic Mexican, American, and Asian cuisines. So whether you’re in the mood to go to a high-end establishment, a local diner, or just get a quick bite at a chain restaurant, Toledo has something to satisfy your cravings.