Are you wondering if now is the right time to buy a home in Akron, Ohio? With increasing home prices and market changes elsewhere, Akron offers an affordable and attractive option for first-time homebuyers, upsizers, downsizers, investors, and veterans. Here’s a look at why you might want to consider making your move in Akron.

The Problem: Is Competition Making Akron Less Affordable?

Akron remains a competitive market, but it is still more affordable than many other cities. Currently, more buyers are interested in purchasing homes than there are homes available, meaning prices have been on the rise. For example, Akron's home values have increased by 9.4% over the past year, with properties usually going pending in just nine days.

This recent surge could potentially make some buyers nervous about entering the market. A median home price of $143,800 as of April 2024 means that although homes are still affordable compared to national averages, they are selling fast and often above listing prices. With a median list price of $129,633 and 30.1% of home sales happening over list price, it’s clear demand is high.

Agitation: Why Acting Now Is Important

If you are a first-time homebuyer, the idea of rising prices can be daunting. However, now might just be the time to act. A reported 7.9% growth in active listings shows that more options are becoming available, easing some of the competition. More choices mean less pressure to make a quick decision and a better chance of finding the home that suits you.

For upsizers looking for a larger home or downsizers wanting a cozier place, Akron offers suburban communities like Fairlawn and Copley, which are attractive due to their family-friendly environments and better affordability than big cities. These communities can provide larger homes or more comfortable, maintenance-free living.

Investors looking to benefit from Akron’s growing market should note that Ohio home prices are projected to grow moderately, increasing by 2.8% in 2024 and 2.0% in 2025. Such gradual growth compared to rapid past escalations makes it a good time for stable investments.

Veterans considering Akron as their new home base should take advantage of the market timing. Mortgage rates are predicted to decline slightly to around 6.5% and may drop further if the Federal Reserve enacts rate cuts. Lower borrowing costs can make homeownership more affordable.

Solution: Why You Should Consider Buying in Akron Now

The forecast for Akron’s real estate market offers several key reasons to make your purchase now:

1. Affordability

Akron presents an opportunity to buy homes at prices still much lower than many large urban areas. With a median sale price of $143,800 and strong demand, the market is poised for appreciation. This affordable entry point makes it ideal for first-time homebuyers and investors.

2. Growing Inventory

Home inventory is on the rise, which means more options for buyers and less frantic competition. With new construction and homeowners taking advantage of high property values, more homes are available, providing better chances for finding exactly what you need.

3. Stable Economy

Akron’s local economy is supported by strong industries in technology, manufacturing, and healthcare. Steady economic growth means more job opportunities, better quality of life, and consistent demand for housing.

4. Suburban Appeal

Suburban markets such as Cuyahoga Falls and Portage Lakes show notable appeal due to their larger properties and family-friendly neighborhoods. These areas are perfect for remote workers looking for the comfort and space suburban living provides.

5. Technological Advancements

Home buying and selling benefits from advancements in technology with features like virtual tours and AI-powered tools. Buyers in Akron can value homes that have smart technology included, offering convenience and energy efficiency.

For prospective homebuyers, upsizers, downsizers, investors, and veterans, Akron’s current market presents a solid opportunity. A combination of affordable prices, increased inventory, stable growth, and suburban allure makes now a promising time to consider making your move.

Why You Should Buy in Akron Today

In summary, Akron’s housing market continues to thrive due to its affordability, increasing inventory, and a stable economy. Whether you’re buying your first home, looking to upsize or downsize, investing, or utilizing veteran benefits, Akron provides a robust platform for making a sound real estate decision.

For first-time buyers, lower prices and new mortgage rate forecasts make buying a home within reach. Upsizers and downsizers find attractive options in suburban areas, while investors and veterans benefit from stable prices and community growth. The Akron real estate market, with its appealing blend of affordability, opportunity, and lifestyle, is a great choice for prospective buyers ready to make their next move.