MAUMEE — The booming U.S. housing market has spilled over to the rental market, which has seen demand for apartment and single-family rentals skyrocket this year, as high sales prices and an inadequate supply of available housing have forced many prospective buyers to rent for the foreseeable future. Increased demand for housing, along with an improving economy, has competition for rental units soaring, and landlords are taking note, with the national median rent increasing 11.4% in 2021 so far, according to Apartment List.
According to the Northwest Ohio Realtors (NOR), locally, new listings increased 11.9% for single-family homes but decreased 3.7% for condo-villa homes. Inventory remained unchanged for single-family homes and increased 66.7% for condo-villa homes. The median sales price increased 19.8% to $200,442 for single-family homes and 23.1% to $210,303 for condo-villa homes. Days on market decreased 14.5% for single-family homes but decreased 16.9% for condo-villa homes.
Specifically in Henry County in August, there were 21 new listings, a 34.4% decrease compared to August 2020; 20 pending sales, down 4.8% compared to August 2020; 14 closed sales, down 41.7% compared to August 2020; 61 days on market until sale, down 31.5% compared to August 2020; median sales price was $133,000, down 21.4% compared to August 2020; $143,268 average sales price, down 18.6% compared to August 2020; 99.2% of list price received, down .3% to August 2020; 41 inventory of homes for sale, down 32.8% compared to August 2020; and 2.2 months supply of inventory, down 37.1% compared to August 2020.
Nationally, in new construction, home builders continue to struggle to meet buyer demand, as housing starts nationwide dropped 7% last month, according to the Commerce Department. Single-family home construction declined 4.5%, and multi-family home construction, which includes condos and apartment buildings, was also down, falling by 13%. Labor shortages, rising material costs and supply-chain setbacks continue to challenge builders, with some projects temporarily paused due to availability and cost of materials.
(Information courtesy of Northwest Ohio Realtors.)