In recent years, Toledo has emerged as a prominent player in the real estate industry. In 2024 the city is expected to surpass double-digit home sales growth, according to Realtor.com. This surge in home sales is attributed to several factors, including the city's thriving job market, affordable housing options, and a growing interest from both local and out-of-state buyers. As Toledo continues to attract attention as a desirable place to live, the commercial real estate landscape is evolving to meet the increasing demand. The positive outlook for the real estate market in 2024 is not only a testament to Toledo's economic resilience but also highlights the city's appeal as a vibrant and dynamic community. It is no coincidence that this will directly affect the local economy and bring new jobs to Northwest Ohio.
Toledo has also distinguished itself by having the highest percentage of homeowners fully owning their homes among the top 10 markets in the country. With its central position within the Midwest, Toledo’s proximity to major cities, and accessibility to the Great Lakes improves the chance for diverse opportunities, creating an attractive option for not just residential growth but for commercial and industrial growth as well. Considering these factors, it is highly likely that 2024 will bring growth in local commercial real estate as the job market continues to strengthen and diversify.
The resurgence of the Toledo housing market is interconnected with the broader economic growth and diversification of the city. Traditionally known for its manufacturing sector, Toledo has successfully expanded its economy, incorporating industries such as healthcare, technology, and education. This has led to job creation, economic stability, and an increased demand for homes in the area.
Being strategically situated along the western edge of Lake Erie positions the area as a globally attractive location for business and a hub for transportation and logistics. Sixty percent of the U.S. and Canadian population can be reached in less than a one-day drive. This, along with the rail accessibility, provides a logistical advantage that supports local industries and enhances the area's overall economic resilience.
One of the major driving factors placing Toledo at the top of the housing market is its affordability. Affordable housing will have a huge beneficial impact on commercial real estate as well. NAI Harmon Group's Stephanie Kuhlman remarked, "As the Vice President of Real Estate and Development at the NAI Harmon Group, I am thrilled to witness the city's economic resurgence. The thriving business landscape, strategic investments, and a robust housing market are indicative of Toledo's resilience and growth potential. We believe in the city's future, and our commitment to developing sustainable and vibrant real estate projects aligns with Toledo's upward trajectory in the regional economy." As we see the city diversify and broaden in economic growth, we look to our experienced agents to guide newcomers into the Toledo market.
The positive trajectory of Toledo's housing market has not gone unnoticed by players in commercial real estate and those seeking to expand their companies. The combination of affordable properties, economic growth, and revitalization efforts has created a favorable environment for those seeking opportunities in real estate. As more investors pour into the market, the resulting influx of capital further stimulates economic activity and contributes to the overall prosperity of the region.
The team at NAI Harmon Group has positioned itself as not only experts in local commercial real estate but as experts in the overall health of the national market. Their affiliation with NAI Global provides leverage with a vast network of over 5,800 professionals, their owners, and corporate clients in 65 countries. They manage more than 1.1 billion square feet (about the area of Manhattan) of property and facilities. Annually, NAI Global completes over $20 billion in commercial real estate transactions throughout the world. With these resources, combined with local market expertise, the team at Harmon Group can provide state-of-the-art brokerage and leasing, real estate investment and capital market services, due diligence, global supply chain and logistics consulting, and related advisory services. For more information visit our website or fill out the form below.