One-year change in home prices
Median home price
Change in price since peak
: 1 in every 295 households (0.34%)
Because homes are super-affordable, investors and home buyers in this northern Ohio city are competing at the low end of the market, and investors usually win, much to the frustration of would-be homeowners, says local agent Barbara Stout. In 2012, sellers with ready-to-go and realistically priced properties began to receive multiple offers. But low appraisals continue to encumber sales.
Toledo's housing market went south in early 2006. Prices since the peak have fallen about as much as in notoriously busted Cape Coral, Fla., and Phoenix. It has the highest rate of foreclosure of the 24 cities. Distressed properties account for about one-fifth of total sales.
But there are signs that a turnaround is at hand. Ford and Chrysler are adding jobs, and home sales have risen consistently throughout 2012 (in October, sales of single-family homes in Toledo rose by 3% compared with the year before). The metro area has 10.3 months' supply of homes, down a bit from last year. Sellers received 93% of their asking price.
10. Toledo, Ohio