This is a complete analysis on the best cities for house flipping in Ohio.
Backed by data with sources.
Learn where the distressed properties are, how long it takes to flip and which cities are the most profitable.
Let’s jump right in:
Best Cities in Ohio to Flip Houses
Here are the 7 best cities in Ohio for fix and flip investors:
Columbus
The Columbus real estate market can be characterized as a seller’s market. Low inventory levels coupled with high buyer demand have resulted in competitive bidding situations and rising home prices across the metro area.
The city has experienced consistent appreciation in property values, with the median sale price currently standing at $265,000, reflecting a 6% increase from the previous year. This upward trend indicates a favorable climate for house flippers seeking substantial returns on their investments.
The impressive sale-to-list price ratio of 99.5% underscores strong demand and competitiveness among buyers. A significant portion (33.3%) of homes are sold above the list price, so obviously buyers are willing to pay a premium for desirable properties.
The fact that 76% of homebuyers prefer to stay within the Columbus metropolitan area showcases the city’s attractiveness as a place to live and invest. This high demand for housing within the local market further solidifies the potential for profitable house-flipping ventures.
Median days on the market: 43
Median home price: $273,000 (+11.4%)
Homes sold above list: 31.6%
Housing market data
Cleveland
Cleveland is made up of a wonderful selection of unique neighborhoods facing rejuvenation including Ohio City, Tremont, and Detroit Shoreway. These areas are experiencing a resurgence in popularity, driven by investments in infrastructure, amenities, and community development initiatives. As a result, they have become hotspots for potential house flippers seeking promising opportunities to capitalize on the city’s revitalization.
Properties in CLE include a vast housing stock of historic properties, providing ample opportunities for renovation and modernization. This abundance of older homes presents an ideal canvas for investors looking to add value through restoration and remodeling efforts.
Cleveland housing market offers affordability unmatched by many coastal cities. This affordability not only attracts buyers but also enables potential buyers to acquire properties at a fraction of the cost compared to other markets, lowering the barrier to entry and maximizing potential returns on investment.
Median days on the market: 33
Median home price: $110,000 (-4.3%)
Homes sold above list: 26%
Housing market data
Cincinnati
Cincinnati emerges as a prime destination for flipping houses, driven by a number of key factors. The city offers a compelling combination of affordability and value appreciation, with a median home value of $259,000, marking an 11.2% increase since the previous year. Despite this growth, Cincinnati remains significantly more affordable than the national average home value of $417,000, making it an appealing option for both buyers and investors alike.
Cincinnati’s real estate market boasts remarkable efficiency, with properties typically spending just 14 days on the market before being sold. This rapid turnover minimizes holding costs and maximizes profitability for house flippers. The city’s strong sense of community is evident in the fact that 78% of homebuyers opt to stay within the metropolitan area, highlighting the local market’s stability and desirability.
When it comes to the job market, the local economy is simply thriving, particularly in the tech industry. This economic boom has led to an increase in job opportunities and a greater demand for housing, further fueling the city’s real estate market.
Median days on the market: 14
Median home price: $259,500 (+10.4%)
Homes sold above list: 28.1%
Housing market data
Toledo
With a median sales price of $110,000, which has seen a slight decrease of 4.8% year-over-year, Toledo offers an easy entry for new investors. Lower home prices translate to a reduced down payment requirement, making it particularly attractive for new investors looking to enter the market and establish a portfolio flipping real estate.
Toledo’s turnkey property market provides an affordable avenue for investors seeking cash-flowing investment options. With properties typically selling at 96.1% of their listing price, there’s potential for solid returns on investment. The fact that 62% of homebuyers in Toledo are looking to stay in the city suggests a stable and potentially growing local market.
Median days on the market: 42
Median home price: $116,750 (+29.7%)
Homes sold above list: 34.7%
Housing market data
Dayton
Dayton has shown to be a prime destination for house flipping, boasting a combination of favorable market conditions and economic stability. With a median sales price of $130,000, reflecting an impressive 18.1% increase since the previous year, Dayton presents an excellent opportunity for investors.
Dayton’s small yet affordable housing market is conducive to investment, offering accessible entry points for both novice and experienced investors. The city has witnessed significant growth in market value appreciation, which is great news for house flippers.
The robust local economy, anchored by sectors such as aerospace research and development, healthcare, information technology, and advanced materials manufacturing, brings homebuyers and investors alike to the city. This economic diversity not only fosters demand for housing but also ensures a stable investment environment, mitigating risks associated with market fluctuations.
Median days on the market: 41
Median home price: $115,000 (+12.7%)
Homes sold above list: 29.4%
Housing market data
Akron
As one of the largest communities in Ohio with a population of around 190,000 people, Akron offers a sizable market with diverse real estate opportunities. One of the most attractive aspects of Akron for investors is its affordable real estate market, not to mention lower-than-average property taxes.
Many of the neighborhoods in Akron are made up of rundown industrial areas. This offers an abundance of prime options for real estate investing. By purchasing distressed properties at discounted prices and renovating them, investors clean up the community, raise home value appreciation, and create an alluring market.
Median days on the market: 34
Median home price: $115,400 (+5.5%)
Homes sold above list: 27.9%
Housing market data
Youngstown
House flippers in Youngstown, Ohio, are able to leverage the city’s strategic location and affordable housing market to work out in their benefit. Situated between larger cities like Pittsburgh and Cleveland, where the cost of living is significantly higher, Youngstown’s more modest expenses make it an enticing destination for house flipping.
The city’s housing landscape primarily consists of smaller, more humble homes, which further benefits investors. With lower initial purchase prices and ample room for improvement, those interested in flipping houses can capitalize on these properties. They can do so by investing in renovations and upgrades, ultimately selling them for a decent profit.
Youngstown’s median sales price of $130,000 is notably lower than the national average, providing investors with a competitive edge in the market. This lower entry point, combined with the potential for significant returns, positions Youngstown as an ideal location for house-flipping endeavors.
Median days on the market: 38
Median home price: $110,000 (+37.5%)
Homes sold above list: 23.1%
Housing market data
Data Updated March 5, 2024
Is Ohio a good market to flip houses?
There are a great number of houses in Ohio that are prime for homebuyers to start flipping houses. Hundreds of neighborhoods waiting for rejuvenation, historic homes begging to be turned into renovated properties, and so much more potential for home flippers.
Flipping houses in Ohio has caught the attention of many out-of-state investors looking to find houses ripe with potential. There are a number of reasons why buyers would turn to this state when it comes to flipping houses, including:
High Average Resale Home Values
The average resale price for flipped homes in Ohio last year was approximately $308,000. This indicates that there is potential for significant profits from flipping properties in the state.
Opportunities for Below-Market Value Purchases
With a foreclosure rate of one in every 2,819 homes, investors have the opportunity to purchase properties for less than their market value. This allows investors to acquire properties at a lower cost, increasing the potential for higher returns on investment.
Higher Profitable Margins
The median purchase price of homes in Ohio is around $96,000, while the median resale price is approximately $173,000. This creates an average revenue of approximately $76,000 per flipped property. The significant difference between purchase and resale prices indicates a favorable environment for generating profits from house flipping.
Overall, the combination of high average resale prices, opportunities for below-market purchases, and profitable margins makes the Ohio housing market attractive for investors looking to flip houses. With the help of a local real estate agent, Ohio hard money lenders, and just the right property, flippers can make decent profit margins on the Ohio housing market.