Loading Content...
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Reynolds Corners, a vibrant neighborhood in Toledo, Ohio, has experienced significant changes in its housing market over the past decade. This area, known for its mix of residential and commercial spaces, has seen notable shifts in homeownership rates and housing prices, reflecting broader economic trends and local market dynamics. The homeownership rate in Reynolds Corners has fluctuated over the years. In 2013, 55% of residents owned their homes. This figure decreased to 50% by 2019 but rebounded to 55% in 2022. Concurrent with these changes, average home values in the neighborhood have seen substantial growth. From 2013 to 2022, average home prices rose from $74,227 to $136,068, marking an impressive 83% increase over nine years. Federal interest rates have played a crucial role in shaping homeownership trends in Reynolds Corners. Between 2013 and 2016, historically low interest rates of 0.1% to 0.4% likely contributed to stable homeownership rates. As interest rates began to rise from 2017 onwards, reaching 1.68% in 2022, corresponding fluctuations in homeownership rates were observed, suggesting a sensitive relationship between interest rates and homebuying decisions in the neighborhood.
Renter occupancy in Reynolds Corners has shown gradual changes. It increased from 44% in 2013 to 48% in 2020, before slightly decreasing to 45% in 2022. Average rent prices have also fluctuated, rising from $818 in 2013 to $910 in 2021, an 11% increase, before slightly decreasing to $884 in 2022. These changes suggest a dynamic rental market, potentially influenced by factors such as job market changes and overall population growth in the area. Recent data shows continued growth in the local housing market. Average home prices in Reynolds Corners reached $142,529 in 2023 and $149,560 in 2024, representing a 10% increase from 2022 to 2024. Federal interest rates have also seen a significant rise, reaching 5.02% in 2023 and 5.33% in 2024, which may impact future homebuying trends in the neighborhood. Predictive models forecast continued growth in both average home prices and rent rates over the next five years. Home prices are projected to increase by approximately 4-5% annually, potentially reaching around $180,000 by 2029. Average rent prices are expected to follow a similar trajectory, possibly exceeding $1,000 per month within the same timeframe. However, these projections may be influenced by various factors, including economic conditions and local development initiatives. In conclusion, Reynolds Corners has demonstrated resilience and growth in its housing market over the past decade. The neighborhood has experienced a recent rebound in homeownership rates, substantial increases in average home values, and moderate growth in rental prices. The interplay between federal interest rates, homeownership trends, and housing prices highlights the complex dynamics shaping this Toledo community. As Reynolds Corners continues to evolve, these housing trends will play a crucial role in defining its character and attractiveness to both current and prospective residents.