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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
The Old West End neighborhood in Toledo, Ohio, a historic district renowned for its late Victorian and Edwardian homes, has experienced significant changes in homeownership and housing prices over the past decade. This analysis examines the trends and factors influencing the local real estate market from 2013 to 2024 and beyond. From 2013 to 2022, the Old West End maintained a steady homeownership rate of 52%. During this period, average home prices in the neighborhood demonstrated remarkable growth, increasing from $30,087 in 2013 to $73,287 in 2022, representing a 143.6% increase. This substantial rise in property values occurred despite fluctuations in ownership rates, suggesting that factors such as overall market conditions and neighborhood revitalization efforts played a significant role in driving up home prices. The relationship between federal interest rates and homeownership rates in the Old West End shows some correlation, though local market conditions appear to have a strong influence. Between 2013 and 2016, when interest rates remained low (0.11% to 0.40%), homeownership rates initially decreased from 52% to 43%. However, as interest rates rose more significantly from 2017 to 2019 (1.00% to 2.16%), homeownership rates stabilized and slightly increased to 46%. This trend indicates that while interest rates are a factor, other local elements also impact homeownership decisions in the neighborhood.
Rental market dynamics in the Old West End fluctuated between 2013 and 2022. Renter percentages started at 48% in 2013, peaked at 57% in 2016, and then decreased back to 48% by 2022. Average rent prices showed volatility, rising from $708 in 2013 to a peak of $747 in 2021, before decreasing to $668 in 2022. The neighborhood's population remained relatively stable during this time, ranging from 5,370 to 5,738 residents, which may have contributed to the relative stability in rental demand despite price fluctuations. In 2023, the average home price in the Old West End decreased to $69,022, a 5.8% drop from the previous year, coinciding with a sharp rise in federal interest rates to 5.02%. However, moving into 2024, average home prices rebounded to $76,508, a 10.8% increase from 2023, despite interest rates further climbing to 5.33%. This recent price recovery suggests a resilient local housing market, possibly driven by factors such as neighborhood improvements or increased demand for historic properties. Looking ahead, predictive models suggest that average home prices in the Old West End may continue to rise over the next five years, potentially reaching around $90,000 by 2029. This projection is based on the overall upward trend observed since 2013, accounting for periodic fluctuations. Average rent prices are also expected to increase moderately, possibly reaching approximately $750 per month by 2029, assuming steady demand and continued neighborhood development. In conclusion, the Old West End neighborhood has demonstrated resilience and growth in its housing market over the past decade. The area has seen significant appreciation in average home values, a stable homeownership rate, and fluctuating but generally stable rental prices. The neighborhood's ability to maintain relatively steady population levels and recover from short-term price declines suggests a strong foundation for continued growth and development in the coming years.