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Toledo, OH housing market
Housing market indicators
| Indicator | 2022 | 2023 | 2024 | 2025* | Change | 2022 | 2023 | 2024 | YTD |
|---|---|---|---|---|---|---|---|---|---|
| Median Listing Price per Square Feet | $108 | $120 | $138 | $141 | 5.9% | 11.1% | 15% | 2.2% | |
| Active Listing Count | 785 | 759 | 766 | 1,155 | 14.1% | -3.3% | 0.9% | 50.8% | |
| Median Days on Market | 51 | 48 | 46 | 36 | 4.1% | -5.9% | -4.2% | -21.7% | |
| Share of listings with price increase | 3% | 0.4% | 0.4% | 0.4% | |||||
| Share of listings with price decrease | 12% | 10.2% | 10.3% | 11.5% | |||||
* last available value
Home prices
Short term housing supply drivers
Long term housing demand drivers
Long term housing supply drivers
Note: 12M MA - 12 months moving average, Permits - New Private Housing Structures Authorized by Building Permits. Source: FRED
Housing market overview
Toledo, OH MSA Overview
- The Toledo Metropolitan Statistical Area (MSA) includes Lucas, Wood, and Fulton counties in northwest Ohio, centered on Toledo along Lake Erie and the Maumee River.
- Total MSA population estimated at 601,396 in 2024, down from 646,604 in 2020, reflecting a -0.7% to -1.0% annual decline.
- Key geographic areas: urban core in Lucas County (Toledo, suburbs like Maumee, Sylvania), western Wood County suburbs (Perrysburg, Bowling Green), rural Fulton County (Wauseon).
- Area spans 3,528 km², with 509,882 urban and 96,358 rural residents per 2020 census.
Cities/Towns Table
| Area | City/Town | Population | Density | Income (high/low/...) | Quality of Schools (GreatSchools rating range) | Crime Level | Property Tax (%) | Comments |
|---|---|---|---|---|---|---|---|---|
| Lucas County (Urban Core) | Toledo | 265,638 (2025 est.) | 3,559/sq mi | Low - Median household $47,532; per capita $38,530; poverty 24.52% | 3-7 (mixed, urban challenges) | High | 2.1-2.5% | County seat, port city, declining population -0.44% annually |
| Lucas County (Suburbs) | Maumee | 14,000 | 2,200/sq mi | Medium-high - Median household $75,000+ | 7-9 | Low-medium | 2.0% | Riverfront, commercial hub |
| Lucas County (North Suburbs) | Sylvania | 19,000 | 1,800/sq mi | High - Median household $85,000+ | 8-10 | Low | 1.8-2.0% | Affluent, strong schools |
| Wood County (West Suburbs) | Perrysburg | 25,000 | 1,500/sq mi | High - Median household $90,000+ | 8-10 | Very low | 1.7% | Growing, family-friendly |
| Wood County (College Town) | Bowling Green | 30,000 | 3,000/sq mi | Medium - Median household $55,000; student impact | 7-9 | Low | 1.6% | Home to Bowling Green State University |
| Fulton County (Rural) | Wauseon | 7,500 | 1,900/sq mi | Medium - Median household $65,000 | 6-8 | Low | 1.5-1.8% | Agricultural base |
To view all table columns, please open this table on a laptop or desktop screen.
Citizens: Income and Education
- MSA median age 37.34; racial makeup 74% White, 15% Black, 7% multiracial, 7% Hispanic.
- Toledo city: median household income $47,532, average $60,875, per capita $38,530, poverty 24.52%.
- Suburbs like Perrysburg/Sylvania: household incomes $80,000-$90,000+, lower poverty 5-10%.
- Education: 25-30% bachelor's degree or higher MSA-wide; higher in suburbs (35%+ in Sylvania), lower in Toledo core (20%).
- University presence (Bowling Green State, University of Toledo) boosts educated workforce segment.
Key Economic Sectors
- Manufacturing: auto parts (e.g., Dana, Libbey Glass), 20% employment.
- Healthcare: ProMedica, Mercy Health systems, major employer.
- Education: Universities and community colleges.
- Logistics/Trade: 5th busiest Great Lakes port, Maumee River shipping.
- Retail/Services: Tied to urban core and suburbs.
- Agriculture: Dominant in Fulton/Wood counties.
Housing Buying Market: Supply Drivers
- Zoning: Moderately open in suburbs (Perrysburg/Wood County allows single-family growth); stricter in Toledo core due to blight regulations.
- Regulatory strictness: Ohio low-regulation state; Lucas County average permitting time 2-3 months.
- Construction workforce: Available, low-cost labor ($25-35/hr average carpenter wage).
- Land availability: Abundant in rural Fulton/Wood; urban infill limited by vacant properties (13% vacancy in Toledo).
- New builds focus on suburbs; 500-800 permits/year MSA-wide.
Housing Buying Market: Demand Drivers
- Migration: Net out-migration -1% annually; young families move to suburbs from core.
- Growing industries: Healthcare/education stable growth (2-3%/yr jobs); logistics benefits from port expansion.
- Declining: Traditional manufacturing (auto sector slowdown, -1-2% jobs).
- Remote work influx minimal; affordability draws first-time buyers to Perrysburg/Bowling Green.
- Population decline caps demand; suburban median home $250k vs. Toledo $120k.
Key Challenges on the Housing Market
- Population decline reduces buyer pool; inventory high in core (6-8 months supply).
- Urban blight/crime in Toledo depresses values; 20% properties distressed.
- Aging housing stock: 50%+ pre-1960 builds need updates.
- Low wages limit affordability; debt-to-income ratios high for low-income buyers.
- Flood risk near Maumee River; infrastructure aging in core areas.
- Interest rates impact suburban starter homes demand.
Investment Potential Differences
| Area | Appreciation Potential | Risk | Key Drivers |
|---|---|---|---|
| Lucas Core (Toledo) | Low | High | Declining pop, high crime/poverty, blight; rental yields 8%+ but cap rate decay |
| Lucas Suburbs (Sylvania/Maumee) | Medium | Medium | Strong schools, low crime, family migration; 3-5% annual appreciation |
| Wood County (Perrysburg/BG) | High | Low | Job growth healthcare/edu, new construction, low taxes; 5-7% appreciation |
| Fulton County (Wauseon) | Low-Medium | Medium | Agri-stable, low growth; cheap entry but limited upside |
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