# A tibble: 1 × 6
avg_price min_price max_price avg_days_on_market avg_inventory
<dbl> <dbl> <dbl> <dbl> <dbl>
1 259935. 5000 10475000 46.0 24.4
# ℹ 1 more variable: avg_months_supply <dbl>Analyzing Ohio Housing Market Trends
Introduction – Understanding the Housing Market Shift in Ohio
Over the past couple years, the U.S. housing market has experienced historic shifts driven by factors like post-recession recovery, historically low interest rates, a pandemic-fueled buying surge, and now, rising inflation and borrowing costs. We have seen this problem at a nationwide scale, but we are taking a closer look at how it has affected the state of Ohio: Given these market shifts, I wanted to explore a key question: How has the cost of purchasing a home evolved in Ohio over the past three years?”
As someone interested in real estate, finance, and data science, I wanted to explore how the cost of purchasing a home has evolved over time.
To investigate this, I used Redfin’s monthly housing market dataset, which tracks city-level metrics like median sale price, inventory, days on market, and new listings from February 2012 to present. This dataset allows for both short- and long-term trend analysis, seasonally and nationally. I then filtered that data to consist of only data from the past three years, only from the state of Ohio, and exclusively single-family homes.
Data set Overview
Source: US Cities Housing Market Data - Live Dataset
Host: Kaggle (Data by Redfin)
https://www.kaggle.com/datasets/vincentvaseghi/us-cities-housing-market-data
Time frame: January 2022 – April 2025
Granularity: Single-family homes, Monthly, data across all of Ohio.
Rehosted file https://myxaviermy.sharepoint.com/:x:/g/personal/clinesm1_xavier_edu/EWQ6Cg67xb9Dn90IetBYnXAB8kIqWbxUeb4ICnEYcSFmTQ?e=mvcgoC
Data Dictionary
PERIOD_BEGIN - The month in which the sale took place
REGION_TYPE - what type of region it is
REGION - The city and state
PROPERTY_TYPE - What type of property it is
MEDIAN_SALE_PRICE - The median sale price for all properties in that region for that month
MEDIAN_SALE_PRICE_YOY - The change in percentage for the median sale price year over year
HOMES_SOLD - The number of homes sold in that region for that month
INVENTORY - How many homes were listed in that region for that month
MONTHS_OF_SUPPLY - how long it would take to sell all the current homes on the market at the current sales pace, assuming no new listings are added
MEDIAN_DOM - The median days on the market for all of the homes in that region for that month
This table summarizes the average, lowest, and highest price in the entire dataset. It also shows the average days on market, average inventory, and average months supply for the entire data set. I find this interesting because it takes data from over 18,000 rows and gives us a quick and informative summary.
Average Median Home Price in Ohio
Even though this chart is fluctuating month over month, we can see that overall there has been a pretty strong trend upward. In roughly three years, the average median house price has gone up approximately 34%.
Median Home Price vs. Inventory Over Time
In these charts, I wanted to see if how much inventory was available had any effect on the price. Before running this analysis, I would have thought inventory and price would be inversely related. It turns out that the opposite is roughly true. We can see, for the most part, they follow the same pattern.
Distribution of Home Prices by Year
This analysis shows the distribution of home prices between 2022-2024. Since we are in the middle of 2025, there is not enough volume/data to include it here. In these charts, we can see a see roughly the same distribution throughout. We also see the highest number of distributions in 2022 and it slightly gets lower each year.
Monthly Home Sales in Ohio by Year
Here we can see which months were the most popular for home sales. We can also compare the month over month home sales for each year. 2022 by far had the most home sales which validates our previous chart which had 2022 with the highest number of listings. 2025 is starting off with the least amount of houses sold, which also goes along with our previous chart showing a slight taper after 2022.
Days on Market vs. Home Prices Over Time
I created this visualization to see if the average days on the market affected the average median price. It starts off being inversely related and then they roughly follow the same trend in the beginning of 2023.
Secondary Data Analysis
Here, I used data from the U.S Bureau of Labor Statistics to see if wages in Ohio were keeping up with the increase in house prices. We can see that over three years, wages have increased roughly 16% which comes out to a 5.4% increase every year. From 2022-2024 the average median home price rose roughly 15% for an average annual increase of 15%. This was really shocking to me and I still am a bit skeptical about this. I think housing prices rising 15% seems right, but I am not too sure about the average wage going up 16% in three years.
Conclusion
From these analyses, we have been able to look more closely at the change in housing prices. We identified trends in cost fluctuations and visualized monthly price shifts by using clean and structured datasets. There are also a lot of limitations to this as well. There are a lot of factors that go into house prices, like mortgage rates, inflation rates, unemployment rates, and many other micro and macroeconomic factors. These analyses just provide unique perspectives and draws some conclusions.