Central Ohio Market Report
While markets across the country are trending towards a slower economy, the Central Ohio real estate market shows no signs of slowing down. And with the recent headlines and slurry of businesses announcing moves into the Buckeye State, this trend is expected to continue for several more years.
Anyone looking for a home in Central Ohio knows it’s an incredibly competitive market. The minute a home is listed, it has several offers. The process can be stressful and exhausting. Many homebuyers are turning to new construction, and Trinity Homes is pleased to be able to help our clients build their dream homes in a dream community.
Commercial businesses driving real estate trends
Intel’s announcement of its $20 billion commitment to build two semiconductor plants on 1,000 acres in Central Ohio in 2022 made it the largest private-sector investment in Ohio’s history. This set off a ripple effect and the start of a new surge of interest in the region.
Since the announcement, there have been several additional large investments in the region that include:
- Honda selected Marysville for a $3.5 billion plant that will make batteries for electric vehicles. The automaker also plans to spend $700 million to retool three of its Ohio plants to make electric vehicles and provide components for them.
- Invenergy, a prominent solar panel company from Chicago, unveiled plans for a $600 million investment, poised to establish the nation's largest solar panel production facility.
- Amazon, one of the world's tech giants, committed to an estimated $7.8 billion investment to the region over the next six years, earmarked for the development of cutting-edge data center operations. This commitment ranks as the second-largest private sector investment ever recorded in the state.
- Microsoft bought a $57 million parcel in Licking County, although it has yet to announce its plans for the site.
- Google committed to building two more data centers in central Ohio in addition to its existing data center in New Albany. These bring Google’s investment in Ohio to more than $2 billion, turning the state into one of the tech company’s fastest-growing data center hubs.
The confluence of these transformative investments is reshaping Central Ohio's economic landscape, promising boundless opportunities, innovation, and growth for the region – which means a need for more homes as families move to the area in search of jobs.
More jobs mean more homes
Central Ohio was the fastest-growing metro in the Midwest from 2010 to 2020, and trends indicate we will keep growing through 2050. The combination of all the announced projects in the region has a trickle-down effect that impacts housing. According to a report commissioned by the Building Industry Association (BIA) of Central Ohio, housing permits must increase approximately two-fold to meet the projected need for more than 100,000 new housing units in the next decade. This will keep pace to ensure a variety of attainable housing options are available to accommodate new residents and meet the demand for more walkable neighborhoods.
Trinity Homes builds homes that span Central Ohio, from Grove City to Olentangy and everywhere in between. Building with Trinity is the key to creating the perfect space designed for you and your unique style. As Vice President Justin Shear noted in his 2023 outlook, “We are focused on our individual customers' needs. Our niche is offering what our competitors don’t, and there will always be a market for a company willing to go the extra mile when others are not.”
Are you ready to get started? Contact our sales team today and start building your perfect home.
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