Overview of Recent Population Trends in Central Ohio
Central Ohio has distinguished itself as one of the fastest-growing regions in Ohio, particularly from 2020 to 2023. This period has seen significant shifts in population across various counties, offering unique opportunities and challenges in the real estate sector.
Leading Counties in Growth
Union County stands out as the state’s fastest-growing county with a remarkable 10.4% increase in population over three years, growing from 63,085 residents in 2020 to 69,637 in 2023. This county also showcased a notable 4.1% growth from 2022 to 2023 alone, ranking it 32nd nationally and making it the only Ohio county to be included in the top 50 for that year.
Delaware County added the most residents in Central Ohio, with a population rise from 215,166 in 2020 to 231,636 in 2023, an addition of 16,470 people. It also experienced the highest net migration in the state, with about 12 people moving in each day in 2023.
Other Significant County Developments Near Central Ohio
- Warren County and Fairfield County both saw a growth of 3.7%, ranking third in the state for three-year population growth.
- Licking County also made the top five with a growth rate of 2.5% over the same period.
- Franklin County, the largest in Ohio, had a minimal population increase of 1,622 over three years but faced a net migration loss of 2,527 last year, indicating a daily decrease of about seven people.
Real Estate Implications For Central Ohio
Rising Demand in Growing Counties
The substantial population increase in areas like Union and Delaware counties correlates with heightened demand for housing. This dynamic can drive up property values and shorten market times, creating lucrative opportunities for sellers and a competitive environment for buyers.
Challenges in Shrinking Areas
Conversely, Franklin County’s net migration loss highlights potential challenges in the real estate market, including possible decreases in demand and property values in areas experiencing population decline.
Additional Insights: Population vs. Real Estate Trends
While the general population in Central Ohio grew by 38,156 to reach 2.08 million in 2023, Ohio overall saw a decrease of 12,357 people. This contrast between regional growth and statewide decline can influence real estate strategies, particularly in targeting where to buy or sell properties.
Central Ohio With Population Growth and Homeownership
Population increases in specific counties often indicate robust economic conditions, which can enhance homeownership rates. Conversely, areas with declining populations may see reduced home buying activity, affecting the real estate market’s vibrancy.
Conclusion: Strategic Opportunities in Central Ohio
For those engaged in the Central Ohio real estate market, understanding and leveraging these population trends are crucial. At Sell for 1 Percent, we offer full-service brokerage at just 1% commission, providing significant savings for our clients in both buying and selling homes. Our expert knowledge of local demographics and market trends ensures that whether you are buying or selling, you can make the most informed and financially advantageous decisions. Engage with us to navigate these dynamic times and capitalize on the opportunities in Central Ohio’s evolving real estate landscape.
