TOLEDO, OH (WTOL) - The Glass City was ranked as the third cheapest place to buy a home in the entire country. Youngstown, Ohio and Lansing, Michigan came in at first and second.
Realtors say this is a great opportunity for buyers. The median price for a house in Toledo is $64,900, which means pretty much everything is on sale.
"In some neighborhoods, and it's going to vary from neighborhood to neighborhood, prices are where they were in the 1990s," said realtor Jody Zink.
Many factors have contributed to the plummeting prices in the city. Population growth in the area only rose about two percent during the last decade. That means a lot of existing real estate is on the market.
"The demand isn't necessarily as high," Zink said.
However, Zink said the housing crisis is probably the number one factor.
"Part of the reason that prices are so good right now are because of the number of foreclosures and short sales. Toledo has been hit really hard, but that has also created a lot of opportunities for buyers," she said.
Zink said you will find good bargains, but she said many foreclosed need maintenance or do not have plumbing.
"Sometimes you can find a diamond in the rough, but a lot of them are going to need work," she said.
Experts advise to work with a realtor to make sure your great deal is not actually a dud.
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