This Ohio town is experiencing the fifth highest home value increase in the country

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Zillow just released a report chronicling the year-over-year difference in home values by city. While the real estate market has experienced a temporary cool-down in many places, certain cities are still white hot.

It's no shock that Miami is the number one real estate market in the country, with home values increasing 10.49% since February 2022. Florida real estate, especially in Miami, has been skyrocketing for years.

What's more surprising are some of the other cities in the top 10. Oklahoma City, OK and Kansas City, MO, neither of which are known for their competitive real estate markets, both make an appearance.

Which Ohio city made the top 10?

Sitting at number 5, with a 6.22% increase in home values since February 2022, is Cleveland, Ohio.

This puts Cleveland above Jacksonville, Orlando, and Tampa, all of which have had huge increases in home prices since the pandemic.

A recent report by Redfin chronicled the migration currently happening in America. A record 25% of home hunters on the site are looking outside of their current city for real estate.

People in Detroit are some of the most likely to be looking outside of their city. Their destination of choice? Cleveland.

Cleveland wasn't the only Ohio city on Zillow's list. Columbus is in 11th place at 5.56% growth in home values and Cincinnati is 15th with a 4.83% growth in home value.

Why are people moving to Ohio?

There are a few reasons that people currently living in metropolises are moving to mid-sized cities and mid-sized city dwellers are checking out smaller towns.

The pandemic significantly increased the number of people who can now work from home. These individuals have a freedom they never had before - the opportunity to live away from their employer. Because of this, people are now choosing locations based on their preferred lifestyles.

Finances are also an important factor. Ohio's cost of living, while increasing with the rest of the country, is relatively low compared to those who live in larger cities. If you can buy a larger home for less than the cost of your current home, that represents a significant financial advantage.

While America's less affordable cities may experience a softening in their markets over the next few years, places like Ohio, with its high quality of life and low cost of living, can expect their real estate markets to continue heating up.