By 1808Delaware
What began as a housing trends report has become something broader and more revealing.
Delaware County’s Economic Development Department has recast its earlier housing report as a fuller State of the Market report, reflecting a simple but important reality: housing, retail, office, and industrial development do not move separately. The March 2026 edition is the first to adopt that expanded format, building on a recommendation in the county’s 2023 Economic Development Strategic Plan and offering a wider look at the forces shaping one of Ohio’s fastest-growing counties.
That shift matters because Delaware County’s growth can no longer be understood through home prices alone. The report’s larger point is that the county is now dealing with one interconnected real estate market, where construction costs, labor availability, income levels, commercial demand, and housing supply all affect one another.
Housing Remains Costly, But Price Growth Has Slowed
The county remains the most expensive in the region on a per-home basis. Median sale price rose from $495,000 in 2024 to $510,000 in 2025, while average sale price increased from $538,388 to $563,672. But the report says that when prices are measured against inflation and household income, they have essentially remained flat from 2023 through 2025.
That does not mean housing is suddenly affordable. It means the explosive run-up appears to have eased into a more stable, but still elevated, market. The report also points to slower construction activity, with higher interest rates and unusually high Central Ohio construction costs continuing to weigh on new development. It ties part of that cost pressure to intense labor demand generated by major regional projects such as Intel and Anduril.
Rentals Are Expensive, But the Market Is Loosening
The rental market tells a different story. Delaware County posted the highest rent per unit in both Ohio and the Columbus region at $1,589 in the fourth quarter of 2025. At the same time, vacancy stood at 13.10 percent, above both the Columbus and national rates, and the report says vacancy has remained elevated for six straight quarters.
That mix suggests a market that is still expensive but no longer tightening the way it once did. The county says rent growth has slowed, and that inflation has recently outpaced rent growth because of the number of completed units coming online. In plain terms, apartments remain costly, but the pressure may be easing.
Retail Is The Clear Bright Spot
Among the commercial categories, retail stands out.
The report describes retail space as being at a premium in Delaware County, with asking rents above the national average and vacancy at just 2.0 percent in late 2025. It points to major centers such as Polaris and Tanger Outlets, but also says the county’s broader retail market remains strong because of its high household income and consumer spending power.
Industrial Has Demand, But Limited Opportunity
Industrial real estate is a more mixed picture. Vacancy is low at 3.5 percent, which points to demand, but the county saw no industrial space delivered over the previous 12 months in the fourth quarter of 2025. The report’s conclusion is that the main obstacle is not lack of interest, but lack of ready-to-build sites. It also notes that Delaware County remains the least industrialized of the suburban Central Ohio counties on a per-capita basis.
Office Continues To Drift
The office market remains the weakest part of the report. Vacancy in Delaware County stood at 6.9 percent in late 2025, with no office space under construction and none delivered over the prior year. The county describes the sector as largely stagnant, shaped by remote and hybrid work patterns that continue to limit demand.
A County Moving From Boom To Balance
The real value of the report is not any one number. It is the broader picture it creates.
Delaware County is still growing, still attracting investment, and still commanding high prices. But the market is no longer defined simply by acceleration. Housing is costly but steadier. Apartment demand is softening. Retail is thriving. Industrial growth is constrained by site availability. Office remains flat. Construction costs continue to affect nearly everything.
That is not a story of slowdown so much as a story of maturity. For a county long defined by rapid expansion, the more important question now may be not whether growth continues, but what kind of growth Delaware County is prepared to support.
The full report can be read here:
2026.3-ED-State-of-the-Market-Report
