Central Ohio Poised For Record Year

(Dec. 22, 2020 – Columbus Ohio) – Housing market activity for November and the first 11 months of 2020 has proven surprisingly strong in the wake of a pandemic that continues to plague the country. Central Ohio home sales, prices are at record highs and homes are selling in record time, whereas inventory is at a record low according to the Columbus REALTORS® Multiple Listing Service.

Home sales last month increased by 12.7 percent. Year to date sales are up 3.6 percent and poised to end 2020 as the highest sales year in central Ohio history.

Over 2,900 homes were put in contract in November suggesting yet another increase in sales for December.

Homes sold between $350,000 and $500,000 have accounted for 14 percent of the sales so far in 2020, up almost 28 percent from last year. Five percent of the homes sold during the first 11 months of 2020 sold for $500,000 to $700,000, an increase of 28.6 percent. And homes over $700,000, roughly two percent of the total homes sold this year, are showing an increase of almost 30 percent (146 homes).

Listings under $350,000, which make up almost 80 percent of the sales so far in 2020, are down 1.3 percent from last year.

“Homes over $350,000 are responsible for the increase in sales this year,” said Andy Mills, 2020 President of Columbus REALTORS®. “However, homes in the more affordable price ranges, which include options for most first-time home buyers, are down because we have simply don’t have the inventory to meet the demand.”

The average sales price of a home during the month of November was $269,391, up 15.3 percent from November of 2019. The median sales price last month was $235,000 which was an increase of 14.6 percent from a year ago.

The number of homes for sale dropped again in November to 2,591 which is 45.3 percent lower than a year ago and 19.7 percent lower than the previous month. This left central Ohio with less than a one-month supply meaning that, if no more homes were added to the market, those homes listed would be sold in less than a month at the current sales pace.

“Traditionally, housing activity recedes slightly when kids go back to school and the holidays approach,” said Mills. “But virtual school and flexible work from home schedules fueled by record low-interest rates have proven just the opposite as demand for housing continues to escalate.”

November 2020 Housing Report

Columbus REALTORS® is comprised of over 8,600 real estate professionals engaged in residential sales and leasing, commercial sales and leasing, property management, appraisal, consultation, real estate syndication, land development and more.

The Columbus REALTORS® Multiple Listing Service (MLS) serves all of Franklin, Delaware, Fayette, Licking, Madison, Morrow, Pickaway and Union Counties and parts of Athens, Champaign, Clark, Clinton, Fairfield, Hocking, Knox, Logan, Marion, Muskingum, Perry and Ross counties.

Central Ohio Homes Continue to be a Good Investment!

Home values continue to rise in Central Ohio and are currently 7.7% higher than the same time last year.  This is a good time to sell should you be considering a change of residence.  There are also more options for buyers as more property is available for sale.  Contact The Columbus Team for a more detailed update and market report for your specific area.  Read the entire Market Report below.

Central Ohio homes are a good investment

Central Ohio homes are a good investment!

(Dec. 19, 2018 – Columbus, OH) – Home prices continue to rise in central Ohio as the median sale price of a home sold from January through November 2018 was $195,000 which is 7.7 percent higher than homes sold during the same period last year. The average sale price for the first eleven months of the year was 228,062, up 6.1 percent from last year according to the Columbus REALTORS®.

The median sales price is the midpoint, where half the homes sell for less, while half sell for more. The average sales price is the total volume divided by the number of homes sold

“As REALTORS®, we are pleased that the statistics demonstrate real estate continues to be an excellent investment vehicle,” said Sara Walsh, 2018 President of Columbus REALTORS®. “Real estate investment offers a favorable alternative to the stock market and, in the current market, is a lower risk yielding better returns while offering diversification.”

“A home is more than just an investment, it’s shelter, a place to create memories as well as a place to build a strong financial future.”

Inventory levels in central Ohio have been rising over the last three months and now stand at just under 5,000, up over eight percent from one year ago. 

There were 2,207 residential homes listed for sale last month, which is five percent more than a year ago and the highest number of new listings for the month of November since 2012.

“Inventory levels have been at record lows in recent years, so the additional homes for sale have been a welcome change for local buyers,” added Walsh. “This solid housing demand, fueled by a growing economy and low unemployment, reinforces the health of the central Ohio market. 

Home sales were up slightly (0.6 percent) last month but were down 1.6 percent year to date (January through November). Homes in contract were down 8.0 percent. 

“Although home sales were up in November, we’re still trailing 2017,” added Walsh. “Given that pending sales were down eight percent last month, it’s unlikely that 2018 will pull ahead, in terms of home sales, by the end of the year.”

According to the latest Housing Market Confidence Index by the Ohio REALTORS®, 93 percent of central Ohio REALTORS® maintain that our local housing market performance has been as good or better than anticipated.

When asked what their buyer’s thought of the housing market this year, 48 percent believed it was an okay time to buy a home and 45 percent thought it was a good time to buy a home. 

Current housing report – November 2018

Columbus REALTORS® is comprised of over 8,300 real estate professionals engaged in residential sales and leasing, commercial sales and leasing, property management, appraisal, consultation, real estate syndication, land development and more.

The Columbus REALTORS® Multiple Listing Service (MLS) serves all of Franklin, Delaware, Fayette, Licking, Madison, Morrow, Pickaway and Union Counties and parts of Athens, Champaign, Clark, Clinton, Fairfield, Hocking, Knox, Logan, Marion, Muskingum, Perry and Ross Counties.