Central Ohio Housing Report – August 2021

Three out of five homes sold last month sold over the asking price! The central Ohio housing report graph below is a helpful visual reference showing how often and by how much that was happening. Although inventory is still tight, there were 24% more homes on the market than last year at the same time.

Homes Selling for More than List Price

Unusually high demand for homes in central Ohio and lack of sufficient inventory has resulted in homes selling for more than the asking price for the last couple years.

The number of homes that sold for less than the list price as well as those that sold for more than the list price started almost equally early in 2021. However, homes that sold for more than the asking price escalated quickly and peaked this summer.

Three out of every five homes sold in August sold for more than the home was listed for according to Columbus REALTORS®.
“With such tight inventory, many buyers continue making the decision to offer more than the home was listed,” said Michael Jones, 2021 President, Columbus REALTORS®. “However, in the last couple months, buyers seem to be more contemplative when considering their offers and how much they’re willing to go over what the home may appraise for.”

Even with the tempering of over list price offers, August recorded the highest number of home sales in central Ohio history. The 3,694 sales last month was 9.3 percent higher than one year ago. Year to date (January – August), home sales are 10.3 percent ahead of 2020.

Record high contracts documented in August suggest home sales in September will also be impressive.

The number of listings added to the market last month was almost 12 percent higher than August of 2020, but down almost 13 percent lower than July.
“Fewer homes listed for sale in the fall is not surprising as kids head back to school and traditionally, the housing market tends to take a breath,” added Jones.

“However, even with record sales last month, the number of homes still available for sale was 24.4 percent higher than last year, providing buyers with even more selection.”

The time it took to sell a home remained at 11 days last month.

Homes under $350,000 sold in an average of 9 days. Homes sold between $350,000 and $500,000 took about 10 days to sell. Homes in the $500,000 to $700,000 price range sold in an average of 17 days, and homes over $700,000 were on the market for an average of 28 days.

For the first eight months of 2021, homes have sold in an average of 16 days. Breaking this down by price range, homes under $350,000 sold in an average of 14 days. Homes priced $350,000 -$500,000 took 17 days. Homes between $500,000 and $700,000 took 26 days to sell and homes over $700,000 sold in an average of 38 days.

The average price of a home sold in August was $308,087, up 10.4 percent from August of 2020. The median sale price was up 13.2 percent to $275,000.

August 2021 Housing Report

Columbus REALTORS® is comprised of almost 9,500 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, Marion, Morrow, Pickaway and Union Counties and parts of Athens, Champaign, Clark, Clinton, Fairfield, Hocking, Knox, Logan, Muskingum, Perry and Ross counties.

Central Ohio Housing Report – July 2021

Last month saw double digit increases in homes coming on the market which helped many patient buyers finally find the homes they’ve been waiting for! Sales did not see a corresponding bump which suggests the fall market may see a change in the fast pace of the past year. Continue reading for the full market report in central Ohio…

More inventory, fewer sales!

For the fourth consecutive month, new listings increased by over 20 percent. Given the lack of inventory needed to meet demand for the last few years, double-digit increases in new listings have been accompanied by a corresponding increase in home sales.

But that wasn’t the case in July according to the Columbus REALTORS® Multiple Listing Service.

There were 4,612 homes added to the central Ohio market last month, which was an increase of 21.0 percent from last year. However, at 3,630, the number of home sales only increased 2.7 percent – a marked change from the double-digit increases seen in eight of the last 10 months.

“It’s possible we’re seeing a change in the pace of housing activity as we head into the fall,” said Michael Jones, 2021 President, Columbus REALTORS®. “The welcome increase in inventory is giving buyers more choices, as well as a little more flexibility to consider their options.”

The average price of a home sold in July was $313,737, up 12.8 percent from July of 2020. The median sale price was up 12.2 percent to $275,000.

Thus far in 2021, just under five percent of homes listed had list price increases prior to sale. However, 12.6 percent of homes needed a decrease in the list price in order to sell.

These price adjustments have trended down since the beginning of the year. Last month, just under 15 percent of homes saw price adjustments, whereas in January, 27.2 percent of homes had an adjustment to their price prior to sale.

“As REALTORS®, we recommend pricing a home at market value, usually a value that will appraise,” said Jones. “If the current market supports a higher value, we’ll see that in the offers.”

The time it took to sell a home remained at 11 days last month.

Homes under $350,000 sold in an average of 9 days. Homes sold between $350,000 and $500,000 took about 12 days to sell. Homes in the $500,000 to $700,000 price range sold in an average of 15 days, and homes over $700,000 were on the market for an average of 18 days.

For the first seven months of 2021, homes have sold in an average of 17 days. Breaking this down by price range, homes under $350,000 sold in an average of 14 days. Homes priced $350,000 -$500,000 took 18 days. Homes between $500,000 and $700,000 took 27 days to sell and homes over $700,000 sold in an average of 40 days.

July 2021 Housing Report

Columbus REALTORS® is comprised of over 8,700 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 Housing Report – June 2021

The Central Ohio real estate market set more records in June!

“Ten years ago, it took almost 100 days to sell a home priced between $350,000 and $500,000. Last month, it took an average of ten days!”

There is also good news for buyers; more new listings that came on the market resulted in the highest number of homes sold on record during any single month! We expect the number of homes being listed to continue to increase going into fall.

Record sales at record prices in record time!

A healthy influx of new listings in June resulted in the highest number of homes sold on record during any single month. There were 3,644 homes closed during this busy summer month, which was 15.6 percent higher than last year and 21.3 percent higher than May.

For the first half of 2021, home sales are also at a record high of 16,033 and 12.6 percent higher than last year according to the Columbus REALTORS® Multiple Listing Service.

“Over the last year, we’ve averaged about 3,000 new listings each month”, said Michael Jones, 2021 President of Columbus REALTORS®. “But last month, we had 4,359 homes added to the market for sale. This was quite the boon for motivated buyers who acted quickly to put them in contract!”

Homes that went into contract in June set another record which, combined with the increase in new listings, suggest strong homes sales in July.
 
The average price of a home sold in June was $316,207, an increase of 15.8 percent from a year ago. The median sale price was $275,000, an increase of 14.1 percent over June 2020.
 
Year to date, homes sold during the first six months of 2021 sold at an average of $292,860 which is 15.9 percent ahead of last year. The median sale price of $251,000 is 13.1 percent higher than a year ago during the same period.

Not only were new listing and sales activity strong last month, but the time it took to put a home in contract dropped to an all-time low of 11 days in June 2021.
 
Homes under $350,000 sold in an average of 9 days. Homes sold between $350,000 and $500,000 took about 10 days to sell. Homes in the $500,000 to $700,000 price range sold in an average of 19 days, and homes over $700,000 were on the market for an average of 40 days.
 
For the first half of the year, homes have sold in an average of 18 days. Breaking this down by price range, homes under $350,000 sold in an average of 15 days. Homes priced $350,000 -$500,000 took 20 days. Homes between $500,000 and $700,000 took 30 days to sell and homes over $700,000 sold in an average of 45 days.
 
“Although homes under $350,000 have always been in high demand, we’re seeing significantly increased interest for homes in the higher price ranges this year,” added Jones. “And as demand is higher, most homes are selling more quickly.”
 
“Ten years ago, it took almost 100 days to sell a home priced between $350,000 and $500,000. Last month, it took an average of ten days!”

June 2021 Housing Report

Columbus REALTORS® is comprised of over 8,700 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.

Best Place to Invest In Real Estate

As the pandemic drags on, home sales in Columbus, Ohio have definitely been affected. However, the numbers show very clearly that the effects are positive. In August 2020, we experienced robust activity for both buyers and sellers. Homes sold more quickly as well. Ohio continues to be listed nationwide as one of the best places to invest in real estate.

Another unusual aspect involves the effects of school closures on families that traditionally move during the summer months. They will now have a longer period of time to find a new place and get settled. In spite of continuing cases of covid-19 reported in Ohio, the general public is doing its best to return to normal. There are positive signs afoot and families do seem to be looking forward more this year to Thanksgiving and Christmas. Keep reading to learn all the specifics.

Record home sales in August!

(Sept. 22, 2020 – Columbus Ohio) – The central Ohio housing market saw record home sales in August 2020 as almost 3,400 homes and condominiums changed hands, up almost five percent from last year and the highest number of sales documented for this late summer month.
 
The number of homes closed during the first three quarters of 2020 is now just 1.3 percent behind 2019 according to the Columbus REALTORS® Multiple Listing Service.
 
“Traditionally we experience a higher number of sales in August as buyers seek to move into a new home prior to the start of the school year,” said Andy Mills, 2020 Columbus REALTORS® President. “However, given that so many children are now attending school virtually, or in a hybrid situation, that opens up a broader time frame for families to pursue a move.”

Days on Market.  Record home sales continue to prove that Ohio is one of the Best Places to Invest In Real Estate

Homes sold even more quickly than in months past during August. Homes under $350,000 sold in an average of 17 days. Homes sold between $350,000 and $500,000 took about 33 days to sell. Homes sold between $500,000 and $700,000 sold in an average of 52 days and homes over $700,000 took an average of 75 days to sell.
 
Although the number of residential homes and condominiums for sale during the month of August 2020 trailed the previous month by just 7.0 percent, the month was 47.0 percent less than the number for sale during August 2019.
 
There were 3,600 homes newly listed for sale last month providing motivated buyers additional inventory to consider.
 
As a result, there were almost 4,200 homes put into contract in August, a jump of 14.9 percent from 2019 and up slightly (0.8 percent) from July 2020.
 
For the second consecutive month, the average sale price exceeded the last list price. The average sale price in August was $279,134, up 12.8 percent from last year and the median sale price of $243,000 rose 13.8 percent over August 2019.

“Real estate has been, and remains, the foundation of wealth building for the middle class and a critical link in the flow of goods, services, and income for millions of Americans,” added Mills. “Accounting for nearly 15 percent of the Ohio gross state product, real estate is clearly a major driver of the U.S. economy.”

Current housing report – August 2020
 

Columbus REALTORS® is comprised of over 8,100 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.

The Reason Columbus ranked #1 Hottest Housing Market in March

reason Columbus ranked #1 hottest housing market in March
We’ve always thought Columbus was a hot market but the stats this month back up our favoritism!

(April 22, 2019 – Columbus, OH) – Earlier this month, the Columbus area was ranked #1 hottest housing market in March by Realtor.com based on home listing activity and days on the market.

Last month, there were one thousand more homes listed for sale compared to February. The jump from 2,200 to 3,200 new listings generated increased interest and foot traffic from buyers actively seeking to purchase a home in central Ohio.

As a result, more homes were sold or put in contract in March according to the Columbus REALTORS® Multiple Listing Service.

Months supply remains at 1.4 meaning that, if no more inventory were added to the market, it would take less than a month and a half to sell the current inventory based on the current sales pace.

“Even with the increase in new listings, we ended the month with roughly the same number of listings as we had in February,” said John Myers, 2019 Columbus REALTORS® President. “This means consumers bought as much as was added to the market.”

Although March 2019 homes sold or pending sale was down from one year ago, sales were up 24.7 percent from the previous month and homes that went into contract spiked 32.3 percent from February.

The median sale price of a home in central Ohio sold during the first quarter was $189,900, up 6.1 percent from one year ago. The average sale price was $221,372, up 3.9 percent from the first quarter of 2018.

“Given our strong job growth, low-interest rates and so many central Ohio buyers looking to buy a new home, we’re hoping to see new listings continue to increase as we head into the summer months,” added Myers.

Current housing report – March 2019

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.