November 2021 Housing Report: 2021 Home Sales Have Already Passed 2020
There have been 33,548 homes and condominiums sold in central Ohio this year (January through November). Not only is this 9.3 percent higher than the same period last year, but it surpasses the total number of homes sold (33,431) in 2020.
Sales last month were 8.7 percent higher than last year and set a record for home sales during the month of November.
The median sale price increased 11.4 percent to $261,835 in November, and the average price of $295,723 marked a 9.8 percent increase from last year.
Although housing activity slows heading into the winter months, November saw the highest number of new listings since November 2007. Year to date (January through November), new listings are up to 38,033.
“The last time we had this many new listings was in 2010 when there were 17,471 homes for sale and sales were less than half of what they are today,” said Michael Jones, 2021 President of Columbus REALTORS®. “So, the fact remains, we are not seeing fewer homes being listed, we’re seeing an exponential increase in the number of folks looking to buy in central Ohio.”
The high demand left inventory at 2,619 and the months supply at 0.9 which means, if no more homes were added to the market, buyers would deplete the stock in less than a month.
“Even with the seasonality of real estate in central Ohio, we’re still seeing strong buyer activity,” added Jones. “With economists forecasting mortgage interest rate increases for 2022, sidelined buyers shouldn’t procrastinate too long.
Roughly one in five homes (19.3 percent) were cash transactions in November. Of those buyers that financed their home purchase, just over half (53.1 percent) used conventional financing, 9.4 percent used FHA financing and 4.6 percent secured a VA loan.
It took an average of 17 days to sell a home in November. Homes under $500,000 sold in an average of 16 days. Homes in the $500,000 to $700,000 price range sold in an average of 20 days, and homes over $700,000 were on the market for an average of 39 days.
For the first eleven 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 24 days to sell and homes over $700,000 sold in an average of 36 days.
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.