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.

Central Ohio Housing Report – May 2021

More records were set in May when the average number of days it took for a home to sell across central Ohio dropped to 14! The number of active listings did increase last month resulting in a higher number of sales as well. Read the full report below.

Homes Selling Faster Than Ever Before! 

The time it took a home to sell during the month of May dropped to its lowest point on record. According to the Columbus REALTORS® Multiple Listing Service, listed homes took an average of 14 days to sell.  

Days on market is calculated from the list date up until the actual day that the status is changed to Contingent, Pending, Temp off Market, etc. Days on market are the actual days that a property was Active.

“This is not necessarily how long the house has been on the market,” said Michael Jones, 2021 President, Columbus REALTORS®. “If an owner switches real estate agents, the number is reset. There are also occasions when a home is withdrawn and later relisted. This would also reset the DOM. However, REALTORS® are able to research the properties MLS history and can tell more effectively how long the property has been on the market.”  

Ten years ago, there were 17,603 homes for sale – 88 percent more than today, and yet home sales today are 50 percent higher. 

Market shares have also changed significantly over the last decade. In May 2011, homes under $350,000 accounted for 93.5 percent of the homes sold and it took an average of 109 days to sell. Last month, homes in that price range totaled 2,054, or 68.4 percent of the sales, and they sold in an average of 11 days! 

At the other end of the spectrum, there were 13 homes over $700K that sold in May of 2011 and it took an average of 251 days for them to sell. This year, there were 137 homes sold in that price range – a 592 percent increase in market share – and they sold in an average of 27 days!

“The dramatic changes in market share and days on market provide meaningful insight into the needs and wants of today’s home buyer,” added Jones. “And the fact that we have so many more buyers in the higher price ranges impacts the average market home sale price.”
 
The average sale price jumped 21.8 percent from to $315,127 and the median sale price rose from $233,000 to $275,000 which was an increase of 18 percent, year over year.
 
A welcome increase in new listings resulted in a rise in the inventory last month, even with an increase in home sales. New listings rose almost 21 percent from a year ago and almost eight percent from April.
 
The number of homes sales also rose 18.1 percent year over year and 7.1 percent from the previous month. And a healthy increase of 15.3 percent in contracts suggests strong home sales ahead for June.

May 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 – March 2021

Buyers are moving quickly on any new listings that come on the market. In March, just listed homes jumped 51% over February which resulted in a 36% increase of homes in contract as well!

If you’re considering a purchase or a sale, we can help you navigate this hectic, multiple offer market!  

New listings jump fifty percent in March

After two consecutive months of new listing declines, homes added to the market in March jumped 51.1 percent from the previous month. The 3,094 homes listed last month showed a marked improvement from the 2,047 new listings in February and 2,187 in January.

Buyers moved quickly on the added inventory putting 3,289 homes in contract, up 36.2 percent from February and 8.2 percent from last year.

This left the number of homes available for sale at the end of March at 1,639, down 51.9 percent from March of 2020, according to the Columbus REALTORS® Multiple Listing Service

As a result, months supply remains at 0.6 which means that, if no more homes were listed for sale, it would take just a couple weeks to sell the available inventory at the current sales pace.

“Inventory levels remain at record lows due to the significant increase in demand for homes in central Ohio that we’ve experienced for the last ten years,” said Michael Jones, 2021 Columbus REALTORS® President. “Meeting that demand is a process and will take time.”

“As every seller creates an opportunity, we’re hopeful that more homeowners will enter the market as things open up this spring and summer.”

Despite the drop in pending contracts reported in February, home sales increased almost 30 percent last month putting the first quarter of 2021 about three percent ahead of last year.

The average home sale price rose to $272,723 during first quarter 2021, an increase of 13.1 percent from one year ago. At $233,500, the median sale price reflected a gain of 11.2 percent.

Although homes have been selling in about 25 days this year, the time it takes a home to sell is based on several factors such as location, condition, and price. 

Homes under $350,000 sold in an average of 20 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 64 days to sell.

Homes under $350,000 sold in an average of 21 days. Homes sold between $350,000 and $500,000 took about 39 days to sell. Homes sold between $500,000 and $700,000 sold in an average of 57 days and homes over $700,000 took an average of 68 days to sell.
 
The average home sale price was $266,893 in February, an increase of 13.4 percent. At $255,500, the median sale price reflected a 7.4 percent gain.
 
With demand significantly outpacing supply, most homes sold in February sold for more than the list price. Those home that did sell for more than asking price, sold for an average of five percent more.
 
“Many homeowners have been reluctant to open their homes for showing due to concerns about the pandemic,” added Jones. “We expect to see an increase in sellers entering the market this spring as more and more people get vaccinated.”
 
March 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.

Building Your Career in Columbus Ohio

Columbus OH Convention Center

Interested in building your career in Columbus, Ohio? Good choice! The greater Columbus region includes 11 counties in Central Ohio, including over 2.1 million people and is the fastest growing metro area in the Midwest. The city of Columbus is the 14th largest city in the U.S. and the state capital.

Employment opportunities are diverse. For nearly a decade, Columbus has led the Midwest in job growth and GDP increases. The majority of employees in the region are white collar with an average age of 35.2 years and a strong Midwest work ethic.

Fifty-five college and university campuses are in the region including the Ohio State University. OSU is second among all national universities in industry-sponsored research. Fifteen Fortune 100 headquarters are located in the region, including household names such as Scotts, L-brands, JP Morgan Chase, Nationwide, and more. State employment offers many positions. Two world-recognized private research institutions are Chemical Abstracts and Battelle Memorial Institute. The world’s largest library cooperative is OCLC and is located in Dublin. Notable IT businesses include CoverMyMeds, Bold Penguin, Honda, and Saama. Columbus has been ranked as a nation hotspot for logistic companies. Major retail and insurance company headquarter also add to the mix of diverse opportunities. No single industry sector represents over 18% of area employment.

For more information to develop your personal career, visit Columbus Region or call 614-225-6063.