Housing Report | The Columbus Team | Columbus & Central Ohio Real Estate

Central Ohio Housing Report – September 2021

The highest number of new listings came on the market in the third quarter of 2021. The last time this many homes were listed in a single quarter was 2006! Of those new listings almost 90 percent went into contract. Read the entire market report below for more interesting facts about central Ohio housing.

Record Listings & Sales in 3rd Quarter

Although inventory has been decreasing for the better part of 12 years, the central Ohio housing market saw year over year gains in the third quarter resulting in record home sales.

Third quarter saw 12,291 homes added to the market, which was almost 13 percent higher than 2020 (10,903). This is the highest number of new listings added in a quarter since 2006 when total inventory was over 18,600 and REALTORS® were selling 53 percent of the new listings.

Last quarter, home sales averaged over 3,600 as REALTORS® sold almost 90 percent of the new listings setting new records for home sales in central Ohio.

“Tight inventory over the past several years created a very competitive market causing some angst for many home buyers,” said Michael Jones, 2021 President, Columbus REALTORS®. “The increase in new listings has been a benefit and, as a result, we saw significant increases in homes that went into contract or have already sold.”

The average sale price increased 8.5 percent to $301,572 and the median price was $269,900 in September, a gain of 12.5 percent. Year to date, the average sale price was $298,817 and the median sale price was $260,000, up 13.5 percent and 13.0 percent respectively.

Conventional financing still reigns with almost 64 percent of the home sales in 2021.

The share of homes that sold for cash, versus financing, is just over 20 percent this year which is 1.5 percent more than in 2016, but still 7.3 percent fewer than homes sold a decade ago.

“Cash sales have been credited as the reason many home buyers have been at a disadvantage in getting the winning contract,” said Jones. “However, this new data suggests that buyers seeking financing still dominate the lion’s share of home sales and can be successfully competitive.”

The time it took to sell a home rose to 14 days last month.

Homes under $350,000 sold in an average of 12 days. Homes sold between $350,000 and $500,000 took about 15 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 26 days.

For the first three quarters 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 13 days. Homes priced $350,000 -$500,000 took 17 days. Homes between $500,000 and $700,000 took 25 days to sell and homes over $700,000 sold in an average of 36 days.

September 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 – 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

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

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