Your Real Estate Market Update:
Local Market Information provided by the Columbus Board of Realtors MLS. Last Updated September 20, 2018
Here you will find the latest local housing trends that will give you insights, updates and analysis to your local marketplace. If you have any questions about this report or anything else related to real estate, please feel free to reach out to us. We are proud to be a trusted advisor and help you make important business decisions when it comes to real estate.
Existing Home Prices Continue to Climb (September 20, 2018 – Columbus, OH)
Central Ohio homes and condos continue to perform, thus, producing an increase in the average price of a home sold in central Ohio this year. Through August this year, the average price of a home sold was $229,033, which is up 6.4 percent from a year ago. The median sales price was $195,000, up 7.4 percent from August 2017.
In contract properties dipped 6.7% in August from July, while closed sales rose 2.3% for the same period.
“Scarce supply of homes in some price points are still producing quicker sales, even though the number of sale pending properties has fallen,” said 2018 Columbus REALTORS® President Sara Walsh. “Listings in the higher price points tend to take longer to sell. A smaller pool of buyers with more discerning requirements contributes to these longer marketing times.”
Year to date (January through August 2018), homes listed under $200,000 sold in an average of 25 days. Homes sold between $200,000 and $500,000 took about 30 days to sell. Homes in the $500,000 to $700,000 price range sold in an average of 76 days, and homes over $700,000 were on the market for an average of 95 days.
The average price of a home sold in central Ohio this year (January through August 2018) was $229,033 which is up 6.4 percent from a year ago. The median sales price was $195,000, up 7.4 percent from August 2017.
There were 3,249 homes and condos sold in August, which is 1.3 percent higher than July, yet 3.2 percent below August 2017.
“It is important to acknowledge that real estate is local and marketing practices based on market knowledge must be specialized,” Walsh said. “Only REALTORS® have a true pulse on the needs and wants of the consumer.”
There were 3,821 homes and condos added to the central Ohio market in August, a 1.6 percent increase over the same month a year ago although down 1.0 percent from July.
This brought inventory up to 5,429, an increase of 4.7 percent from July, although down slightly (0.3 percent) from August 2017. This left central Ohio with a 2.0 months’ supply of inventory at the current sales pace.