Your Real Estate Market Update:
Local Market Information provided by the Columbus Board of Realtors MLS. Last Updated May 21, 2019
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 adviser and help you make important business decisions when it comes to real estate.
(May 21, 2019 – Columbus, OH) – It’s no secret that the central Ohio housing market is hot right now. As demand continues to outpace supply, homes and condominiums are selling in record time.
During the month of April, homes under $350,000 sold in an average of 26 days. Homes sold between $350,000 and $500,000 took about 48 days to sell. Homes in the $500,000 to $700,000 price range sold in an average of 65 days, and homes over $700,000 were on the market for an average of 83 days according to the Columbus REALTORS® Multiple Listing Service.
“Because we have so many buyers looking for affordable homes, those homes in the lower price ranges are selling more quickly,” said John Myers, 2019 Columbus REALTORS® President. “In fact, five years ago, homes under $350,000 took three times longer to sell than today!”
There were almost 500 more homes listed for sale in April compared to the previous month. The jump from 3,200 to 3,700 new listings fueled increased market activity from the buyers looking for homes in central Ohio right now.
As a result, there were over 23 percent more homes sold and over 13 percent more homes put in contract in April.
The top ten school districts with the highest home sales in April were: Columbus, South-Western, Hilliard, Dublin, Olentangy, Westerville, Pickerington, Worthington, Newark and Upper Arlington. Seven out of those ten school districts averaged homes sales under $350,000.
“As market conditions are particularly advantageous for homes in the more affordable price range, those homeowners should seriously consider listing their home right now,” added Myers. “That would also help many folks looking to buy right now, especially our first-time home buyers trying hard to capture the dream of home ownership.”