Your Real Estate Market Update:
Local Market Information provided by the Columbus Board of Realtors MLS. Last updated October 24, 2022.
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.
CLICK THIS LINK TO VIEW YOUR LATEST NEIGHBORHOOD MARKET: https://marketstatsreports.showingtime.com/CR/sst/2022-02/main.htm
September 2022 Housing Report:
COLUMBUS GETS NATIONAL RECOGNITION FOR AFFORDABLE HOUSING
Columbus received national recognition as a healthy housing market and buyers are still reeling in benefits despite rising interest rates. Columbus REALTORS® breaks down the September housing report for central Ohio.
In September, homes spent more time on the market. On average, it took about 18 days for a home to sell compared to 14 days last September.
“Sellers will need to have a bit more patience when they list their home this fall,” said Sue Van Woerkom, 2022 President of Columbus REALTORS®, “Waiting for the right buyer will benefit them. Their homes are still holding tremendous value and then some.
The average sales price jumped 9.9% since last September. Year to date the gains were even greater. People selling their homes in September saw an 11.5% sales price increase compared to what their property was worth in January.
New inventory on the market was tight in September across central Ohio. There was a decrease in selection by more than 14% since last September. Home buyers had just over 3,100 new homes to choose from in September.
Despite the squeeze on new inventory, the overall inventory of homes available on the market rose more than 20%.
“This means home buyers have a bigger selection and can negotiate a bit more for those homes that have been sitting on the market longer, “said Van Woerkom.
Columbus is recognized as one of the hottest and most affordable housing markets in the United States.
The Capital City ranks fifth on Realtor.com’s hottest housing markets list for September.
“It’s no surprise our midwest city ranks as one of the hottest housing markets, “ said Van Woerkom, “Columbus is still a more affordable place to live compared to many cities to our West and the East coast.”
Realtor.com zoned in on cities seeing high demand and continued price growth. According to Realtor.com, the Columbus market has a healthy number of potential buyers checking out multiple listings.
“This research shows that potential buyers should have their ducks in order with their finances and mortgage pre-approval because homes are moving faster in Columbus than other regions,” said Van Woerkom, “Hiring a REALTOR® can make the home buying process smoother, faster and more enjoyable.”
Several communities in central Ohio stood out in September.
German Village, Plain City, Lithopolis, and Sunbury all shined for their closing sales and average sales price increase. German Village, Plain City, and Lithopolis saw triple-digit increases in the number of their closing sales.