Housing Market Update
School is back in session and summer is almost over, but home inventory and prices are still on the rise in the Central Ohio real estate market!
Typically, real estate starts to slow down once the school year begins and families adjust to the new schedules, but inventory increased, and so have the average sales price of homes. Inventory on homes and condos for sale in Central Ohio last month was 5,185, a 5.5% increase from June. The average sale price of homes sold last month was $238,655, a 5.2% increase from this time last year. The average days on market for July was 23 days, holding steady from last month.
“The slight increase in inventory is encouraging for buyers,” said 2018 Columbus REALTORS® President Sara Walsh. “Buyers are still actively house hunting with both interest rates and home prices continuing to rise. Now is the time for serious buyers to partner with a REALTOR® to get their proverbial foot in the door.”
“Central Ohio sellers recognize it continues to be an excellent time to put their home on the market,” Walsh said. “With the continued demand and good appreciation, sellers are reaping the benefits of homeownership.”
According to the latest Housing Market Confidence Index by the Ohio REALTORS®, 100 percent of central Ohio REALTORS® describe the current housing market in their area as moderate to strong and 89 percent expect prices to increase over the next year.
So, if you are considering selling your home, now is a great time to get it on the market, so you can be transitioned before the harsh weather and holidays arrive.
For a detailed report on your neighborhood, contact The Alfriend Group today at (614) 395-1776 or email us at firstname.lastname@example.org.