Housing Market Update
Spring is here, and so are the home buyers! 1,741 homes were sold last month which was 3.7% higher than this time last year, and 8.9% higher than in January 2019.
After peaking late last year at just over five percent, home mortgage rates have come down a half percent (or more) giving buyers the option of more home for their money.
“As mortgage interest rates have come down, more buyers have re-entered the market and competition remains fierce,” said John Myers, 2019 Columbus REALTORS® President. “REALTORS® report that, if a house comes on the market that is in good condition and is realistically priced, it is likely to sell quickly.”
Prices, also, continue to increase. The median price of a home sold in February was $189,700, an increase of 7.2 percent from a year ago. The average sale price was $220,694, an increase of 4.7 percent over February 2018.
“As spring approaches, we’re going to see more houses listed for sale,” added Myers. “Sellers can take full advantage of the low inventory and higher prices by listing their home now.”
So, if you are looking to sell your home in 2019, this is a great time. Buyers are flooding the market, and sales prices continue to rise, yielding more proceeds!