Housing Market Update
Summer is near, and the Central Ohio real estate market is hot! Demand continues to outpace supply causing homes to sell in record time, and at record prices.
The average days on market for homes under $350,000 was only 26 days in the month of April. Homes priced between $350,000 – $500,000 took only an average of 48 days to sell. The total average days on market for all homes last month was 32 days.
“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!”
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.
The average sales price of homes sold in Central Ohio last month was $242,063, a 7.4% increase from this time last year.
“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.”
With record high sales prices and record low days on market, this is a great time to list your home in Central Ohio.