Housing Market Update
Summer is here, and the Central Ohio real estate market remains very hot! Columbus, Ohio has remained in the list of top ten hottest real estate markets in America since March 2018, based on rising demand and how long it takes to sell a home.
There were over 3,200 home sales last month in central Ohio which is 5.6 percent higher than a year ago and over 20 percent more than April.
“We’re not surprised by the avid interest in homeownership in this area,” said John Myers, 2019 Columbus REALTORS® President. “Columbus is the fastest-growing metropolitan area in the Midwest. We offer a business-friendly environment as well as a plethora of things to do, events, entertainment, and an abundance of incredible culinary options. It’s not a shock that people want to live here!”
There were 4,397 homes newly listed for sale in May, an 18.5% jump in new inventory and a 16.5% jump in total inventory from the previous month
The ten school districts that saw the highest number of new listings in May included Columbus, South-Western, Olentangy, Dublin, Westerville, Hilliard, Pickerington, Upper Arlington, Worthington and Lancaster.
Prices also continue to rise in central Ohio. The average sales price of a home sold in May was $253,531, up 7.8 percent from one year ago.
“Although, increased home prices might seem like a deterrent, the drop in mortgage interest rates over the past three months means that housing affordability is the best it’s been in a year,” added Myers.
With lower mortgage interest rates and more inventory, this is a great time to buy a home in Central Ohio!