Housing Market Update
The weather is hot here in Central Ohio, but the real estate market is even hotter! Homes in central Ohio continue to sell very quickly. In June, the days on market dropped to 23, with the more affordable homes selling in an average of 18 days.
Last month, it took an average of 18 days for homes listed for $350,000 or less to sell. Homes for sale between $350,000 and $500,000 took about 30 days to sell.
It took an average of 53 days for homes in the $500,000 to $700,000 price range to sell, and homes over $700,000 were on the market for an average of 72 days according to the Columbus REALTORS® Multiple Listing Service.
“In addition to price, location and condition of the home play a vital role in determining the demand and length of time it will take a property to sell,” said John Myers, 2019 President of Columbus REALTORS®. “And marketing strategies vary significantly based on all of these factors.”
Total inventory at the end of June was 4,784, up 7.1 percent higher from May, but 2.6 percent behind the level of inventory seen in June of 2018.
Prices also continue to rise in central Ohio. The average sales price of a home sold in June was $241,132, up 6.4 percent from the first six months of 2018.
“Even with the price increases, low mortgage rates are keeping homes affordable. But demand is also keeping the pace highly competitive,” added Myers.
“That’s why using a REALTOR® is so important as they can help both buyers and sellers navigate this unique housing market.”