Housing Market Update
Fall is here, and it is still a great time to list your home before the holidays are upon us! With a decrease in overall inventory, buyers get excited to see a new listing added to the market. The reduced competition combined with an increase in average sales prices, make it an ideal time to sell a home!
Only 3,690 central Ohio homes and condos were added to the market in August, which was 4.6% fewer than July and 3.4% less than August 2018.
“The shortage of homes for sale actually works in favor of the housing market,” said John Myers, 2019 President of Columbus REALTORS®. “Lower housing supply up against strong buyer demand as well as record home equity would cushion the effects of any recessionary activity we might see.”
The average price of a home sold in central Ohio year to date has climbed to $243,558, an increase of 6.3% from this time last year. The median price of a home sold during the first eight months of the year is up to $211,000, which is an 8.2% increase from the previous year.
“Although home values have been increasing steadily over the last several years, home owners still need to be realistic when pricing their home for sale,” added Myers. “Buyers may become wary of overpriced homes and could choose to wait rather than pay too much for a home today.”
“That’s why it’s critical that sellers consult with a REALTOR® when marketing their home.”