Housing Market Update
Tis the season of celebrations and new beginnings, and what a better way to ring in the New Year than in a new home! With continued rise in demand and with how quickly homes have sold, Columbus has remained in the list of top ten hottest real estate markets in America since March 2018.
Also, other variables like domestic migration, housing affordability, job growth, population age structure, attractiveness for retirees, and home price appreciation have led to Columbus making the top ten list of markets expected to outperform in the next 3-5 years.
“Living in central Ohio has become highly attractive due to many things, not the least of which is job availability, diversity of housing options, affordability and exciting entertainment and dining options,” said John Myers, 2019 President of Columbus REALTORS®.
“Based on these factors and our healthy economy, a home is and will continue to be one of the best investments you can have.”
Although temperatures continue to decrease, there was an increase in the number of homes which sold. 2,465 homes sold in November, up 3.1 percent ahead of last year at this time.
The median sale price of a home sold in central Ohio this year is up to $210,000 which is 7.7 percent higher than 2018. The average sale price is $241,810, up 6.0 percent from last year.
“Even in these winter months and business of the holidays, we have a diverse inventory base which offers consumers a good selection of homes in all price ranges,” added Myers.
Diverse inventory and low mortgage rates provide the perfect opportunity to buy your family a new home for the new year. Feel free to contact me anytime with your real estate questions or to schedule a tour of your dream home!