Housing Market Update
Buyers are flooding the market due to record low interest rates causing real estate sales prices to reach record highs!
Not only did prices increase last month, but home sales, contracts, and new listings rose in May 2020.
Last month, 2,542 homes were sold, up 11.6% from April. 3,232 homes were added to the market, up 18.6% from April; and, homes put into contract rose from 3,002 to 3,553, up 18.3%.
“Even with the added inventory, the number of homes and condominiums for sale in central Ohio remains low as buyers move quickly to purchase new inventory,” said Andy Mills, 2020 President of Columbus REALTORS®. “But now that we’re slowly re-opening, we expect to see more homeowners list their homes for sale and housing activity to rise throughout the summer.”
The average sales price on homes sold in May was $258,688, a 2% increase from this time last year, and homes under $350,000 sold in an average of 24 days.
Even though most of the Ohio stay at home order restrictions have been lifted, real estate agents, lenders, inspectors, and title companies are still taking every precaution to maintain safe and sanitary conditions for listing, showing, and closing homes in Central Ohio.
So, if you have to put your home on the market, or want to take advantage of low interest rates and buy your dream home, we will help you through these transitions and transactions in the safest ways possible.