Housing Market Update
Even with the inventory spike in August, September continues to break home sale records!
The number of homes closed during the first three quarters of 2020 is now just 1.3% behind 2019 according to the Columbus REALTORS® Multiple Listing Service.
In August, almost 3,400 homes sold, which is 5% more than this time last year. Also, homes sold in record time. Homes under $350,000 sold in an average of 17 days.
“Real estate has been, and remains, the foundation of wealth building for the middle class and a critical link in the flow of goods, services, and income for millions of Americans,” added Mills. “Accounting for nearly 15 percent of the Ohio gross state product, real estate is clearly a major driver of the U.S. economy.”
Homes continue to appreciate in value in Central Ohio. The average sale price exceeded the last list price for the second consecutive month. The average sales price in August was $279,134, a 12.8% increase from last year.
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 are thinking of listing your home, or want to take advantage of low interest rates and buy or build your dream home, we will help you through these transitions and transactions in the safest ways possible.