Housing Market Update
The Central Ohio real estate market remains very competitive as demand continues to outweigh supply!
The number of homes and condos listed for sale in September 2020 was 2% higher than in August 2020; however, there were 48.9% fewer homes listed than in September of 2019.
Although 3,500 homes were added to the market last month, 5.9% more than in September 2019, the new inventory was quickly absorbed because 3,394 homes were sold, which was 20.2% higher than the same time last year.
“With inventory so low, home prices continue to rise,” said Andy Mills, 2020 President of Columbus REALTORS®. “However, it’s still a good market for buyers as low-interest rates enable them to stay competitive and afford more home.”
“The data shows that some segments of the market are hotter than others,” added Mills. “Entry-level homes in move-in condition are in high demand right now.”
“And as every home sale puts an average of $55,500* back into the state’s economy, the real estate industry is helping put many Ohioans back on their feet right now.”In central Ohio, the average sales price of a home last month was $277,832, which is 16% higher than in September 2019.
With the recent increases in COVID-19 cases, 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.