Central Ohio Real Estate Update: June 2021

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Housing Market Update

Summer is here and the Central Ohio real estate market is the hottest in the country!

Homes in Central Ohio continue to sell for record prices and in record time. Despite the large increase in local home sale prices, on average, homes sold in just 14 days last month.

Days on market refers to the number of days between the time the home is actively listed for sale until the time it goes into contract or is temporarily withdrawn from the market, not the time from listing to closing.

“This is not necessarily how long the house has been on the market,” said Michael Jones, 2021 President, Columbus REALTORS®. “If an owner switches real estate agents, the number is reset. There are also occasions when a home is withdrawn and later relisted. This would also reset the DOM. However, REALTORS® are able to research the properties MLS history and can tell more effectively how long the property has been on the market.”  
There is not only less inventory in the existing home market; but, many local builders are having problems obtaining the necessary lumber and other materials to continue new construction communities in the area. Some builders are even on a building freeze, whereby they are not committing to any new contracts until they can finish the homes they have already started.

Although there are significantly less homes listed for sale right now, 50% more homes have sold compared to this time 10 years ago.

We are also seeing a drastic change in market shares. With escalating list and sales prices, homes priced under $350,000 have gone from 93.5% to 68.4% of homes sold in the past 10 years. While homes sold over $700,000 have increased from 13 homes to 137 homes and days on market dropped from 251 days to only 27 days.

“The dramatic changes in market share and days on market provide meaningful insight into the needs and wants of today’s home buyer,” added Jones. “And the fact that we have so many more buyers in the higher price ranges impacts the average market home sale price.”

Last month, the average sales price of a home in Central Ohio was $315,127  which is a 21.8% increase year over year since 2011. Similarly, the average home sales rose 18.1% year over year, and 7.1% since this past April.

Buyers welcomed the increase in new inventory last month, but competition still remains stiff, and bidding wars are still a common occurrence in this seller’s market.

Consistent appreciation of residential real estate in Central Ohio makes investing in a primary residence and in investment properties a valuable asset to any financial portfolio. 

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, and widespread vaccinations are helping both buyers and sellers safely relocate.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.

For a detailed report on your neighborhood, contact The Alfriend Group today at (614) 395-1776 or email us at info@alfriendgroup.com.

Featured Listings:

6106 Quin Abbey Ct. in Dublin
5514 Colling Dr. in Dublin

For Rent:

239 Wilber Ave. Unit 3

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