Housing Market Update
Despite increased sales prices and low inventory, a new home sales record was set for the month of November!
In Central Ohio, 33,548 homes sold from January 2021 – November 2021, which is a 9.3% increase from last year, and already beats total homes sold for the entire year of 2020.
Just last month, home sales were up 8.7% from last year, and set an all time record for the month of November. Furthermore, the average sales price was $295,723, up 9.8% from last year.
Typically the housing market slows down heading into winter, but last month, Central Ohio saw the highest number of new listings since November 2007. New listings are up to 38,033 year-to-date.
“The last time we had this many new listings was in 2010 when there were 17,471 homes for sale and sales were less than half of what they are today,” said Michael Jones, 2021 President of Columbus REALTORS®. “So, the fact remains, we are not seeing fewer homes being listed, we’re seeing an exponential increase in the number of folks looking to buy in central Ohio.”
Such high demand from home buyers took the inventory down to 2,619 and the overall months supply to .9, which means, if no more homes were added to the market, the stock would be entirely depleted in less than one month.
“Even with the seasonality of real estate in central Ohio, we’re still seeing strong buyer activity,” added Jones. “With economists forecasting mortgage interest rate increases for 2022, sidelined buyers shouldn’t procrastinate too long.
Cash transactions made up about 19.3% of home purchases, conventional loans about 53.1% of total financed purchases, 9.4% were financed with FHA loans, and only 4.6% secured with a VA loan.
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.
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 firstname.lastname@example.org.