It’s officially 2018, and that means it’s time for the year-end real estate review! But first, let’s take a brief look at the month of December, which proved to be a nice close to an already stellar year!
In December alone, home prices were up 10% over 2016, and average days on market were down by 7 (or 16%). Not a bad finish!
But despite this strong showing, home inventory remained extremely low. There’s currently a 1.4 month supply of homes for sale. This means, at the current rate, if no more homes were listed, it would take 1.4 months to sell everything. To put this in perspective, a balanced market is usually around a 6 months supply.
With all that said, there’s a lot to be grateful for. The Columbus real estate market performed exceptionally last year, which is a great sign for the overall health of our city and our economy. Here are just a few noteworthy statistics from 2017:
- Most Homes Sold in 1 Year: 32,218 (+2% from 2016)
- Highest Average Sale Price: $214,802 (+6% from 2016)
- Average Price per Square Foot: $116 (+7% from 2016)
- Average Days on Market: 35 (-21% from 2016)
Even though we’re only 3 weeks in, 2018 is off to a good start. Home prices are still high, and it looks like Central Ohio will remain a hot market for the foreseeable future. And maybe, if we’re lucky, Amazon will select Columbus as the location for HQ2…we made the short list after all!
For a detailed report on your neighborhood, contact The Alfriend Group today at (614) 395-1776 or info@alfriendgroup.com.