Housing Market Update
With a further drop in inventory last month, home sales and prices continued to show healthy increases!
There were 3,395 home sales in Central Ohio in October, a 5% increase year-to-date, from last year, and indicating a new annual record.
However, there was another dip in overall inventory with only 3,336 homes added to the market last month, a 1.5% decrease from this time last year, and an 8.6% drop from the previous month.
“We had fewer listings added to the market in October, but that’s more a factor of seasonality,” said Michael Jones, 2021 President, Columbus REALTORS®. “Housing activity usually slows down a little when the temperatures start to cool and the holidays are approaching.”
Last month, the average sales price of a home in Central Ohio was $298,473 which is up 8.2% from October of last year. The average year-to-date sales price is 298,730 which is a 12.9% increase from the last year.
“Although, we’re still seeing high demand for homes in all price ranges, last month, homes sales over $350,000 were responsible for increased market shares,” added Jones. “We saw fewer homes sold under $350,000 due, in great part, to the lack of adequate supply.”
The average days on market last month was only 15 days, and approximately one in four homes was purchased with cash.
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 info@alfriendgroup.com.
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