Housing Market Update
The Central Ohio real estate market experienced another significant increase in home sales last month, despite declining inventory!
3,234 homes and condos sold last month, which is a 19% increase from this time last year; and, year-to-date sales are almost 3% higher than last years. However, inventory is less than half of what it was one year ago with just under 2,400 homes listed.
“Even though inventory has been declining for the better part of ten years, demand continues to escalate,“ said Andy Mills, 2020 President of Columbus REALTORS®. “People simply want to live in central Ohio.“
“We have jobs, services, activities, good schools, cultural experiences, and an economy that’s about as healthy as you can find, given the events of this year.”
Buyers continue to flood the market due to record low mortgage interest rates allowing them to afford the rising home prices. In October, the average sales price of a home was $276,072, a 15.2% increase from October 2019.
The 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.
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.
FOR SALE: 6106 Quin Abbey Ct. Dublin, Ohio 43017
FOR RENT: 1363 Bluff Ave. B Grandview Heights, Ohio 43212