Housing Market Update
Despite a pandemic and all the resulting challenges faced in 2020, the Central Ohio housing market remained strong!
Central Ohio home sales prices are at record highs and homes are selling in record time, whereas inventory is at a record low according to the Columbus REALTORS® Multiple Listing Service.
Over 2,900 homes and condos went into contract last month, which suggest another increase in homes sales for December.
In Central Ohio, 2020 is looking to end as the highest sales year in history. Home sales, in November, increased by 12.7% and year to date sales are up 3.6%.
“Homes over $350,000 are responsible for the increase in sales this year,” said Andy Mills, 2020 President of Columbus REALTORS®. “However, homes in the more affordable price ranges, which include options for most first-time home buyers, are down because we have simply don’t have the inventory to meet the demand.”
Last month, the average sales price of a home was $269,391 which is up 15.3% from November of last year. However, the number of home sales was only 2,591, a drop of 19.7% from last month, and a drop of 45.3% from this time last year.
“Traditionally, housing activity recedes slightly when kids go back to school and the holidays approach,” said Mills. “But virtual school and flexible work from home schedules fueled by record low-interest rates have proven just the opposite as demand for housing continues to escalate.”
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.