Central Ohio real estate update

Central Ohio Real Estate Update: August 20021

Housing Market Update

With demand still outweighing supply, it continues to be a great time to list your home for sale!

Although new listings have increased by 20% for the previous four months causing double digit increases in both listings and home sales, things were a little different last month.

There was a 21% increase in new listings in July, compared to last year, but only a 2.7% increase in home sales. So, sellers might want to consider selling their home before winter where there might be a potential shift from a seller’s market to a more balanced market.

“It’s possible we’re seeing a change in the pace of housing activity as we head into the fall,” said Michael Jones, 2021 President, Columbus REALTORS®. “The welcome increase in inventory is giving buyers more choices, as well as a little more flexibility to consider their options.”

Last month, the average sales price of a home in Central Ohio was $313,737  which is up 12.8% from last July.

Despite this increase from last year, fewer homes are undergoing list price increases prior to hitting the market, and we are seeing more price reductions than we have in previous months. However, homes still only took an average of 11 days on market before going into contract.

“As REALTORS®, we recommend pricing a home at market value, usually a value that will appraise,” said Jones. “If the current market supports a higher value, we’ll see that in the offers.”

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.

Featured Listing:

6106 Quin Abbey Ct. Dublin, Ohio 43017

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