Housing Market Update
The increase in sale prices combined with the increase interest rates is already impacting overall home sales in Central Ohio!
Over the last couple of years, nine out of ten homes listed were sold. 91.3% of homes listed were sold in 2021, and the average was 92.8% in 2020; however, for the first quarter of 2022, the average dropped to 82.1%, and was only 73.8% last month.
Even with a 6.4% increase in inventory, the higher home sale prices and interest rate increases are beginning to have quite an impact.
“Given the significant price increases we’ve seen over the past couple years, we’re seeing home buyers being more cautious and discerning when it comes to determining how much they will pay for a home,” said Sue Van Woerkom, 2022 President of Columbus REALTORS®.
“Job security and how long you plan to stay in a home are two key considerations. Unless you plan to pay down your principal sooner, keeping your eye on the horizon of seven to ten years is prudent in today’s market.”
The average home sale price increased to $303,306 so far this year which is an 11.2% gain; and, the average days on market for the first quarter of 2022 was just 21 days.
“With higher home prices in central Ohio as well as across the nation, mortgage rate increases will be a challenge for many buyers,” added Van Woerkom.
“Although the inventory shortage won’t remedy itself this year, price appreciation is expected to taper off towards the end of the year and we anticipate an active homebuying season this spring.”
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 email@example.com.