Housing Market Update Rising interest rates and inflation are beginning to take their toll on the local real estate market! Last month, homes sales dropped 9.7% while pending sales were down 14% suggesting July sales will also be down from last year. “Higher interest rates and inflation along with escalating home prices are all working […]
Tag Archives: Home Sellers
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Central Ohio Real Estate Update: May 2022
Housing Market Update Despite an increase in interest rates, home sales hit a record high in May! In 2021 the average sales price in May was $315,127 while, last month, the average sales price reached $353,116, a 12.1% increase. Furthermore, fewer homes in Central Ohio required a change in the list price compared to last year. […]
Central Ohio Real Estate Update: April 2022
Housing Market Update Continued low inventory combined with rising interest rates is taking its toll on the local housing market! In 2021 buyers purchased 83.2% of available homes. So far in 2022, inventory is 11.6% higher than last spring because buyers are now only purchasing 80% of the homes available. Interest rates on a 30-year fixed rate have […]
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Central Ohio Real Estate Update: March 2022
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 […]
Central Ohio Real Estate Update: February 2022
Housing Market Update Central Ohio continues to be in the midst of one of the most competitive housing markets in history! The escalating intensity of bidding wars has led to more and more cash buyers entering the market. Already in these first couple of months of 2022, the share of cash buyers jumped from 21% […]