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 […]
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. […]
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 […]
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 […]
Housing Market Update Despite increased sales prices and low inventory, a new home sales record was set for the month of November! In Central Ohio, 33,548 homes sold from January 2021 – November 2021, which is a 9.3% increase from last year, and already beats total homes sold for the entire year of 2020. Just […]
Although inventory remains a bit low, we are still seeing record home sales in Central Ohio! Records continue to be broken as home sales averaged over 3,600 last quarter, and realtors sold almost 90% of new listings. “Tight inventory over the past several years created a very competitive market causing some angst for many home […]
Housing Market Update This summer, low inventory combined with high buyer demand, led to more homes selling for over list price than under it! Three out of every five homes sold in August sold for more than the home was listed for according to Columbus REALTORS®. “With such tight inventory, many buyers continue making the […]
Housing Market Update Summer is here and the Central Ohio real estate market is the hottest in the country! Homes in Central Ohio continue to sell for record prices and in record time. Despite the large increase in local home sale prices, on average, homes sold in just 14 days last month. Days on market […]
Housing Market Update We are nearing summer and as temperatures continue to rise, so are the local home sale prices! We continue to face an increase in demand and a reduced supply leading to higher and higher home sale prices. In April, the average sale price for Central Ohio homes increased to $291,900, a gain […]
Housing Market Update We are in the midst of Spring, and along with the increased temperatures, we finally have an increase in home inventory! Both January and February saw inventory declines, but there was a 51% increase in homes added to the market in March. Last month, there were 1,000+ more homes added to the […]
