Columbus and Central OH Home Prices Setting New Records
Home prices are setting records in central Ohio and continue their ascent outpacing both inflation and wages. The median sales price of a home for the month of June in central Ohio was $192,650 which is up 7.0% from last year. The median sales price of a home for the first half of the year is $179,900, which is 6.4% higher than the first six months of 2016 according to the Columbus REALTORS® Multiple Listing Service.
The average sales price of a home in June was $226,050, up 5.1% from the same month a year ago and the year-to-date average sales price was $212,939, which is 5.9% higher than last year. Home prices are on a one-way upward track, but at a staggered pace from market to market.
These are the highest home prices on record and Central Ohio is experiencing one of the hottest housing markets we’ve ever seen!
Nationally, the median home value is now over $200,000 for the first time, with a 7.4% annual gain rocketing it to a new high of $200,400, according to the Zillow Home Value Index (ZHVI) in the June Zillow® Real Estate Market Reports. Values in 10 of the 35 major metropolitan areas assessed by Zillow are now within the $200,000 range.
** The average sales price is the total volume divided by the number of homes sold. The median is the midpoint — half the homes sell for less, while half sell for more.
Values are on a swift upswing due to low levels of supply and spiking demand. Nationally there are now 11% fewer homes for sale compared to one year ago.
The low supply of homes for sale, continues to be one cause of rising prices, a lack of new-home construction specifically in the starter home tier of the market is another factor in rising prices. Low interest rates is a third factor which continues to fuel this market.
Of the markets assessed, values in 13 are still below the national median: Cleveland, Ohio ($134,600); Pittsburgh, Pa. ($137,400); Indianapolis, Ind. ($138,100); Detroit, Mich. ($141,000); St. Louis, Mo. ($148,600); Cincinnati, Ohio ($152,600); Kansas City, Mo. ($159,400); Columbus, Ohio ($162,500 – this does not include the suburbs and is exclusive to homes located in the various Columbus zip codes); San Antonio, Texas ($162,700); Charlotte, N.C. ($174,800); Houston, Texas ($178,400); Atlanta, Ga. ($179,900); and Tampa, Fla. ($185,700).
Twelve of the markets assessed, however, are far removed, with some sustaining values at least three times higher than the national median: San Jose, Calif. ($1,013,700); San Francisco, Calif., ($854,300); Los-Angeles-Long Beach-Anaheim, Calif. ($609,800); San Diego, Calif. ($548,000); Seattle, Wash. ($447,100); Boston, Mass. ($427,700); New York, N.Y. ($422,300); Washington, D.C. ($382,600); Denver, Colo. ($370,000); Sacramento, Calif. ($369,200); Portland, Ore. ($367,400); and Riverside, Calif. ($328,800).
Back to our local market, there were 4,201 central Ohio homes and condos added to the market in June, up almost four percent from the previous month and a 4.1% increase over the same month a year ago.
New listings brought central Ohio housing inventory to 5,077, which was a 10.2% gain over the previous month, although still 14.2% lower than June 2016. This left central Ohio with a 1.9 months supply of inventory at the current sales pace.
Astute sellers are realizing it’s a smart time to list a home and are taking advantaging of this seller’s market. This past month we saw a significant increase in inventory, and buyers continue to waste no time in purchasing.
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There were 3,401 central Ohio homes and condos sold during the month of June, which is 7.1% higher than May, but only a 0.4% rise over June 2016. At 15,146, sales for the first half of the year are just slightly (0.6%) ahead of last year.
Last month, homes spent an average of 29 days on the market, which is four days less than May and seven days faster than June of 2016.
This is a new record for fewest number of days on the market. Homes are flying off the market and if a home is properly priced and effectively marketed, they are often selling within days of being listed.
According to the latest Housing Market Confidence Index by the Ohio Association of REALTORS®, 88% of central Ohio REALTORS® expect prices to rise over the next year, while nine percent expect prices to level.
If you, or someone you know is considering Buying or Selling a Home in Columbus, Ohio please contact The Opland Group. We offer professional real estate advice and look forward to helping you achieve your real estate goals!
The Opland Group Specializes in Real Estate Sales, Luxury Home Sales, Short Sales in; Bexley 43209 Columbus 43201 43206 43214 43215 Delaware 43015 Dublin 43016 43017 Gahanna 43219 43230 Grandview Heights 43212 Hilliard 43026 Lewis Center 43035 New Albany 43054 Pickerington Powell 43065 Upper Arlington 43220 43221 Westerville 43081 43082 Worthington 43235