The Central Ohio Housing Market Remains Strong
A booming local economy continues to boost a healthy housing market and Central Ohio home prices continue to rise.
The average price of a home in central Ohio is still climbing as the area continues to be a desired destination to live, work, and play.
That said, rising mortgage rates and the lingering issue of tight inventories of homes being marketed for sale are contributing to a slower level of activity across the Ohio housing marketplace in August
Average Sales Price Continues to Rise, But at a Slower, More Sustainable Pace
Home sale prices in Central Ohio have of course been on the rise for the last several years (due in great part to low mortgage interest rates, combined with increased demand and reduced supply) and in August they continued their ascent, in spite of rising mortgage interest rates.
The average sales price rose 9.7% compared to last August. The average home now sells for around $337,963. That’s an increase of nearly $30,000 year to year.
The average sales price in August was down from July however, this is typical as fewer luxury homes are sold in August which drags down the average sales price.
Buyers Continue to Pay Above Ask
While buyers continue to pay above ask in many markets, in total the average sales price to the last list price came in at 99.7%. On average homes sold .3% below their asking price in August however, this is an average and in most Central Ohio markets desirable homes continue to sell above ask. In the market, buyers are still paying appraisal gap coverage to secure a property but not to the degree that they were earlier in the year.
Appraisals can fall short of the higher contract price and with appraisal gap coverage, buyers agree to bring cash to closing to cover some portion of the difference between the appraised value and the contract price.
What Buyer’s Want
Today’s buyers don’t want to do a lot of work. They want turnkey, move-in ready, Instagram worthy homes offering features and finishes that are on trend. These are the homes that sell fastest and for the most money.
Unfortunately sellers often haven’t redone the home in a decade or more. Maybe it has outdated brown carpeting, wallpaper on the walls, or an enclosed kitchen with drop ceiling with fluorescent lighting, the sorts of finishes that are likely to turn off home shoppers as they click through online listings.
Sellers may understand this but be at a loss on what changes will pay off, maximizing the home’s chance of selling quickly and for the most money, as well as how to pay for the updates.
Thanks to a new service, sellers have a unique opportunity to maximize profit on the sale of their home through pre-sale renovations. Improvio to help renovate first, sell for more and pay at closing.
Improvio provides turnkey repairs and renovations for homeowners who want to sell their homes for the highest price possible, and defers payment until your home is sold.
Whether it’s replacing carpet, a fresh coat of paint, and other minor cosmetic repairs, or replacing a roof, and a complete kitchen and master bath remodel, they can help.
Improvio makes pre-sale home improvements possible for every seller, and transforms houses into the listings buyers love. Improvio helps homeowners maximize the return on their most valuable investment… their home!
Homes Continue to Sell Quickly
Homes sold in an average of 15 days which is also a record low but up from 11 days one year ago.
The time it takes a home to sell is based on several factors including location, condition, and price. While homes may be on the market a bit longer on average this August, homes that are in hot zip codes and turn key are going faster and typically within 2-4 days of hitting the market.
Home buyers are not hesitating in New Albany, Blacklick and Gahanna. Homes were barely on the market for a week in those two communities which are close to where the new Intel fabrication campus is being built. It will employ around 3,000 people once it opens in 2025.
Homes in Westerville, Pickerington and Worthington have spent an average of 8 days on the market this year. Realtor.com named Worthington the third hottest zip code in the nation this summer.
Three communities saw tough competition for houses in August. Homes in Sunbury, Powell, and Grandview Heights all saw homes spend half as much time on the market compared to last August. Last August it took home buyers more than two weeks to sell in Sunbury and Powell. Now, their homes are gone in just over a week.
Inventory Levels on the Rise
Home buyers have more inventory to choose from as inventory jumped nearly 2.5% compared to August 2021 this as mortgage interest rates continue to rise pricing some buyers out of the market.
That said, home buyers are still facing a competitive market for the house of their choice and while more inventory is great, buyers are more eager than ever to get a home into contract and lock a mortgage interest rate before they rise further. Homes that are well prepared for market are still receiving multiple offer and thus buyers still need to submit strong offers to beat out what can be half a dozen others.
August 2022 Home Stats
- Closed Transactions – 3,215 – UP .53%
- Pending Contracts – 3,553 – UP .76%
- Inventory for Sale – 3,499 – DOWN 1.98%
- New Listings – 3,440 – DOWN 7.7%
- Days on Market – 15 – UP 13.3%
- Average Sales Price – $337,963 – DOWN 2.4%
Bottom Line
If you’re interested in selling your Central Ohio home we’d encourage you to give us a call so we can show you the market conditions in your neighborhood and help you to get the most exposure and the most money for your home!
If you, or someone you know is considering Buying or Selling an Investment Property in Columbus, Ohio please give us a call and we’d be happy to assist you!
The Opland Group Specializes in Real Estate Sales, Luxury Home Sales, Short Sales in; Bexley 43209 Columbus 43201 43206 43214 43215 Delaware 43015 Downtown Dublin 43016 43017 Gahanna 43219 43230 Grandview Heights 43212 Galena 43021 Hilliard 43026 Lewis Center 43035 New Albany 43054 Pickerington 43147 Polaris Powell 43065 Upper Arlington 43220 43221 Westerville 43081 43082 Worthington 43235
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