Central OH Homes Continue to be a Good Investment!
Home prices continue to rise in central Ohio as the median sales price of a home sold from January through November 2018 was $195,000 which is 7.7% higher than homes sold during the same period last year. The average sales price for the first eleven months of the year was $228,062, up 6.1% from last year according to the Columbus REALTORS®.
The median sales price is the midpoint at which half the homes sold for less, while half sell for more. The average sales price is the total volume divided by the number of homes sold
Columbus and Central Ohio homes continue to be an excellent investment with the city ranking within the Top 10 in the country in Realtor.com Hot Markets Ranking over the past 2 years, and Columbus ranked second as the hottest housing market in the country for the month of July. Real estate investment offers a favorable alternative to the stock market and, in the current market, represents a lower risk, yielding solid returns and improved diversification.
“A home is more than just an investment, it’s shelter, a place to create memories as well as a place to build a strong financial future.”
Inventory levels in central Ohio have been rising over the course of the last three months and currently stand at just under 5,000, up over 8% from one year ago.
There were 2,207 residential homes listed for sale last month, which is 5% more than a year ago and the highest number of new listings for the month of November since 2012.
Inventory levels have been at record lows in recent years, so rising inventory and a wider selection of homes to choose from has been a welcome change for Columbus home buyers. This solid housing demand, fueled by a growing economy and low unemployment, reinforces the health of the Columbus and Central Ohio housing market.
Nationally, housing inventory continued its upward trajectory, growing by 4%, or 57,000 listings, in November. The U.S. median listing price dropped slightly, in line with the usual seasonal pattern, to $293,000. This is still a 9% increase year-over-year, and it is also higher than last year’s 8% increase. Homes continued to sell at a relatively rapid pace of 71 days, five days faster than last year.
Despite the recent turmoils in the stock market which entered correction territory in December, the Fed elected to proceed with it’s previously telegraphed quarter-point increase to the Fed Funds Rate taking the rate to 2.5%, but lowered its projections for future hikes. The Fed Funds Rate is indirectly tied to most consumer debt, particularly credit cards and adjustable-rate loans. Officials are now project two hikes next year, suggesting that more hikes would be appropriate and consistent with sustained expansion of economic activity, strong labor market conditions, and inflation near the Committee’s symmetric 2% objective over the medium term. That said, the move marked the fourth increase this year and received a mixed reaction. Some had hoped the Fed would hold on a December increase. Where the market is worried that the U.S. might be infected by a global slowdown, the FOMC statement showed little concern with officials describing economic growth as “rising at a strong rate” and left descriptions of other parts of economic activity unchanged as well.
Home sales were up slightly (0.6%) last month but were down 1.6% year to date (January through November). Homes in contract were down 8.0%, however, the market is still trailing 2017. Given that pending sales were down 8% last month, it’s unlikely that 2018 will pull ahead, in terms of home sales, by the end of the year.
Current housing report – November 2018
All housing reports
If you, or someone you know is considering Buying or Selling a Home 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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