The central Ohio housing market remains highly competitive as strong demand continues to outpace supply. Although the number of residential homes and condominiums for sale during the month of September 2020 was slightly ahead of the month prior by 2.0%, it was 48.9% below the number for sale during September 2019.
Almost 3,500 homes were added to the market last month, which was 5.9% more than September 2019 and the highest number of new listings for the month since 2007.
Inventory Picked Up, But Not Enough to Supply Demand
The influx of new inventory was quickly absorbed as there were 3,394 central Ohio homes and condos sold during the month of September, which was 20.2% higher than one year ago.
At 24,635, home sales for the first three quarters of the year (January through September) are 1.0% ahead of 2019 and just slightly behind the sales pace in September 2017 when inventory was almost twice what it is today.
With inventory so low, home prices continue to rise however, it’s still a good market for buyers as low-interest rates enable them to stay competitive and afford more home.
Average Sales Price Keeps Rising
The average sales price of a home during the month of September in central Ohio was $277,832, up 16.0% Year Over Year. The median sales price last month was $240,000 which was an increase of 13.6% from a year ago.
Home Under $350,000 Continue to Sell Quickly
Homes sold in September and priced under $500,000 went into contract even more quickly than in months past, while homes priced above $500,000 are taking a bit longer to sell. Homes under $350,000 sold in an average of 15 days. Homes sold between $350,000 and $500,000 took about 25 days to sell. Homes sold between $500,000 and $700,000 sold in an average of 56 days and homes over $700,000 took an average of 78 days to sell.
The data clearly demonstrates that some segments of the market are hotter than others. Entry-level homes in move-in condition are in high demand right now.
And as every home sale puts an average of $55,500* back into the state’s economy, the real estate industry is helping put many Ohioans back on their feet right now.
September 2020 Housing Stats
Here are the numbers (compared to the same month a year ago):
- Closed Transactions – 3,394 – UP 20.2%
- Pending Contracts – 3,729 – UP 17.4%
- Inventory for Sale – 2,803 –DOWN 46.9%
- New Listings – 3,491 – UP 5.9%
- Days on Market – 21 – DOWN 25.0%
- Average Sales Price – $277,832 – UP 16.0%
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