September report shows continued high demand
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 previous month by 2.0 percent, the month was 48.9 percent less than the number for sale during September 2019.
Almost 3,500 homes were added to the market last month, which was 5.9 percent more than September 2019 and the highest number of new listings for the month since 2007 according to the Columbus REALTORS® Multiple Listing Service. 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 percent higher than one year ago. At 24,635, home sales for the first three quarters of the year (January through September) were 1.0 percent 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,” said Andy Mills, 2020 President of Columbus REALTORS®. “However, it’s still a good market for buyers as low-interest rates enable them to stay competitive and afford more home.”
The average sales price of a home during the month of September in central Ohio was $277,832, up 16.0 percent from September of 2019. The median sales price last month was $240,000 which was an increase of 13.6 percent from a year ago. 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 shows that some segments of the market are hotter than others,” added Mills. “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.”
*Report published by the National Association of REALTORS® based on data from the BEA, NAHB, U.S. Census and Macroeconomic Advisors. 2019.