You hear it on the news all the time: “It’s a buyer’s market,” “It’s a seller’s market,” or “The housing market is on the rebound.” And, while you probably get the gist of what these folks are talking about, having a deeper understanding of the housing market and how it works can help you immensely during the home buying or selling process in Central Ohio.

What Are The Central OH Housing Market Basics?

The housing market refers to the general market of houses being bought and sold between buyers and sellers. These houses are either bought or sold directly by owners or indirectly through brokers. Like any market, the housing market is governed by the law of supply and demand. When demand is high and supply is low, the market appreciates. When demand is low and supply is high, the market depreciates.

How Does Housing Inventory Affect Home Values?

In the real estate industry, we think of supply and demand in terms of available inventory. You can measure inventory by answering the following question: At the current pace of sales, how long would it take all of the houses available on the market to be sold? As inventories rise, home prices tend to decline. This is because as inventories rise, so does the competition among sellers, which drives prices down.

What’s The Difference Between A Buyer’s & Seller’s Market

A buyer’s market is associated with longer inventory periods. As homes sit on the market for longer and longer, sellers become more and more flexible with their prices. This is great for buyers, as they usually end up getting a good deal (hence the term “buyer’s market”). In contrast, a seller’s market is associated with shorter inventory periods. Homes sell rapidly, giving sellers a lot of pricing power (hence, it’s a “seller’s market”).

Keep in mind that as with other markets, the housing market is cyclical: There are periods of rapid appreciation followed by periods of stabilization or depreciation. By studying the market, you can learn to foresee such trends.

Get An In Depth Analysis Of Your Neighborhood Real Estate Market

If you’re thinking about buying or selling a home, it’s a good idea to learn all you can about the neighborhood you are buying or selling a home in. A local REALTOR is the best person to get this information from. As a Central OH real estate expert, I have a deep understanding of Columbus area neighborhood real estate markets. Contact me and request your free neighborhood market report.

Read Recent Central Ohio Real Estate Market Reports

Columbus OH Real Estate Market Report May 2022

As expected, as the weather warms so does the housing market. Even though Days On Market are falling and prices are rising, the market is hampered by continued low inventory. The demand is still there, but the supply just isn’t. In April, it does appear that the number of homes for sale and homes listed … Continued

Columbus OH Real Estate Market Report April 2022

We remain in a hot seller’s market in Columbus. It’s likely to stay hot because low inventory and high demand continue to be the catalysts. In fact, the below report shows that as of this writing, there are about 900 homes currently for sale in all of Central Ohio.* Looking at the graph below, we … Continued

Rising Rates And The Columbus Real Estate Market

Since 2020, the Columbus real estate market has been extremely challenging, to say the least. The demand is high, but the supply is not. The supply imbalance has been hardest on buyers of lower-priced homes (where inventory is thinnest). With current economic conditions so murky, it’s hard to say whether or not things will get … Continued

Columbus OH Real Estate Market Report March 2022

The Columbus area has maintained a hot sellers’ market throughout the winter. This will continue into spring because low inventory continues to be an issue for everyone. In fact, the below report shows that as of this writing, there are less than 900 homes currently for sale in Central Ohio.* Read below to find out … Continued

Columbus OH Real Estate Market Report February 2022

The Columbus area has maintained a hot sellers’ market throughout the winter, and that will likely continue as we move into spring. Inventory continues to be an issue for buyers and houses are being bought up quickly. New listings are up, but they are being bought up quickly. Buyers are racing to buy before interest … Continued

View All Home Buying Posts

Leave a Reply

Your email address will not be published.