With Christmas and the new year right around the corner, everyone understandably is focused on Holiday Happenings.

But, for the home buyers and sellers still looking to make a move during the Holiday Season, here’s the latest real estate market report for Columbus, Ohio.

 

🏘️ Columbus OH Homes For Sale, Listed, Sold, & Pending

The number of Homes For Sale in November 2018 was 3892 units.
<img draggable=Down 7.7% compared to Oct 2018
<img draggable=Up 10.9% compared to Nov 2017

The number of Homes Listed in November 2018 was 2008 units.
<img draggable=Down 27.4% compared to Oct 2018
<img draggable=Up 3.5% compared to Nov 2017

The number of Homes Sold in November 2018 was 2137 units.
<img draggable=Down 15.8% compared to Oct 2018
<img draggable=Down 6.8% compared to Nov 2017

The number of Homes Placed Under Contract in November 2018 was 2270 units.
<img draggable=Down 11.2% compared to Oct 2018
<img draggable=Up 6.7% compared to Nov 2017

📏Average Price Per Square Foot in Central Ohio

The Average Price per Square Foot on Sold homes moved down in November to $119.

<img draggable=Down 0.8% compared to Oct 2018
<img draggable=Up 5.3% compared to Nov 2017

📉Days on Market in Central Ohio

The average Days On Market trend in Columbus is Rising*

The Average Days on Market in November 2018 was 30 days.
• Unchanged compared to Oct 2018
<img draggable=Down 9.1% compared to Nov 2017

The Sold/Original List Price Ratio fell* to 95% in November 2018.

<img draggable=Down 1% compared to Oct 2018
<img draggable=Down 1% compared to Nov 2017

*Based on 6 month trend – Rising/Falling/Remains Steady

💲Central OH Home Prices

The Median Sold Price trend is depreciating* in the Columbus area for November 2018 at $198k.
<img draggable=Down 2.5% compared to Oct 2018
<img draggable=Up 4.2% compared to Nov 2017

The Average For Sale Price trend also fell* in Columbus to $353k.
<img draggable=Down 1.4% compared to Oct 2018
<img draggable=Up 2% compared to Nov 2017

The Average Sold Price trend fell* in Columbus to $228k.
<img draggable=Down 3% compared to Oct 2018
<img draggable=Up 2.7% compared to Nov 2017

*Based on 6 month trend – Appreciating/Depreciating/Neutral

🏘️ Months Of Inventory in Central Ohio

It remains a Seller’s Market* in Columbus, Ohio!

The Months of Inventory based on Closed Sales in November 2018 was 1.8.
<img draggable=Up 6% compared to Oct 2018
<img draggable=Up 19.6% compared to Nov 2017

*Seller’s market: less than 3 months of inventory based on closed sales

📈Columbus OH Area Absorption Rate

The Absorption Rate based on Closed Sales in November 2018 was 54.9%.
<img draggable=Down 8.5% compared to Oct 2018
<img draggable=Down 15.9% compared to Nov 2017

*Seller’s market: 33.33% and above based on closed sales

Central Ohio Real Estate Market Report At A Glance

Use this table to quickly see how the Columbus, Ohio area real estate market is doing.

 

What It Means For Columbus OH Home Sellers

If you’re thinking about selling your home, it is still a Seller’s Market. During the holidays season, though, home sellers must remember that, in general, prices shift down and days on market shift up. Also, keep in mind that the Seller’s Market is being driven by lower priced homes. Higher priced homes are in a Buyer’s Market. 

Call or text Columbus Realtor Rita Boswell at 614-547-3229 to learn more about market conditions for your home.

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What It Means For Columbus OH Home Buyers

It’s the Holiday Season. Days are cold and short. This is not when most people are thinking about buying a house. But, it’s actually one of the best times to buy a home in Columbus.

A report found that February 23 was the BEST day to buy a home. To close on a home in February, buyers need to be shopping now, or at least right after the holidays.

“As REALTORS®, we are pleased that the statistics demonstrate real estate continues to be an excellent investment vehicle,” said Sara Walsh, President of Columbus REALTORS® in a recent report. “Real estate investment offers a favorable alternative to the stock market and, in the current market, is a lower risk yielding better returns while offering 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 have finally started rising, and mortgage rates are still relatively low historically. With home values in Columbus projected to continue to rise, it really is an ideal time to buy a home.

“Inventory levels have been at record lows in recent years, so the additional homes for sale has been a welcome change for local buyers,” added Walsh. “This solid housing demand, fueled by a growing economy and low unemployment, reinforces the health of the central Ohio market.”

The latest Housing Market Confidence Index by the Ohio Realtors® found that “93% of Central Ohio Realtors® maintain that our local housing market performance has been as good or better than anticipated”

Plus, this market is perfect if you’re moving up. Your starter home will likely have a good number of prospective buyers, while the higher priced homes you are looking at may not be as competitive due to the continued Market Mismatch.

Contact us at the Rita Boswell Group to find your next home.

About Central Ohio Real Estate Market Reports

“At the Rita Boswell Group, our goal is to provide home buyers and sellers with the most recent, in-depth market information possible.

Our report is based on data supplied by the Columbus Board of Realtors or its MLS. Information is deemed reliable but not guaranteed. Specific data points provided above may be adjusted, which will be reflected in future reports.

Our Central Ohio real estate market reports cover the counties of Franklin, Delaware, Fairfield, Licking, Madison, Pickaway, and Union. For market information on a specific community, contact Realtor Rita Boswell at 614-547-3229.”

 

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