In May we saw record breaking home prices in Central Ohio. Did the trend continue in June? Is it still a good time to sell? Read on to find out.

 

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

The number of Homes For Sale in June 2018: 3624 units.
<img draggable=Up 12.8% compared to May 2018
<img draggable=Down 6.3% compared to June 2017

The number of Homes Listed in June 2018: 3665 units.
<img draggable=Down 9.2% compared to May 2018
<img draggable=Down 6.5% compared to June 2017

The number of Homes Sold in June 2018 was 2989 units.
<img draggable=Up 3.7% compared to May 2018
<img draggable=Down 8.7% compared to June 2017

The number of Homes Placed Under Contract in June 2018: 3742 units.
<img draggable=Up 14.2% compared to May 2018
<img draggable=Up 16.9% compared to June 2017

Green bar chart showing Central OH homes for sale, listed, sold, pending through June 2018

Table comparing the number of Central Ohio homes for sale, sold, listed, pending in June 2018

 

📏Average Price Per Square Foot in Columbus OH

The Average Price per Square Foot on Sold homes continues to appreciate.* It’s up to $127, which is even higher than last month’s record breaking high!

<img draggable=Up 3.3% compared to May 2018
<img draggable=Up 7.6% compared to June 2017

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

Blue bar graph showing the average price per square foot for homes sold in Columbus Ohio through June 2018

Table comparing the price per square foot in Columbus in June 2018 to last month and last year

 

 

📉Days on Market: How Fast Are Homes Selling?

Once again the average Days On Market trend in Columbus is falling*!

The Average Days on Market in June 2018 was down to 21 days.
<img draggable=Down 12.5% compared to May 2018
<img draggable=Down 22.2% compared to June 2017

The Sold/Original List Price Ratio is rising* at 99%.
<img draggable= 1% compared to May 2018
<img draggable= 1% compared to June 2017

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

Orange chart showing the number of Days On Market for homes sold in Central Ohio through June 2018

Table Compares the DOM in Columbus in June 2018 to last month & last year

 

💲Columbus OH Home Prices

“…87 percent of 1,758 single-family homes sold in June went for more than their apprised value. And there was a 13.8 percent increase over May in the number of homes sold.”

“When you realize that almost (9 in 10) houses are being sold for more than our value, you get a true appreciation of the strength of housing in Franklin County.”

-Franklin County Auditor Clarence Mingo said in a recent Columbus Business Journal article

The Median Sold Price appreciated* in June 2018 to $222k.
<img draggable=Up 3.3% compared to May 2018
<img draggable=Up 12.1% compared to June 2017

The Average For Sale Price was Neutral* in June at $394k.
<img draggable=Down 2.7% compared to May 2018
<img draggable=Up 4.5% compared to June 2017

The Average Sold Price trend is appreciating* at $255k in June.
<img draggable=Up 4.9% compared to May 2018
<img draggable=Up 9% compared to June 2017

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

blue chart with current home prices in Central OH through June 2018

Table of home price trends in Columbus OH in June 2018

 

📅Months of Inventory In Columbus, OH

It’s still a Seller’s market* in Central Ohio.

The Months of Inventory based on Closed Sales in June 2018 was 1.2.
<img draggable=Up 9% compared to May 2018
• 0% compared to June 2017

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

Yellow graph with the months of inventory in Central Ohio through June 2018

Table comparing Months Of Inventory in June 2018 to last month and last year in Columbus

 

📈Columbus OH Absorption Rate

The Absorption Rate based on Closed Sales in June 2018 was 82.5%.
<img draggable=Down 8% compared to May 2018
<img draggable=Down 2.6% compared to June 2017

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

green graph with absorption rate through June 2018 in Columbus Oh

Table compares the Absorption Rate in June in Columbus to last month and last year

 

Columbus Ohio Real Estate Market Report At A Glance

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

Table with Columbus OH real estate market report information

Columbus OH Real Estate Market Report Takeaway For Home Sellers

Summer is an ideal time to list your home for sale! A lot of home buyers want to buy a home before the new school year starts, home prices are generally at their seasonal peak, and homes sell quickly.

However, the market can vary depending on neighborhood and price range. Plus, as we move into late summer and fall, sellers need to expect home prices to drop seasonally, and for time on market to increase.

Contact Columbus, Ohio Real Estate Expert Rita Boswell to find out if it’s time to sell your home.

“Buyers are so eager for inventory, they know they have to make a decision quickly. Yet, with this strong market, REALTORS® also have to buffer expectations for sellers in certain price points that not all homes sell in a month.”
-Columbus REALTORS® President Sara Walsh

 

Columbus OH Real Estate Market Report Takeaway For Home Buyers

Though it remains a strong seller’s market, buyers who stick with it are finding and buying homes. As we move into late summer and fall, conditions may be slightly better for buyers than they were during the spring and early summer.

Market conditions are especially favorable right now for move-up buyers. Lower priced homes are in huge demand, but the higher price points are more stable.

“REALTORS® are preparing anxious buyers for multiple offer competition in certain price ranges.” -Columbus REALTORS® President Sara Walsh

Home buyers that work with a real estate agent find and buy a home more quickly. Get in touch with 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 report 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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