Summer is here and the market is HOT HOT HOT! Home prices have hit record highs and days-on-market keeps going down. It’s definitely a great time to sell a home in Central Ohio!
Keep reading to see all the charts and information.
- šļø Columbus Homes For Sale, New Listings, Sold, & Pending
- šAverage Price Per Square Foot in Columbus OH
- šColumbus OH Days On Market
- š²Median & Average Home Prices in Columbus, Ohio
- š Months of Inventory For Columbus, OH
- šAbsorption Rate in Columbus OH
- Columbus Ohio Real Estate Market Report At A Glance
- Columbus OH Real Estate Market Report Takeaway For Home Sellers
- Columbus OH Real Estate Market Report Takeaway For Home Buyers
šļø Columbus Homes For Sale, New Listings, Sold, & Pending
The number of Homes For Sale in May 2018: 3213Ā units.
ā¢ 
Up 17.9% compared to April 2018
ā¢ 
Down 4.5% compared to May 2017
The number of Homes Listed in May 2018:Ā 4014Ā units.
ā¢ Up 20.5% compared to April 2018
ā¢ Up 7.8% compared to May 2017
The number of Homes Closed in May 2018: 2778Ā units.
ā¢ Up 17% compared to April 2018
ā¢ Down 9.3% compared to May 2017
The number of Homes Placed Under Contract in May 2018:Ā 3848Ā units.
ā¢ Up 33.1% compared to April 2018
ā¢ Up 23.7% compared to May 2017
šAverage Price Per Square Foot in Columbus OH
The Average Price per Square Foot on Sold homesĀ is continues to appreciate* and is up to $123. This is the highest it has been in at least 10 years!
ā¢ Up 2.5% compared to April 2018
ā¢ Up 6% compared to May 2017
*Based on 6 month trend – Appreciating/Depreciating/Neutral
šColumbus OH Days On Market
The average Days On Market trend in Columbus continues to fall*!
The Average Days on Market number for May 2018 was 24Ā days. That’s…
ā¢ Down 14.3% compared to April 2018
ā¢ Down 17.3% compared to May 2017
The Sold/Original List Price Ratio is rising* at 98%.
ā¢ Ā 0% compared to April 2018
ā¢ Ā 0% compared to May 2017
*Based on 6 month trend – Rising/Falling/Remains Steady
š²Median & Average Home Prices in Columbus, Ohio
ā2018 is proving to be a solid year of healthy home price increases in central Ohio,ā said 2018 Columbus REALTORSĀ® President Sara Walsh in a recent report to agents. āThis is a true indication of how strong our market is in the greater Columbus region. Even with more homes added to the market, this trend will likely continue this year.ā
The Median Sold PriceĀ appreciated* in May 2018 toĀ $212k.
ā¢ Up 6% compared to April 2018
ā¢ Up 7.1% compared to May 2017
The Average For Sale Price was Apprciating* in May at $405k.
ā¢ Up 2.5% compared to April 2018
ā¢ Up 5.7% compared to May 2017
The Average Sold PriceĀ trend is appreciating* atĀ $243k in May.
ā¢ Up 4.7% compared to April 2018
ā¢ Up 3.4% compared to May 2017
*Based on 6 month trend – Appreciating/Depreciating/Neutral
š Months of Inventory For Columbus, OH
May 2018 was a Seller’s market* in Central Ohio.
The Months of Inventory based on Closed Sales in May 2018 wasĀ 1.2.
ā¢ UpĀ 8.7% compared to April 2018
ā¢ UpĀ 9.1% compared to May 2017
*Seller’s market: less than 3 months of inventory based on closed sales
šAbsorption Rate in Columbus OH
The Absorption Rate based on Closed Sales in May 2018 wasĀ 86.5%.
ā¢ Down 0.7% compared to April 2018
ā¢ DownĀ 4.9% compared to May 2017
*Seller’s market: 33.33% and above based on closed sales
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.
Columbus OH Real Estate Market Report Takeaway For Home Sellers
Summer is a great time to list your home for sale! Many home buyers want to buy a home before the new school year starts, home prices are generally at a seasonal peak, and homes sell fast.
That said, the market can be different depending on neighborhood and price range. Contact Columbus, OhioĀ Real Estate Expert Rita BoswellĀ to find out how the market is in your neighborhood.
“Buyers are so eager for inventory, they know they have to make a decision quickly. Yet, with this strong market, REALTORSĀ® also have to buffer expectations for sellers in certain price points that not all homes sell in a month.ā
-Columbus REALTORSĀ® President Sara Walsh
Columbus OH Real Estate Market Report Takeaway For Home Buyers
It’s been a Seller’s Market for some time now in Columbus, but home buyers that stick with their home search are finding their dream homes.
āREALTORSĀ®Ā are preparing anxious buyers for multiple offer competition in certain price ranges so the increase in inventory is more than welcome. It is not unusual to see this influx as we head into the summer selling season.ā -Columbus REALTORSĀ® President Sara Walsh
House hunting right now is frustrating because of the persistent low inventory and rising prices. But, it’s still good time to buy a home because interest rates remain relatively low and rent continues to rise. At least if you own the home, you’re putting money every month into your investment (instead of your landlord’s).
Generally, home buyers that work with a real estate agent find and buy a home more quickly. Contact us at the Rita Boswell Group to find your 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 614-830-9767.
