With the first quarter behind us and the spring housing frenzy in full swing, let’s take a moment to dig into Westerville, Ohio real estate market statistics from the major housing websites.
If you’re a home owner and it’s been some time since you’ve checked out the Westerville, OH real estate market, you may be pleasantly surprised to find that the market is now considered a “Very Hot” and “Very Healthy” seller’s market on Zillow.
Low inventory has plagued the U.S. housing market, and Westerville, Ohio has not been left out. This low inventory paired with increased buyer demand has pushed home prices up nationwide.
Some home owners who found themselves “underwater” (owing more than the home is worth) during the recession, may find that their home value has rebounded. Continue reading to see the numbers.
1st Quarter Real Estate Market Data For Westerville
Westerville Days On Market Down Since 2014
According to Realtor.com, homes for sale are selling quickly in Westerville, with only 35 days on the market in March 2016. This is down from 43 days on market in February 2016 and 60 days on market in January 2016. In March 2014, homes spent an avarage of 55 days on the Westerville real estate market.
Westerville’s Median Listing/Closing Price Creeping Up
The median listing price according to Realtor.com is $270,000, and the median closing price is $215,000. Realtor.com’s median listing price has crept up so far this year. January and February 2016 median listing price was $228,000
Median Sale Price Per Square Foot On The Rise In Westerville
The March 2016 median sale price per square foot according to Zillow was $111. This is up from $102 in March 2015.
Average Westerville Home Values Increasing
Zillow has average home values at 219,000 for Westerville, OH. This is up 4.6% over the past year. Zillow is forecasting a 2.6% increase over the next year. Average home values are up considerably in Westerville from 2011’s low of $186,000.
Westerville Real Estate Statistics
Low Foreclosures In Westerville
Westerville has a low foreclosure rate on Zillow, with only 1.3 homes per 10,000 foreclosed. Compare this to 2.9 for the Columbus Metro area and 3.1 nationwide.
Westerville Ohio Homes For Sale
There are currently 512 homes for sale. Approximately 80% of these are detached single family homes, and about 20% of these are condos or townhomes.
Selling Your Westerville OH Home
If you’ve been thinking about selling your Westerville home, now may be an ideal time. The first step is to determine what your home is worth in today’s Westerville real estate market. You may be pleasantly surprised by your home’s current value. Contact me, Rita Boswell, I can help you get your home ready to sell and price it correctly.
Buying A Home In Westerville
Westerville is a beautiful place to call home. The excellent schools and convenient location make it an easy choice if you’re considering buying a Central Ohio home.
In a strong seller’s market, buyers may feel intimidated or might be having a hard time finding a home. In these market conditions, it is even more important to let an experienced REALTOR help you find a home and navigate making a strong offer in a hot market.
With the best homes receiving multiple offers, it is important to come to the table with your strongest offer, otherwise sellers may not take you seriously and may reject your offer outright.
If you’re struggling to find a Westerville home for sale, let me be your guide. I’ll listen to your needs and help you find homes that match your wish list. Get in touch with me, REALTOR® Rita Boswell today to learn more about buying a home in a seller’s market.
Real estate data from Realtor.com, Zillow.com, and Trulia.com
[gravityform id=”11″ title=”true” description=”true”]