As we saw with the first quarter real estate market report for 2016, Westerville, Ohio is experiencing a Seller’s Market. The spring home buying frenzy has continued into the summer, and homes are flying off the shelves.
As in the spring, Zillow has Westerville’s market temperature as “Very Hot.”
Low housing inventory continues to make headlines across the country, and the Westerville, OH real estate market is no exception. Low inventory and increased buyer demand from historically low mortgage rates continues to push home prices up nationwide.
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2nd QUARTER REAL ESTATE MARKET DATA FOR WESTERVILLE
WESTERVILLE DAYS ON MARKET CONTINUES TO DECREASE
Homes are selling rather quickly in Westerville, with the average Days On Market (DOM) at 36. This means homes are spending half the time on the market compared to the beginning of 2016.
In June 2015, Westerville homes spent an average of 50 days on the real estate market.
Average DOM Since Q2 2015
WESTERVILLE’S MEDIAN LISTING/CLOSING PRICE CREEPING UP
According to Realtor.com’s Westerville real estate data, the Median Listing Price has crept up from $270,000 in the 1st quarter of 2016 to $275,000. This continues the upward movement from January, which has a Median Listing Price of $228,000.
Median Closing Price has remained relatively steady at $211,000 (down slightly from $215,000 last quarter).
AVERAGE PRICE PER SQUARE FOOT ON THE RISE IN WESTERVILLE
The average price per square foot is up for homes sold in Westerville. In June 2015, the average price per square foot was $105, while June 2016 was at $112. The first quarter of 2016 ended with an average price per square foot of $107 for homes sold in Westerville.
Price Per Square Foot Since Q2 2015
AVERAGE WESTERVILLE HOME VALUES INCREASING
Zillow.com has Westerville average home values at $223,800, which is up from 219,000 in the first quarter of 2016. This is up 6.9% over the past year. Zillow is forecasting a 2.9% increase over the next year.
LOW FORECLOSURES IN WESTERVILLE
Westerville continues to have a low foreclosure rate. There currently are not any foreclosures available. Since foreclosures can bring down property values and appraisals, this is good news for the Westerville real estate market.
WESTERVILLE OHIO HOMES FOR SALE
There are currently 516 Westerville OH homes for sale. The number of active listings has dropped dramatically in Westerville. This means the real estate market desperately needs listings.
Number Of For Sale/Sold/Pending/New Listings Since Q2 2015
SELLING YOUR WESTERVILLE OH HOME
If you’re thinking about selling your Westerville, Ohio home, now might be the perfect time. The first step is to determine what your home is worth in today’s Westerville real estate market. This is best done by a local real estate professional, as the national real estate websites frequently provide inaccurate home values for individual homes. If you haven’t checked your home’s value in awhile, you may be pleasantly surprised. Contact me, Rita Boswell, I can determine your home’s value in today’s hot market and help you get your home ready to sell.
BUYING A HOME IN A WESTERVILLE SELLER’S MARKET
Westerville residents love living here!. The fantastic schools and great location make it an easy choice if you’re buying a home in Central Ohio.
In a hot seller’s market, finding a home can be a challenge for buyers. The thought of fewer choices and bidding wars can be especially intimidating when you’re looking at homes. In this market, it is paramount to work with an experienced REALTOR. Buyers need help finding homes, and need someone strong to negotiate on their behalf.
If you’re struggling to find a Westerville home for sale, let me be your guide. I can connect you with a mortgage professional, so you can make a strong offer when you find the right house. We’ll talk about what you are looking for in a home, and I’ll find homes that match your criteria. Get in touch with me today at (614) 547-3229 to get help buying a home in a seller’s market.