Central Ohio a Hot Market for Houses and Condos
It wasn’t just the temperature that was heating up near Columbus this summer. That’s because Central Ohio continues to be a hotbed market for homes and condos.
In July, the median price of a home in the Columbus-area was $220,000, an all-time high in Central Ohio, according to Columbus REALTORS®. Additionally, it was an increase 7.3 percent from July of 2018 and a whopping $50,000 more than the median price of $170,000 in July, 2015.
And there doesn’t seem to be an end in sight.
That’s because even though the prices continue to climb at breakneck speed, the demand for homes in the area still exceeds the need.
There were 3,334 home sales in Central Ohio in July, a 3.9 percent uptick from 2018.
Of those sales, 500 were condominiums.
“The new condo guidelines released by HUD (in August) could help would-be buyers become eligible for an FHA-backed mortgage,” John Myers, 2019 President of Columbus REALTORS®, said in a press release. “Condos are often the most affordable, attractive option for first time home buyers.
“These new rules have the potential to transform our housing market and regional economy, easing affordability constraints, maximizing first-time homebuyer assistance programs and putting homeownership in reach for countless families that would have continued to be denied this critical wealth building opportunity.”
The average sales price in July was $251,936, up 5.6 percent from a year ago.
So far in 2019, the median sale price of $210,900 is up 8.2 percent and the average sales price of $242,899 is up 6.2 percent and the from the same period one year ago.
“Even though homes are selling for higher prices due to the lack of inventory and strong demand, sellers need to be realistic when pricing their home,” added Myers. “Homes priced too high over their competition will usually sit on the market longer which can be a deterrent to would-be buyers.”
The consistent demand for homes in Central Ohio has made Columbus one of the hottest housing markets in July.
“Falling mortgage rates are improving housing affordability and nudging buyers into the market,” Lawrence Yun, chief economist with the National Association of REALTORS® told the Columbus Dispatch.