Home sales are on track to set a new annual record for central Ohio! Fewer homes came on the market in October, but sales were up 5%. We may be heading into the holidays, but you could still list your home during this period as buyers are still looking.
October 2021 Housing Report: Home sales increase despite drop in new listings
Home sales and prices showed healthy increases in October despite a slight drop in the number of homes added to the market.
Home sales were up 5.0 percent in October to 3,395. At 30,497 year-to-date (January through October), home sales are on track to set a new annual record for central Ohio.
There were 3,336 homes listed for sale in October, down 1.5 percent from last year and 8.6 percent from the previous month according to the Columbus REALTORS® Multiple Listing Service.
“We had fewer listings added to the market in October, but that’s more a factor of seasonality,” said Michael Jones, 2021 President, Columbus REALTORS®. “Housing activity usually slows down a little when the temperatures start to cool and the holidays are approaching.”
The median sale price increased 8.9 percent to $261,478 and the average sale price was up 8.2 percent in October to $298,473.
Year to date, the average sale price is $298,730 and the median sale price is $260,000, up 12.9 percent and 12.6 percent respectively.
“Although, we’re still seeing high demand for homes in all price ranges, last month, homes sales over $350,000 were responsible for increased market shares,” added Jones. “We saw fewer homes sold under $350,000 due, in great part, to the lack of adequate supply.”
Roughly one in four homes (23.8 percent) were cash transaction in October. Of those buyers that financed their home purchase, 58.4 percent used conventional financing, ten percent used FHA financing and 4.8 percent secured a VA loan.
It took an average of 15 days to sell a home in October.
Homes under $350,000 sold in an average of 13 days. Homes sold between $350,000 and $500,000 took about 15 days to sell. Homes in the $500,000 to $700,000 price range sold in an average of 21 days, and homes over $700,000 were on the market for an average of 32 days.
For the first ten months of 2021, homes have sold in an average of 16 days. Breaking this down by price range, homes under $350,000 sold in an average of 13 days. Homes priced $350,000 -$500,000 took 17 days. Homes between $500,000 and $700,000 took 24 days to sell and homes over $700,000 sold in an average of 36 days.
Columbus REALTORS® is comprised of almost 9,500 real estate professionals engaged in residential sales and leasing, commercial sales and leasing, property management, appraisal, consultation, real estate syndication, land development and more.
The Columbus REALTORS® Multiple Listing Service (MLS) serves all of Franklin, Delaware, Fayette, Licking, Madison, Marion, Morrow, Pickaway and Union Counties and parts of Athens, Champaign, Clark, Clinton, Fairfield, Hocking, Knox, Logan, Muskingum, Perry and Ross counties.