Columbus has been in the top 10 hottest real estate markets for most of last year, and National Association of Realtors expects it to be one of ten markets that will outperform in 2020. Read on to learn why our market is so healthy….
Columbus area housing in demand – now and in the future
(Dec. 19, 2019 – Columbus Ohio) Columbus has remained in the list of top ten hottest real estate markets in America since March 2018, based on rising demand and how long it takes to sell a home.
In 11 of those 20 months, Columbus ranked in the top five, rising to #1 in March of this year.
In addition, Columbus just made the top ten list of markets expected to outperform in the next 3-5 years based on domestic migration, housing affordability, job growth, population age structure, attractiveness for retirees and home price appreciation, among other variables.
“Living in central Ohio has become highly attractive due to many things, not the least of which is job availability, diversity of housing options, affordability and exciting entertainment and dining options,” said John Myers, 2019 President of Columbus REALTORS®.
“Based on these factors and our healthy economy, a home is and will continue to be one of the best investments you can have.”
The median sale price of a home sold in central Ohio this year is up to $210,000 which is 7.7 percent higher than 2018. The average sale price is $241,810, up 6.0 percent from last year.
Homes sold in November were up 3.1 percent to 2,465 putting Columbus just slightly ahead of last year for the first 11 months of the year.
There were 2,163 homes listed for sale last month which is 2.0 percent lower than November of 2018 and a significant drop (34.2 percent) from the previous month.
This brought the total inventory of homes for sale last month to just over 4,700.
“Even in these winter months and business of the holidays, we have a diverse inventory base which offers consumers a good selection of homes in all price ranges,” added Myers.
During the month of November, homes under $350,000 sold in an average of 30 days. Homes sold between $350,000 and $500,000 took about 63 days to sell. Homes in the $500,000 to $700,000 price range sold in an average of 83 days and homes over $700,000 were on the market for an average of 95 days.
Current housing report – November 2019
Columbus REALTORS® is comprised of almost 8,000 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, Morrow, Pickaway and Union Counties and parts of Athens, Champaign, Clark, Clinton, Fairfield, Hocking, Knox, Logan, Marion, Muskingum, Perry and Ross counties.