This report shows the 5-Year Average Home Price comparison by central Ohio school district. It shows that central Ohio DOES NOT have severe falling prices like California and Florida.
Our growth here in the Columbus metro area has been quite conservative over the years. There was some minor decline in 2007, caused by all the media hype and higher than normal inventories. Builders have cut back the number of specs and we're getting some of the resale inventory sold, so things are improving.
We're probably not out of the woods yet, but the market is looking like it might improve a little over last year. For the economy's sake nationwide, let's hope so.
The percent change of the 2007 average home price versus the 2003 average home price for each of the school districts, is as follows:
- Buckeye Valley +23%
- Upper Arlington +22%
- Olentangy (Powell area) +19%
- Worthington +17%
- Dublin +14%
- Olentangy (Lewis Center area) +12%
- New Albany +10%
- Marysville +8%
- Gahanna +7%
- Hilliard +7%
- Delaware +5%
- Westerville +4%
- Big Walnut (2%)
One thing to keep in mind is that these are the average SALE PRICES for the school district. It does not represent the price increase a given home might experience. It only represents the prices that buyers are paying for a home in that district.
Regarding Buckeye Valley, most likely the increase reflects the new development that is occurring there. The newer homes would be more upscale than the older rural homes that are prevalent in the district. Big Walnut's data is apt to also be skewed as to whether a new development was selling heavily during one of the years.
Read more year-end posts for the Central Ohio real estate market.
| If you would like more information on the Central Ohio area, then I recommend these links to pages on my web site or blog: |
This post and photos are the property of Elaine Reese, Real Living HER, Worthington Ohio 43085. All material and photos are considered copyrighted and may not be used, copied or stolen by any other parties. Plagiarism is against the law!
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Looks good to me. They whoever they is say that homes that were more stable to begin with had the less decline and according to your date of Central Ohio that appears to be true.