February 2016 Westerville Market Report
Real estate market data for Westerville, OH provided by Jim West of Keller Williams Capital Partners.
Westerville Ohio Home Prices
Home prices in Westerville and central Ohio have hit an all time high and we don’t expect things to slow down anytime soon. If you are considering buying a home you can still find deals on a house in Westerville but having a good real estate agent who understands the market is a must. Don’t wait on the sidelines for too long, most of Westerville's listings are selling within a few days of hitting the market. As you can see from the graph below, listings are not selling exactly for asking price so to make sure you don't overpay for your home, you'll want to have an agent that does a thorough market analysis of the Westerville home on which you are making an offer.
If you are interested in how much current inventory is on the market in Westerville you can find that information by clicking on the link. Our inventory is at its lowest point since 2000. This low inventory will suggest that homes are not staying on the market for very long. Currently in this area of Westerville, homes have a median time of 45 days on the market before they sell. This would suggest that sellers are in a great position to make stronger counters to offers on a home.
Sellers should make sure to price their home near the market value if they expect to get an offer from one of those interested buyers. Low inventory in Westerville has multiple offers coming in on homes similar to what we saw back in 2005. I wouldn't expect home prices to run up quite as fast as they did back then, as banks have gotten a lot stricter on lending guidelines and are no longer giving a loan to anyone with a pulse. But low inventory is one indicator that prices should continue to rise and inventory is down by 35% from the same month last year. Please see the chart below for current inventory level.
P.S. We try to update the Westerville Market Report every month. Please let us know if you have any questions.
Points of Note:
- 88 closed sales
- 1.0 months supply of inventory
- $192,594 average sales price
- 45 Days on market
Westerville Ohio Real Estate Report Summary 
The median list price at time of sale in February for single family homes in Dublin was $169,900.
The median list price increased by 7.5% from the same month last year.
The sales price per square foot for listings in this area is $104.60.
The median sale price in January for single family homes is $168,950. The median sales price was up by 9.5% from the same month last year.
The price per square foot for sales in this area is $110.29, up 13.3% from same month last year.
Find Homes for Sale in Westerville Ohio
Visit our website to search for homes in Westerville or to be notified when new Westerville homes come on the market. To find out what you home is worth in the current market email us or call 614-507-5732.
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