May 2016 Columbus Market Report
Real estate market data for Columbus, OH provided by Jim West of Keller Williams Capital Partners.
Columbus Ohio Home Prices
Home prices in Columbus and central Ohio have hit an all time high and 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 Columbus 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 Columbus 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. 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 Columbus home on which you are making an offer.
If you are interested in how much current inventory is on the market in Columbus you can find that information by clicking on the link. Our inventory is at its lowest point since before 2000. This low inventory will suggest that homes are not staying on the market for very long. Currently in this area of Columbus, homes have an average time of 44 days on the market before they sell, a phenomenal decrease of 18.5% from May 2016!. 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 Columbus 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. However, inventory is down an incredible 18.1% from May 2015 & 5.5% from the previous month. Please see the chart below for current inventory level.
P.S. We try to update the Columbus Market Report every month. Please let us know if you have any questions.
Points of Interest:
- 3091 closed sales
- 2.1 months supply of inventory
- 3,844 new listings
- $177,900 median sales price
- $211,974 average sales price. Up 6.3% from May 2015
Columbus Ohio Real Estate Report Summary
The median list price at time of sale in March for single family homes in Columbus was $179,900.
The median list price increased by 5.8% from the same month last year.
The sales price per square foot for listings in this area is $110.77, up 4.7% from May 2015!
The median sale price in May for single family homes was $177,900. The median sale price was up by 5.3% from same month last year.
The sales price in this area for May 2016 was $211,974 up 6.3% from May 2015.
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