Yes, you read that right, the hottest real estate market in America for March 2019 was Ohio. We've just closed the books on the first month of spring and it was a high buying season even though the market slightly slowed in March compared with the same time last year.
There were several Ohio markets coming in as some of the country's most affordable and attractive. There was a lot of buyer interest and Ohio claim three of the top 20 spots in the monthly ranking for the country's hottest metro markets for real estate. Two more Ohio metro markets chalked up the biggest improvement year-over-year.
Columbus, no surprise, came in at number one on the list. This list reflects the combination of how quickly homes have sold as in the days on the market and the number of listings viewed in each market. Both of these are an indicator of buyer demand. Cleveland and Cincinnati were the largest metro areas with the most year-over-year improvement, quite a big change from last year.
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Of course, places like California tend to top the list, Ohio shouldn't be brushed off. Columbus is super affordable with the median home price of just $249,000 compared to the national listing price of $300,000. This number attracts a lot of millennial's and young buyers so Columbus being right under that average home price makes it super attractive to many buyers.
About 80% of our business is working with first-time buyers in the millennial age group. This demographic is out in full force right now. People are moving from New York, California and Washington DC because of the affordability, the best small big town lifestyle, quality of life, and cost of living.
Mortgage rates have also declined somewhat from the start of the year, which can translate into hotter markets across the country. [Source]
We don't feel that Ohio, specifically the Columbus area, will have a boom and then a fall like many larger metro areas throughout the nation. We seem to maintain and sustain a high level of affordability, low cost of living, active and proficient job market, and an all around amazing place to live. Start your online search for all Columbus real estate here or simply contact my office for more details on Columbus.
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