Columbus, Ohio Real Estate Market Update for October: How Did the Market Perform in September 2020?

Real Estate Agent with RE/MAX Premier Choice 2004010777



The central Ohio housing market remains highly competitive as strong demand continues to outpace supply. Although the number of residential homes and condominiums for sale during the month of September 2020 was slightly ahead of the previous month by 2.0 percent, the month was 48.9 percent less than the number for sale during September 2019.

Almost 3,500 homes were added to the market last month, which was 5.9 percent more than September 2019 and the highest number of new listings for the month since 2007 according to the Columbus REALTORS® Multiple Listing Service.

The influx of new inventory was quickly absorbed as there were 3,394 central Ohio homes and condos sold during the month of September, which was 20.2 percent higher than one year ago.

At 24,635, home sales for the first three quarters of the year (January through September) were 1.0 percent ahead of 2019 and just slightly behind the sales pace in September 2017 when inventory was almost twice what it is today.

Low inventory is causing home prices to continue to rise. Nonetheless, the buyer's market still is still quite strong considering the low interest rates, which helps makes homes significantly more affordable than they might otherwise be.

The average sales price of a home during the month of September in central Ohio was $277,832, up 16.0 percent from September of 2019. The median sales price last month was $240,000 which was an increase of 13.6 percent from a year ago.

Homes under $350,000 sold in an average of 15 days. Homes sold between $350,000 and $500,000 took about 25 days to sell. Homes sold between $500,000 and $700,000 sold in an average of 56 days and homes over $700,000 took an average of 78 days to sell.

Some segments of the market are better than others, according to the market. Starter homes in move-in ready condition are in very high demand. 

With every sale putting an average of $55,500* back into the state economy, the real estate industry is in a position to help raise the Ohio economy to stronger levels.


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