The market is HOT HOT HOT in Columbus! In fact, the Columbus metro just made the top of Realtor.com’s list of hottest markets in the US!
There are good reasons Columbus is #1. Homes are selling faster in Columbus than the US overall. Plus, Columbus OH homes for sale average views are 2 times higher than the rest of the country.
Central Ohio Market Update
While more homes were listed in March than February, more homes were also sold or went into contract in March. Inventory has been so low for so long that new inventory jump-starts interest and foot traffic, and new listings are quickly absorbed into the market.
In March, inventory was at 1.4 months. This means that if no more homes were listed, it would only take about a month and a half for all the homes on the market to be sold.
“Even with the increase in new listings, we ended the month with roughly the same number of listings as we had in February,” said John Myers, 2019 Columbus REALTORS® President. “This means consumers bought as much as was added to the market.”
Home sales were up almost 25% in March compared to February. In contract homes spiked by more than 32% in March.
“Given our strong job growth, low-interest rates and so many central Ohio buyers looking to buy a new home, we’re hoping to see new listings continue to increase as we head into the summer months,” added Myers.
We also home to see listings increase, especially existing homes in the lower price ranges. This is where inventory is DESPERATELY needed.
Seriously, if you’re thinking about moving up, now is an ideal time to sell your home. Your current home will likely sell quickly for top dollar (if properly prepared and priced).
With more inventory in the higher price ranges, you could find yourself selling into a Seller’s Market and buying into a Buyer’s Market.
With interest rates still low and Columbus home values predicted to rise 5.8% over the next year, it’s a good time to buy a home in Columbus.
View Full Columbus Realtors® Market Update (PDF)