Thanks to rising demand and how quickly homes are selling, Columbus, Ohio has maintained it’s Top 10 Hottest Housing Markets bragging rights.
“We’re not surprised by the avid interest in homeownership in this area,” said John Myers, 2019 Columbus REALTORS® President in the report from Columbus Realtors. “Columbus is the fastest-growing metropolitan area in the Midwest. We offer a business-friendly environment as well as a plethora of things to do, events, entertainment, and an abundance of incredible culinary options. It’s not a shock that people want to live here!”
Home sales in May were 20% higher than April and 5.6% percent higher than in May of 2018.
There were 4,397 newly listed homes on the MLS in May in Columbus. That’s an increase of 18.5% from April 2018, but a small 0.1% increase from the same time last year.
All the new listings increased inventory by 16.5% from April 2019, however, compared to last year, inventory only rose by 0.1%.
Columbus Ohio Home Prices
Good news for Columbus home owners! Home prices continue to rise in Columbus!
In a Columbus Biz Journals article, John Myers said, ““As market conditions are particularly advantageous for homes in the more affordable price range, those homeowners should seriously consider listing their home right now,” John Myers, Columbus Realtors president, said in a statement. “That would also help many folks looking to buy right now, especially our first-time home buyers trying hard to capture the dream of home ownership.”
May’s average sale prices was $253,531, which is a 7.8% increase from a year ago.
While this might seem like bad news for buyers in Columbus, John Myers says, “Although, increased home prices might seem like a deterrent, the drop in mortgage interest rates over the past three months means that housing affordability is the best it’s been in a year.”
Additionally, home values are predicted to continue to rise by 5.9% over the next year, according to Zillow.
Thinking About Buying or Selling A Home?
If you’re thinking about buying or selling a home in Columbus, Ohio, but you’re not sure if it’s the right time, contact Realtor Karen Smith at 614-517-4916. She will help you determine if now is a good time for you to buy or sell, based on your goals.
