Home prices setting records in central Ohio
The average sales price of home during the month of May in central Ohio was $227,783, which is 8.0 percent higher than one year ago (May 2016). Year to date (January through May 2017), the average sale price of a home in central Ohio is $209,217, which is 6.3 percent higher than the same period in 2016. These home prices are setting records according to the Columbus REALTORS® Multiple Listing Service.
“These are the highest sales prices we’ve ever seen in central Ohio,” said 2017 Columbus REALTORS® President Mic Gordon. “Home values continue to soar and now is a better time than ever to put your home on the market if you’ve considered selling.”
There were 4,051 central Ohio homes and condos added to the market in May, which is a 14.3 percent gain over the previous month and 4.8 percent greater than May 2016.
Even with the added listings, inventory (4,606) was still 18 percent lower than the number of homes for sale a year ago, leaving central Ohio with a 1.7 months supply at the current sales pace.
“It’s incredibly positive that new listings are increasing, however inventory continues to remain near record lows,” Gordon said. “We’ve seen inventory drop year-over-year for 76 straight months now.”
There were 3,177 central Ohio homes and condos sold during the month of May, which is 28.2 percent greater than the previous month although a slight dip of 0.8 percent from May 2016.
Homes spent an average of 33 days on the market in May, which is 12 days fewer than the previous year and 7 days less than April. This is a new record low for the central Ohio housing market.
According to the latest Housing Market Confidence Index by the Ohio Association of REALTORS®, 81 percent of central Ohio REALTORS® describe the current housing market as strong, and 69 percent expect it to continue this way over the next six months. As for home prices, 98 percent expect prices to rise over the next year.
Current housing report – May 2017
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Columbus REALTORS® is comprised of over 7,600 real estate professionals engaged in residential sales and leasing, commercial sales and leasing, property management, appraisal, consultation, real estate syndication, land development and more.
The Columbus REALTORS® Multiple Listing Service (MLS) serves all of Franklin, Delaware, Fayette, Licking, Madison, Morrow, Pickaway and Union Counties and parts of Athens, Champaign, Clark, Clinton, Fairfield, Hocking, Knox, Logan, Marion, Muskingum, Perry and Ross Counties.
To view commercial properties for sale or lease in central Ohio, visit www.COCIE.org.
To view residential properties for sale, visit www.Realtor.com.