Home prices continue to rise in central Ohio as the median sale price of a home sold from January through November 2018 was $195,000 which is 7.7 percent higher than homes sold during the same period last year. The average sale price for the first eleven months of the year was 228,062, up 6.1 percent from last year according to the Columbus REALTORS®.
The median sales price is the midpoint, where half the homes sell for less, while half sell for more. The average sales price is the total volume divided by the number of homes sold
“As REALTORS®, we are pleased that the statistics demonstrate real estate continues to be an excellent investment vehicle,” said Sara Walsh, 2018 President of Columbus REALTORS®. “Real estate investment offers a favorable alternative to the stock market and, in the current market, is a lower risk yielding better returns while offering diversification.”
“A home is more than just an investment, it’s shelter, a place to create memories as well as a place to build a strong financial future.”
Inventory levels in central Ohio have been rising over the last three months and now stand at just under 5,000, up over eight percent from one year ago.
There were 2,207 residential homes listed for sale last month, which is five percent more than a year ago and the highest number of new listings for the month of November since 2012.
“Inventory levels have been at record lows in recent years, so the additional homes for sale has been a welcome change for local buyers,” added Walsh. “This solid housing demand, fueled by a growing economy and low unemployment, reinforces the health of the central Ohio market.
Home sales were up slightly (0.6 percent) last month but were down 1.6 percent year to date (January through November). Homes in contract were down 8.0 percent.
“Although home sales were up in November, we’re still trailing 2017,” added Walsh. “Given that pending sales were down eight percent last month, it’s unlikely that 2018 will pull ahead, in terms of home sales, by the end of the year.”
According to the latest Housing Market Confidence Index by the Ohio REALTORS®, 93 percent of central Ohio REALTORS® maintain that our local housing market performance has been as good or better than anticipated.
When asked what their buyer’s thought of the housing market this year, 48 percent believed it was an okay time to buy a home and 45 percent thought it was a good time to buy a home.