Central Ohio home sales and prices rise in September
(Oct. 22, 2019 – Columbus Ohio) Central Ohio saw a healthy of number of homes sales at higher prices last month as the market wrapped up its summer sales season. There were 2,824 central Ohio homes and condos sold during the month of September, an 8.9 percent increase over the previous year, according to the Columbus REALTORS® Multiple Listing Service.
Year to date (January through September), home sales are up to 24,387 which is only 0.9 percent ahead of 2018.
The average sales price of a home in September was $239,564, a 3.2 percent increase over the same month a year ago. The median sales price was $206,000, up 5.6 percent from September 2018.
Year to date (January through September), the average sales price of a home is $242,986, a 6.0 percent increase over the same month a year ago and the median sales price is $210,000, up 7.7 percent.
“The desire to take advantage of lower interest rates helped bolster contracts and sales last month, said John Myers, 2019 President of Columbus REALTORS®. “Although mortgage interest rates ticked up recently, rates are still low so we don’t anticipate that will soften buyer interest.”
The average sales price is the total volume divided by the number of homes sold. The median is the midpoint -- half the homes sell for less, while half sell for more.
There were 5,277 homes for sale during the month of September which was down 5.6 percent compared to September 2018 but up slightly (1.7 percent) from August.
Of those homes for sale, 3,295 were added in September, an 8.4 percent increase from a year ago, although down 10.7 percent compared to August.
“Although a home sold in an average of 28 days in September, breaking out the days on market by price range provides a better picture of the central Ohio market,” added Myers.
“During the month of September 2019, homes selling for $350,000 or less took about 26 days to sell and homes selling for $350,000 to $500,000 took about 42 days to sell. Homes in the $500,000 to $700,000 price range sold in an average of 59 days and homes that sold for over $700,000 were on the market for an average of 86 days.”
Columbus REALTORS® is comprised of over 8,000 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.