2018: Appetite for home buying remained strong in central Ohio
WASHINGTON, D.C. — (RealEstateRama) — While the 2017 housing market was marked by renewed optimism fueled by stock market strength, higher wages and a competitive environment for home sales, 2018 maintained the competitive housing market amid less than stellar stock market performance and rising interest rates while housing affordability dipped to a ten-year low.
“Despite changing economic factors, the appetite for home buying remained strong enough to drive prices upward in markets across the country including central Ohio,” said John Myers, Columbus REALTORS® 2019 President.
The median sales price of a home in central Ohio increased 7.4 percent to $195,000 in 2018. Single-family home prices were up 7.7 percent compared to last year, and condominium home prices were up 8.0 percent.
Although new listings increased by 0.6 percent and the year-end inventory was up 6.8 percent from last year, 2018 ended with the second lowest number of homes for sale on record.
Closed sales decreased 2.2 percent to finish the year at 31,520. Given that there were 32,218 home sales in 2017 and 2016 saw 31,689 sales, 2018 stands as the third highest year on record for home sales.
After 91 months of year-over-year declines in inventory, the number of homes for sale began to rise in September 2018.
“Fewer homes to choose from coupled with lower affordability made it tough for buyers in 2018,” added Myers. “But the increases in inventory during the last four months of the year suggests more choices for buyers in 2019.”
According to the latest Housing Market Confidence Index by the Ohio REALTORS®, 76 percent of central Ohio REALTORS® expect home prices to rise in 2019.
When asked how they think the residential real estate market will perform during 2019, 15 percent think it will improve at a moderate rate, 35 percent believe it will continue at its current rate, and 50 percent think the real estate market will slow at a moderate rate.
Columbus REALTORS® is comprised of over 8,300 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 residential properties for sale, visit a REALTOR® web site.
To view commercial properties for sale or lease, visit COCIE.org.