Central Ohio Housing Report – June 2017
Record home prices in central Ohio
WASHINGTON – (RealEstateRama) — Home prices are setting records in central Ohio. The median sales price of a home for the month of June in central Ohio was $192,650 which is up 7.0 percent from last year. The median sales price of a home for the first half of the year is $179,900, which is 6.4 percent higher than the first six months of 2016 according to the Columbus REALTORS® Multiple Listing Service.
The average sales price of a home in June was $226,050, up 5.1 percent from the same month a year ago and the year-to-date average sales price was $212,939, which is 5.9 percent higher than last year.
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.
“These are the highest home prices on record,” said 2017 Columbus REALTORS® President Mic Gordon. “Central Ohio is experiencing one of the hottest housing markets we’ve ever seen!”
There were 4,201 central Ohio homes and condos added to the market in June, up almost four percent from the previous month and a 4.1 percent increase over the same month a year ago.
With the increase of new listings, this brought central Ohio housing inventory to 5,077, which was a 10.2 percent gain over the previous month, although still 14.2 percent lower than June 2016. This left central Ohio with a 1.9 months supply of inventory at the current sales pace.
“Astute sellers realize it’s a smart time to list their home and take advantage of this seller’s market,” Gordon said. “This past month we saw a significant increase in inventory, and buyers wasted no time in purchasing.”
There were 3,401 central Ohio homes and condos sold during the month of June, which is 7.1 percent higher than May, but only a 0.4 percent rise over June 2016. At 15,146, sales for the first half of the year are just slightly (0.6 percent) ahead of last year.
Last month, homes spent an average of 29 days on the market, which is four days less than May and seven days faster than June of 2016.
“Homes are flying off the market as soon as they’re listed,” Gordon said. “This is a new record for fewest number of days on the market.”
According to the latest Housing Market Confidence Index by the Ohio Association of REALTORS®, 88 percent of central Ohio REALTORS® expect prices to rise over the next year, while nine percent expect prices to level.
When asked about their last home sale, 42 percent of central Ohio REALTORS® reported receiving 1-2 offers to buy the home and 58 percent received three or more offers!
Columbus REALTORS® is comprised of over 7,800 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.
