It’s no secret that the central Ohio housing market is hot right now. As demand continues to outpace supply, homes and condominiums are selling in record time.
During the month of April, homes under $350,000 sold in an average of 26 days. Homes sold between $350,000 and $500,000 took about 48 days to sell. Homes in the $500,000 to $700,000 price range sold in an average of 65 days, and homes over $700,000 were on the market for an average of 83 days according to the Columbus REALTORS® Multiple Listing Service.
“Because we have so many buyers looking for affordable homes, those homes in the lower price ranges are selling more quickly,” said John Myers, 2019 Columbus REALTORS® President. “In fact, five years ago, homes under $350,000 took three times longer to sell than today!”
There were almost 500 more homes listed for sale in April compared to the previous month. The jump from 3,200 to 3,700 new listings fueled increased market activity from the buyers looking for homes in central Ohio right now. As a result, there were more than 23% more homes sold and more than 13% more homes put in contract in April.
The top ten school districts with the highest home sales in April were Columbus, South-Western, Hilliard, Dublin, Olentangy, Westerville, Pickerington, Worthington, Newark, and Upper Arlington. Seven out of those ten school districts averaged homes sales under $350,000.
“As market conditions are particularly advantageous for homes in the more affordable price range, those homeowners should seriously consider listing their home right now,” added Myers. “That would also help many folks looking to buy right now, especially our first-time home buyers trying hard to capture the dream of home ownership.”
The median sale price of a central Ohio home sold in April was $213,600, up 12.4% from one year ago. The average sale price was $242,063, up 7.4% from 2018.