Homes in central Ohio have been selling quickly this year, but changed hands even faster in June as the days on market dropped to 23, with the more affordable homes selling in an average of 18 days. Last month, those homes selling for $350,000 or less took an average of 18 days to sell. Homes between $350,000 and $500,000 took about 30 days to sell.
Homes in the $500,000 to $700,000 price range sold in an average of 53 days, and homes over $700,000 were on the market for an average of 72 days according to the Columbus REALTORS® Multiple Listing Service.
“In addition to price, location and condition of the home play a vital role in determining the demand and length of time it will take a property to sell,” said John Myers, 2019 President of Columbus REALTORS®. “And marketing strategies vary significantly based on all of these factors.”
There were 3,965 central Ohio homes and condominiums listed for sale in June 2019, which is a decrease of 2.4 percent from one year ago and down 9.8 percent from the previous month. Total inventory at the end of June was 4,784, up 7.1 percent higher from May, but 2.6 percent behind the level of inventory seen in June of 2018.
There were 3,226 central Ohio homes and condos sold in June, which was a decrease of 3.4 percent from the previous year and exactly the same as the previous month (May 2019).The 14,842 homes sold during the first half of 2019 marks a slight decrease (0.6 percent) from homes sold January through June of 2018.
The median price of a home sold in central Ohio this year (January through June) was $209,900, which is 9 percent higher than the first half of 2018. The average sales price of ahome was $241,132–up 6.4 percent from the first six months of 2018. 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. The median sales price of a home sold in June was $228,000, up 7.5 percent from June of 2018.The average sales price of a home was $262,344 which was 7.2 percent higher than last year.
“Even with the price increases, low mortgage rates are keeping homes affordable. But demand is also keeping the pace highly competitive,” added Myers. “That’s why using a REALTOR® is so important as they can help both buyers and sellers navigate this unique housing market.”