Central Ohio home prices continue to rise and potential home buyers have more houses to choose from in the market. Columbus REALTORS® breaks down the August housing report for central Ohio.
The average price of a home in central Ohio is still climbing as the area continues to be a desired destination to live, work, and play.
The average sales price rose 9.7% compared to last August. The average home now sells for around $337,963. That’s an increase of nearly $30,000 year to year.
“A booming local economy continues to boost a healthy housing market,” said Sue Van Woerkom, 2022 President of Columbus REALTORS®, “Selling a home is still going to be profitable for sellers right now.”
The August housing market report also reveals home buyers have more inventory to choose from at the end of summer. Inventory jumped nearly 2.5% compared to August 2021.
“Home buyers are still facing a competitive market for the house of their choice,” said Van Woerkom, “More inventory is great, but offers still need to be strong to beat out sometimes a dozen others.”
Home buyers will have more time to compare their potential dream home to others. Homes sat on the market for about 15 days in August. That’s up from 11 days one year ago.
“Homes may be on the market a bit longer this August, but homes that are in hot zip codes and turn and key are going faster,” said Van Woerkom.
Home buyers are not hesitating in Blacklick and Gahanna. Homes were barely on the market for a week in those two communities which are close to where the new Intel fabrication campus is being built. It will employ around 3,000 people once it opens in 2025.
Homes in Westerville, Pickerington and Worthington have spent an average of 8 days on the market this year. Realtor.com named Worthington the third hottest zip code in the nation this summer.
“Three communities saw tough competition for houses in August,” said Van Woerkom. Homes in Sunbury, Powell, and Grandview Heights all saw homes spend half as much time on the market compared to last August. “Last August it took home buyers more than two weeks to sell in Sunbury and Powell. Now, their homes are gone in just over a week.”
Columbus REALTORS® is composed of almost 10,000 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, Marion, Morrow, Pickaway and Union Counties and parts of Athens, Champaign, Clark, Clinton, Fairfield, Hocking, Knox, Logan, Muskingum, Perry, and Ross counties.