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Columbus housing market still hot

COLUMBUS – Columbus, Ohio, has remained in the list of top ten hottest real estate markets in America since March 2018, based on rising demand and how long it takes to sell a home.
In ten of those 15 months, Columbus ranked in the top five, rising to #1 in March of this year.
“We’re not surprised by the avid interest in homeownership in this area,” said John Myers, 2019 Columbus REALTORS® President. “Columbus is the fastest-growing metropolitan area in the Midwest. We offer a business-friendly environment as well as a plethora of things to do, events, entertainment, and an abundance of incredible culinary options. It’s not a shock that people want to live here!”
The 3,200 home sales last month in central Ohio was 5.6 percent higher than a year ago and over 20 percent more than April. Year to date, home sales are just 0.2 percent above the 2018 sales rate primarily due to the lack of inventory.
There were 4,397 homes newly listed for sale in May. Although a modest increase of 0.1 percent from a year ago, they jumped 18.5 percent from the previous month (April).
As a result of the new listings, total inventory increased 16.5 percent from April, but remained only 0.1 percent up higher than May of 2018 according to the Columbus REALTORS® Multiple Listing Service.
The ten school districts that saw the highest number of new listings in May included Columbus, South-Western, Olentangy, Dublin, Westerville, Hilliard, Pickerington, Upper Arlington, Worthington and Lancaster.
Not surprising, several of the above made the list of top ten school districts that saw the highest number of home sales – Columbus, South-Western, Hilliard, Dublin, Olentangy, Westerville, Pickerington, Worthington, Newark and Upper Arlington.
Prices continue to rise in central Ohio! The average sales price of a home sold in May was $253,531, up 7.8 percent from one year ago. The median sales price was $220,000, also up 7.8 percent from 2018.
“Although, increased home prices might seem like a deterrent, the drop in mortgage interest rates over the past three months means that housing affordability is the best it’s been in a year,” added Myers.
Current housing report – May 2019

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