The first quarter of 2014 and hopefully the winter are over. Let’s see how the housing market did during the first 3 months of 2014 and where the home values are set at currently.
With the exception of home values, which were up by 6.6% in March, the Columbus real estate market had a slow start.
The inventory of homes for sale (8,066) is only half of what it was in 2007 (when the market crashed) and there were 12% fewer listings during the first quarter than a year ago. Honestly, we feared worse when we reviewed the February housing forecast for Columbus.
The lack of inventory puts a substantial damper on the Central Ohio Housing market, in the same way it depressed homes sales in the West at the end of last year.
How Dublin is Different
In the City of Dublin OH home values were up by almost 15%. The number of new listings and closed transactions increased, as well.
The average sales price of a Dublin home is now at $383,813!
Here’s proof that there’s a strong demand for suburban Columbus homes.
Yesterday, I listed a Dublin house in the low $200K’s. In just 4 hours I received a solid offer.
There were no previews or “Coming Soon” signs before I put the listing on the MLS.
If you consider selling your suburban home this spring, there’s a good chance it will be in contract quickly!
The RE/MAX National Housing Report
National housing data mirror Columbus (see graphic to the right).
Click here to display the full report!
What’s the Good News About Home Values?
Home values have been going up for more than 2 years.