At $318,826 the average sales price of a Columbus home has reached an all time record. That’s 11.9% higher than a year ago, and higher than the previous record from June 2021.
The number of closed sales was 2.5% lower than in March 2021. This is mostly due to the lack of inventory, and not a result of rising interest rates.
The inventory of active listings has improved by 10.8% which will bode well for desperate buyers who have been losing in multiple bidding wars.
Median Sales Price Jumps by 13.6%
The median sales price has jumped to $279,000 – a sharp increase over the past few months. It indicates that buyers have shifted to more expensive homes.
Note: median means that half of all homes sell for more than the median sales price, while the other 50% sell less.
Days on Market Plummet by 25%
The substantial drop in days on market (DOM) is driven by the demand for luxury homes.
As you can see below, homes in the $500K – $700K price range sold twice as fast in the first quarter of 2022 than during the same period last year.
Inventory & New Listings on the Rise
Both New Listings and the Listing Inventory were up in March by 6.4% and 10.8% respectively.
While this is good news for buyers, pent-up demand is still very high and first time buyers will continue to struggle to win bidding wars.
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Housing Stats for March 2022
Here’s a summary of home sales data for March 2022 as reported by the Columbus Association of Realtors:
- Closed Transactions – 2,430 – DOWN by 2.5%
- New Listings – 3,291 – UP by 6.4%
- Days on Market – 18 – DOWN by 25.0%
- Average Sales Price – $318,826 – UP by 11.9%
- Average Price / Sqft – $181.04 – UP by 14.2%
Go to Columbus Realtors to see the full report.