Columbus will outperform the housing market in 2020.
That’s the prediction made by the National Association of Realtors (NAR) in their Top Ten Outperforming Metro Market Report.
Here are the top 10 US cities listed in the report.
What does this mean for you?
It means that the Columbus housing market will remain strong in 2020. You can see an exceptionally strong finish to the year in the November housing report below.
Key Indicators of a Strong Market
In November the Columbus housing market outperformed the previous year. Closed transactions were up by 3.1% and pending sales skyrocketed by 7.8%.
The large number of pending contracts points towards a strong finish for the year. Many of these contracts will close before the end of December.
The inventory dropped to 4,738 (- 4.6%), near its lowest number ever.
Once again, the culprit is the lack of new listings (down by 2% from a year ago).
Median Sales Price Spikes
The median price of homes sold increased by 8% to $205,000. That’s the same value as in October, which is remarkable for this late in the selling season.
Here’s a chart of median price increases for the past 2 years.
November 2019 Housing Stats
Click this link to see detailed November 2019 Housing Data.
Here are the highlights (numbers compared to the same month a year ago):
- Closed Transactions – 2,465 – UP by 3.1%
- Pending Contracts – 2,578 – UP by 7.8%
- Inventory for Sale – 4,738 – DOWN by 4.6%
- New Listings – 2,163 – DOWN by 2.0%
- Days on Market – 33 – NO CHANGE
- Average Sales Price – $233,592 – UP by 6.2%
Predictions for December, January, and February
The 2019 housing market resembled 2018. There are no indications this will change. As Columbus is considered one of the top 10 metro areas outperforming the market, we are confident that 2020 will start strong.
There’s a good chance we’ll see a small spike in home sales in December when pending contracts close.
Sales will bottom out in January. At the same time, pending contracts will accelerate. This is a great time to be a seller as more buyers are vying for a limited number of listings
The inventory reaches its low in March, because most sellers wait until March or April to list. Buyers begin house hunting in January and February.
I recommend you start early in the year, whether you are listing or buying!
If you are thinking about selling next year call or text me TODAY at (614) 975-9650! Don’t miss the Winter buying rush in early 2020!
Susanne Novak has been a Realtor since 2007. She is the broker and owner of RE/MAX 24/7 in the Dublin Historic District. Susanne typically helps 50-60 families each year with their real estate needs. She's your trusted advisor when you search for your dream home, and a skilled negotiator when she lists your property to get top dollar when you sell.