The Columbus housing market more than recovered from the pandemic:
- Year to date home sales are higher than in 2019
- Home values have skyrocketed by 16% in September
- Homes sell for more than list price (in average), and
- The supply is down to 1 month (this means the MLS would sell out in 1 month if no new homes were listed.)
You are probably wondering if this boom is sustainable. Here’s what you can expect and why you should list and buy now!
What’s Fueling the Market?
The 3 drivers of this year’s housing boom are,
- low interest rates: currently < 3%
- low inventory: 2,803 active listings at the end of September
- high demand: showings exceeded 2019 by 10% since June
As of September, the total number of closed sales was 1% higher than 2019.
How Home Values Have Increased in 2020
The average sales price was $277,832 in September. That’s 16% higher than a year ago.
The next chart shows how the average sales price has changed since the beginning of the year.
Why You Should Buy NOW
Experts predict that home values will continue to increase in 2021.
More first-time buyers will try to lock in the lowest interest rates in history.
As the inventory is unlikely to rise significantly, suburban and rural homes will get more expensive.
Don’t wait till next year! You will face even more competition in spring.
September 2020 Housing Stats
Here are the numbers (compared to the same month a year ago):
- Closed Transactions – 3,394 – UP by 20.2%
- Pending Contracts – 3,729 – UP by 17.4%
- Inventory for Sale – 2,803 – DOWN by 46.9%
- New Listings – 3,491 – UP by 5.9%
- Days on Market – 21 – DOWN by 25.0%
- Average Sales Price – $277,832 – UP by 16.0%
Download the full report at September 2020 Housing Data.
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Call or Text me at (614) 975-9650.
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.