New residential construction is booming in Central Ohio, despite of the pandemic. According to the Census Bureau, 16.4% more single family building permits were issued since the beginning of the year than the same period last year.
This chart shows the numbers for January to April. May values are not available yet.
New Construction for First-Time Buyers
This is good news for buyers who are desperately looking for a home to purchase. Active listings of existing homes have fallen every week during the lockdown.
Unfortunately, many owners are still reluctant to list their home. That’s why the inventory of homes for sale dropped to only 2,892 last week.
New construction is a great alternative, even for first time home buyers.
In some developments you can buy a new home for less than $300,000. You can design the house exactly how you like it, and you don’t have to compete with other buyers.
Where Can You Find Affordable New Construction?
The least expensive new developments are located in Obetz, Canal Winchester and Groveport.
Builders specializing in the lower price ranges include
You will see other builders advertise prices starting below $300,000, however, options typically add another 10% to 20% to the base price of your new home.
Don’t expect discounts on new construction homes this summer. Builders know that the market is tight, so there’s no reason for them to offer incentives to buyers.
If you are a little lucky, and with my help as your Realtor, you may be able to get an inventory or spec home for a great price, though.
Before you talk to any Builder, Call or Text me FIRST at (614) 975-9650.