Market Reports

September 2017 Columbus Market Update [Video Blog]

Fewer Days on Market + More Inventory

Through August 2017, the central Ohio real estate market had a couple of noteworthy tidbits. First, homes spent an average of 28 days on market until they sold, which was a record low. Secondly, there were 10% more homes listed for sale in August 2017 than the previous August.

What does that tell us?

There is an extreme buyer demand for homes going on the market. Even with the uptick in inventory, homes are being gobbled up  as quickly as they are listed by the many qualified buyers in the marketplace.

Will this persist?

As of this post, there hasn’t been any evidence to foreshadow a market cool down. The local economy is very strong, interest rates are still near record lows, and residential homes aren’t being built at a rate to put a dent in the inventory crisis.

Should you sit on the sidelines?

If you’re a buyer waiting on the market to cool down, you’re likely to see a similar post by me a year from now talking about the market being up 6-8% from a year ago. That means, the home(s) you’re considering buying today at $250,000 will likely fetch $267,000 or more 12 months from now.

Overview of Select Local Markets

Upper Arlington

Days on Market = 24

Median Sales Price = $369,500

Median Sales Price Compared to One Year Ago = +8.9%

Months of Inventory Available = 2.2

Upper Arlington Homes for Sale

Grandview Heights

Days on Market = 21

Median Sales Price = $285,975

Median Sales Price Compared to One Year Ago = -23.1%

Months of Inventory Available = 1.5

Grandview Homes for Sale

Worthington

Days on Market = 22

Median Sales Price = $282,950

Median Sales Price Compared to One Year Ago = -5.7%

Months of Inventory Available = 1.1

Worthington Homes for Sale

Clintonville/Beechwold

Days on Market = 14

Median Sales Price = $250,000

Median Sales Price Compared to One Year Ago = +2.9%

Months of Inventory Available = 1.3

Clintonville Area Homes for Sale

German & Merion Villages/Schumacher Place/Brewery District

Days on Market = 20

Median Sales Price = $308,500

Median Sales Price Compared to One Year Ago = -21.2%

Months of Inventory Available = 3.1

German & Merion Villages/Schumacher Place/Brewery District Homes for Sale

Gahanna

Days on Market = 12

Median Sales Price = $208,000

Median Sales Price Compared to One Year Ago = -0.2%

Months of Inventory = 1.1

Gahanna Homes for Sale

Click here to access market report for all central Ohio communities.

Click here to access all homes for sale in central Ohio.

If you’re considering buyer or selling in the Columbus area, I’d be honored to start the conversation with you to see how I could provide value.