Central Ohio has had the second strongest year in the housing market since the Great Recession. We can attribute this to the continued strong economy and low mortgage rates. The growth has been constrained by low inventory, continuing a market that favors the seller.
We look at a lot of different factors when assessing the housing market. One of them is “days on market”. A home’s price point greatly effects how long it takes to sell. In 2019, homes under $350,000 sold on an average of 27 days. Homes in the price range of $350,000 to $500,000 sold in about 46 days. The next tier of homes, $500,00 to $700,000 sold in an average of 65 days. And anything over $700,000 stayed on the market for an average of 89 days.
Another factor we look at is the sales price. Last year the overall median sales price jumped to $209.900, an increase of 7.65%! Single-family homes were up 7.4% and condos were up by 7.5%. This is driven by the very low housing inventory that we have been experiencing for a few years.
What does this mean for you? If you are selling, then this year you can expect the same sellers’ market we have been experiencing. And if you are looking to buy this year then you can expect similar competition for homes that we have had for the last several years. On both sides, patience is the key!