Home sales were up in July in Central Ohio after 3 months of downturn due to COVID-19. 3,536 homes were sold in July, up 12.2% over June and 6.1% higher than July of last year. 4,100 homes were put in contract last month, 9% higher than July of last year.
Sales prices are making history! For the first time in our market sales prices exceeded list prices in July. For sellers, this means that buyers are paying more for homes than the seller was asking. This trend is due to our low inventory of homes. The number of Central Ohio homes for sale is down 41% from last summer.
Home prices are on the rise too. In July, the average sale price was $278,044, up 10.4% from last year. Our median sale price is $245,000, an increase of 11.4% over last July.
Our low inventory has been attributed to a shortage of new homes built over the last 10 years, but Central Ohio builders have been picking up the pace this year. New home construction results in additional advantages to our economy. For every single-family home built, it produces 2.9 jobs and $130,000 in tax revenue. The boost to the Central Ohio economy is welcome during the aftermath of the shut-down from the pandemic.
If you have questions regarding the real estate market in Ohio, contact us!