January’s numbers showed a slow start to 2022. After new listings being up 11% in 2021, January showed a .5% downturn. According to the Columbus REALTORS®, home sales were down 2.8% but were still higher than any other year.
The average home price is up 10.4% at $290,847 compared to January 2021. The median home price is $250,000, an increase of 11.1%.
Population growth is driving the expansion that we are seeing. The population in the counties served by the Columbus REALTORS® has grown by 13% between the 2010 census and the 2020 census. This represents 85% of the growth for all of Ohio in that time span. Over the same time, new listings grew by 14%, keeping in line with the population growth but home sales grew by 58%! Therefore, we have the home inventory shortage that we are dealing with now.
It is still a great time for sellers in our market. Buyers will need to continue to show patience when looking for a home.
Give us a call at 614-891-0000 for all your real estate needs!