Buyer demand and low inventory in Central Ohio are driving the price increase we saw in the housing market in 2021. Competition to find housing has resulted in higher home prices due to multiple offer situations. According to Columbus REALTORS® we had the highest number of homes listed for sale since 2010. Despite this, we still have a significant home inventory shortage. On average, sellers received 102.2% of the list price for their properties, up 2.4% from 2020. The overall median sales price was $260,000 for the year, up 12.1%. There were 36,489 home sales last year, up 9.1%.
New construction has struggled to keep up with buyer demand. Builders are held back by a lack of skilled workers, supply chain issues and rising material costs. With large tech companies moving into the Central Ohio area, we will continue to see housing shortages.
It may cost more to purchase a home this year. The fed is raising the cost to borrow money to combat rising inflation. This might slow the housing market down slightly, but the extra cost of purchasing a home will stop some buyers.
Average sale price of homes is up 6.3% December of 2021 over December of 2020 at $291,259. Year to date the average sale price of homes are up 12.1% at $297,991. The Central Ohio housing market is still hot!