Note: The following is a preliminary assessment of the state of the central Ohio housing market for October 2020. The standard housing report is not available due to a vendor issue. This report and release will be reissued when the complete October report is available.
(Nov. 19, 2020 – Columbus Ohio) – Despite declining inventory, central Ohio experienced another significant increase in home sales last month. The 3,234 homes and condominiums sold was over 19 percent higher than October of 2019.
Year-to-date sales are now almost three percent higher than last year according to the Columbus REALTORS® Multiple Listing Service.
Inventory, on the other hand, has declined year over year for 110 of the last 117 months. Total inventory this week was just under 2,400 homes, less than half of what was listed for sale one year ago.
“Even though inventory has been declining for the better part of ten years, demand continues to escalate,“ said Andy Mills, 2020 President of Columbus REALTORS®. “People simply want to live in central Ohio. “
“We have jobs, services, activities, good schools, cultural experiences and an economy that’s about as healthy as you can find, given the events of this year.”
Record low mortgage interest rates continue to help buyers afford rising home prices. The average sales price of home during the month of October was $276,072, up 15.2 percent from October of 2019. The median sales price last month was $239,900 which was an increase of 17.0 percent from a year ago.
A person who purchased a typical home in the Columbus Metro Area 30 years ago would have gained about $233,668 as of the second quarter of 2020. Of the total wealth gain, 68% or $158,000 is from the price appreciation of 3.6% annually. Over a 10-year period, the wealth accumulation is $116,314, of which $90,700 or 78% are from the price appreciation.
Columbus REALTORS® is comprised of over 8,400 real estate professionals engaged in residential sales and leasing, commercial sales and leasing, property management, appraisal, consultation, real estate syndication, land development and more.
The Columbus REALTORS® Multiple Listing Service (MLS) serves all of Franklin, Delaware, Fayette, Licking, Madison, Morrow, Pickaway and Union Counties and parts of Athens, Champaign, Clark, Clinton, Fairfield, Hocking, Knox, Logan, Marion, Muskingum, Perry and Ross counties.