The Columbus real estate market, like many metro markets across the country, is doing quite well, for sellers that is. Home prices are up, inventory is low, and this is proving to be a very lucrative combination for sellers. Buyers, on the other hand, are struggling to find a home, when a bidding war, or even be able to afford a property.
The median sales price is currently $139,600 for the entire Columbus Metro area. That is roughly $112 per square foot. The median rent is $1045.
According to Columbus Realtors, the most recent statistics are from March, 2017, which we can predict has increased as we go into spring and summer. The average sales price for March was $203,924. It was up 6.8% from March 2016, which came in at $190,980. Inventory is actually higher than it was last year but new listings come in slightly lower at 4.1% less than they were last year at this time. The median list price last year was $165,000 and the median price this year is $170,000, a 3% increase. As in many markets across the country, our supply of inventory or absorption rate is only about a month and a half. This means that if no new listings come on the market today, it will only take about 45 days to clear the market completely.
Closed sales were up 3.7% year to date at 5887. New listings were actually down 3.2%, which reflects that low absorption rate. The average sales price for March was $190,980 last year at this time, but this year it has increased 6.8% to 203,924.
Sellers will be interested to know the percent of original list price received. It's up 1.5% over last year. Last year, sellers received on average 95.5% of the list price but this year, that number comes in a 96.9%.
Condo sales are also up with a year to date of 901, a 6.8% increase over last year.
The cost of living in Columbus is slightly lower than the national average and homes of downtown tend to sell at higher prices than those on our south side. Districts in the northwestern part of the city can retain their comparative values even if the market shifts lower. Places like Worthington, Victorian Village in the downtown area continue to grow and the cost of living will increase accordingly.
For more information on what your Columbus area home might be worth, how fast it would sell or tips to getting a great deal in the Columbus area, contact our office at any time.