Central Ohio home prices reach record high

Mortgage

Central Ohio home prices reached a record high in April, as eager buyers continue to compete for homes the moment a for-sale sign is posted.

The median sales price of a home was $213,600 during the month, up from $190,000 last April, and the highest median sales price ever recorded by the Columbus Realtors. Five years ago, in April, 2014, the median price stood at $150,750.

Columbus, Ohio

Adobe Stock

Six years into the housing recovery, Columbus-area homes continue to fly off the shelves. Homes sold in April after being listed an average of 32 days.

Buyers were especially quick to grab lower-priced homes. Homes under $350,000 sold in an average of 26 days. Homes priced $350,000 to $500,000 sold in 48 days, those between $500,000 and $700,000 sold in 65 days and homes priced over $700,000 took an average of 83 days to sell, according to Columbus Realtors.

“Because we have so many buyers looking for affordable homes, those homes in the lower price ranges are selling more quickly,” said John Myers, this year’s president of the Columbus Realtors. “Five years ago, homes under $350,000 took three times longer to sell than today.”

Despite the sharp rise in price and a shortage of homes for sale, central Ohioans bought more homes in April than they did a year ago. During the month, 2,682 homes changed hands, up 3.6% from a year ago.

Statewide, sales rose 4.5% from a year ago in April while prices rose 5.6%, according to Ohio Realtors.

Nationally, home sales declined slightly in April to a seasonally adjusted rate of 5.19 million, down from 5.21 million in March, according to the National Association of Realtors.

The median sales price of a U.S. home rose 3.6 percent from last April to $267,300.


Mortgage fraud and risk management


Article

Mortgage fraud and risk management

Partner Insights
Sponsor Content From:


DataVerify

Tribune Content Agency

Leave a Reply