Central Ohio Housing Report - April 2018

By Columbus REALTORS®

Columbus ranks 4th hottest market

Columbus ranked No. 4 last month on Realtor.com's list of the nation's hottest housing markets based on how many hits each home listing gets as well as how quickly homes are selling.

The national spotlight found the central Ohio area as showing activity increased 12 percent in April versus the previous month and homes spent just over a month (33 days) on the market during the month of April, according to the Columbus REALTORS® Multiple Listing Service.

“In this hectic market place, as professionals, it is our job to take care of all the details, construct a clear contract, and calm the emotional storm that is part of the buying and selling process,” said 2018 Columbus REALTORS® President Sara Walsh. “As REALTORS®, we are finding ourselves in nearly daily communication with our clients who are committed to finding a home or preparing to sell.”

There were 3,698 homes and condos listed during the month of April which is 9.1 percent more than the previous month and 3.6 percent more than April 2017.

With the addition of those new listings, there were 3,850 homes and condos for sale in central Ohio, down 11.2 percent from last year, but up 10.5 percent from the previous month as the housing market heads into the spring selling season.

“Inventory made a solid jump last month. I think that is a sign of positive things to come,” added Walsh. “Sellers realize there is a tremendous advantage in having their home on the market right now.”

Buyers responded positively to the growth in inventory this year as there were 2,590 closed sales in April, which is 8.8 percent more than March and 2.3 percent more than a year ago.

Year to date (January through April), the average sales price of a home in central Ohio was $216,784, an increase of 7.3 percent from April 2017. The median sales price was $182,350, up 7.9 percent from the same month a year ago.

“Home values continue to increase which is an incredibly positive sign of the strength of the central Ohio market,” Walsh said. 

According to the latest Housing Market Confidence Index by the Ohio Association of REALTORS®, 100 percent of central Ohio REALTORS® describe the current housing market in their area as moderate to strong and 98 percent said they expect home prices to rise over the next year.

When asked what’s keeping homeowners who want to sell their homes from putting them on the market, 98 percent of respondents said the lack of homes to buy after present owner sells and two percent of respondents said that homeowners are waiting to sell their home for a higher price.

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