We’ve seen both buyers and sellers take a step back due to COVID; however, the buyers have been a bit more enthusiastic about re-entering the market. We believe it is a combination of the record low interest-rates and the threat of the second wave of the virus that have added a greater incentive amongst buyers to purchase sooner rather than later.

June saw 4,158 homes put in contract, which was a significant increase of 17 percent from May and 7.4 percent from June of 2019.

The 3,151 central Ohio homes and condos sold during the month of June were almost 24 percent higher than the previous month, but down 2.3 percent from 2019 according to the Columbus REALTORS® Multiple Listing Service.

Even with the increase in new listings, the increase in home sales and those put in contract left inventory at 2,948 which was 8.1 percent lower than the previous month and 38.4 percent lower than the same time last year.

Unsold inventory is at a 1.1 months supply which means that, if no more inventory were added to the market, it would take just over one month to sell all listed homes based on the current sales pace. This is the lowest in the history of central Ohio housing activity.

Central Ohio homes sold for an average of $272,020 during the month of June which was 4.1 percent ahead of 2019. The median sales price was $241,000, up 5.7 percent from last year.

The median sale price of a home in central Ohio sold during the first half of 2020 was $222,000, up 5.8 percent from one year ago. The average sale price was $252,715, up 4.89 percent from the first six months of 2019.

During the month of June, homes under $350,000 sold in an average of 23 days. Homes sold between $350,000 and $500,000 took about 33 days to sell. Homes sold between $500,000 and $700,000 sold in an average of 56 days and homes over $700,000 took an average of 76 days to sell.

As more people are working from home this year, we have noticed a shift in consumer real estate preferences when we look at the data. Many are looking for spaces for their home office(s). With an increase in work from home, we are also noticing that more people are less concerned with commute time, which therefore expands the neighborhoods people are looking for to those that may be farther away from the downtown Columbus area.

Current housing report – June 2020
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Columbus REALTORS® is comprised of over 8,100 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.