How did the Columbus Ohio Real Estate Market Perform in May, 2021?

How did the  real estate market perform here in Columbus? We did the research! Find out below. 👇

If you have any questions, you can contact us via the contact form below | Call us at 614-596-2934 | email us at mvansteyn@premier-choice.com | or contact us via FB Messenger

Watch Below for the Summary Video:

Welcome to our Columbus real estate market update for June 2021. Each month, we analyze the sales data on how the real estate market here performed during the previous month. Then, we put the data into a readable and easily understandable format for both our clients and the general public.

If you have any questions about the data in this month’s report, please don’t hesitate to reach out to us. We are always happy to help. You can find our contact information at the bottom of this page

Table of Contents

COLUMBUS, OHIO HOMES SELLING FASTER THAN EVER BEFORE 

The time it took a home to sell during the month of May dropped to its lowest point on record. According to the Columbus REALTORS® Multiple Listing Service, listed homes took an average of 14 days to sell. 

Days on market is calculated from the list date up until the actual day that the status is changed to Contingent, Pending, Temp off Market, etc. Days on market are the actual days that a property was Active.

This isn’t necessarily how long the home was on the market. If an owner switches real estate agents, the number is reset. There are also occasions when a home is withdrawn and later re-listed. REALTORS® can research the properties MLS history. Therefore, they can tell more effectively how long the property has been on the market.

Ten years ago, there were 17,603 homes for sale – 8.5 times more than today, and yet home sales today are 50 percent higher.

Market shares have also changed significantly over the last decade. In May 2011, homes under $350,000 accounted for 93.5 percent of the homes sold and it took an average of 109 days to sell. Last month, homes in that price range totaled 2,054, or 68.4 percent of the sales, and they sold in an average of 11 days!

At the other end of the spectrum, there were 13 homes over $700K that sold in May of 2011 and it took an average of 251 days for them to sell. This year, there were 137 homes sold in that price range – a 592 percent increase in market share – and they sold in an average of 27 days!

These dramatic changes in days on market provide meaningful information on the needs of the modern home buyer.And the fact that we have so many more buyers in the higher price ranges impacts the average market home sale price.”

The average sale price jumped 21.8 percent from to $315,127 and the median sale price rose from $233,000 to $275,000 which was an increase of 18 percent, year over year.

A welcome increase in new listings resulted in a rise in the inventory last month, even with an increase in home sales. New listings rose almost 21 percent from a year ago and almost eight percent from April.

The number of homes sales also rose 18.1 percent year over year and 7.1 percent from the previous month. And a healthy increase of 15.3 percent in contracts suggests strong home sales ahead for June.

Central Ohio Homes for Sale & Listings

🏘 There were 3,210 homes for sale in May 2021 🏘

The Average Price per Square Foot in Columbus

💲 The Average Price per square foot in May 2021 was $169.05 💲

💲 This price is 20% more expensive compared to the same time last year  💲

Columbus, Ohio: Days on Market

🏡  The average real estate listing stayed on the market  for just 14 days in May 2021 🏡

🏡 For reference, this is half the time of the same time last year. Columbus, OH homes sold in half the time this year compared to the same period last year! 🏡

💲 Columbus Ohio Home Prices 💲

💲 The average sale price for these listings was  $169.05 (up 19.5% from last year) 

💲  The median sale price for these listings was  $275,000 (up 18% from last year)

See the graph below to see how the median sale price has changed, year over year, since 2013 in Columbus 👇

Closed Home Sales vs Homes in Contract in Columbus

New Listings & Single Family Sales in Columbus

Percentage of Original List Price Received

This graph represents what percentage of homes sell for their original list prie

Condo Sales in Central Ohio

The Columbus, OH June 2021 Housing Report: At a Glance

Home sales are up 6.1% this year in Columbus compared to the same period last year. 

Further, the average sale price, median sale price, and the percentage of people receiving their expected price for their homes during a sale have all increased since last year. By all measures, the Columbus real estate market in May 2021 was red hot.

How to Sell Your Home Safely in Columbus

If you are planning to sell your home in Columbus, Ohio this year, we recommend watching this short video here, which has some quick tips for selling your home safely in 2021.

How to Buy a Home in Columbus

Click the link below to get our buyer’s guide on how to buy your home in Columbus by getting mortgage ready

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Van Steyn Partners does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Van Steyn Partners will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.

Any Questions?

Contact Us

If you have any questions, you can contact us via the contact form below | Call us at 614-596-2934 | email us at mvansteyn@premier-choice.com | or contact us via FB Messenger

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614-596-2934

Address: 450 W Wilson Bridge Rd, Worthington, OH 43085

Email: mvansteyn@premier-choice.com