How did the Columbus Ohio Real Estate Market Perform in August, 2021?
How did the real estate market perform here in Columbus? We did the research! Find out below. 👇
Watch Below for the Summary Video:
Welcome to our Columbus real estate market update for August of 2021. Each month, we analyze the sales data on how the real estate market here performed during the last 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
Unusually high demand for homes in central Ohio and lack of sufficient inventory has resulted in homes selling for more than the asking price for the last couple years.
The number of homes that sold for less than the list price as well as those that sold for more than the list price started almost equally early in 2021. However, homes that sold for more than the asking price escalated quickly and peaked this summer.
Three out of every five homes sold in August sold for more than the home was listed for according to Columbus REALTORS®.
Inventory is rather tight, so many buyers are continuing to make offers over list price. In the last couple months, however, buyers seem to be putting a bit more consideration into their offers. Further, they’re considering appraisal value more often when determining their willingness to pay.
Even with the tempering of over list price offers, August recorded the highest number of home sales in central Ohio history. The 3,694 sales last month was 9.3 percent higher than one year ago. Year to date (January – August), home sales are 10.3 percent ahead of 2020.
Record high contracts documented in August suggested home sales in September will also be impressive.
The number of listings added to the market last month was almost 12 percent higher than August of 2020, but down almost 13 percent lower than July.
Fewer homes listing in the fall is typical, as the school year is starting. The housing market usually takes a bit of a breath during late Q3 and Q4.
Though even with record sales last month, there were still 24.4% more homes on the market this year compared to the same time last year. This, thankfully, provided buyers with more options.
The time it took to sell a home remained at 11 days last month.
Homes under $350,000 sold in an average of 9 days. Homes sold between $350,000 and $500,000 took about 10 days to sell. Homes in the $500,000 to $700,000 price range sold in an average of 17 days, and homes over $700,000 were on the market for an average of 28 days.
For the first eight months of 2021, homes have sold in an average of 16 days. Breaking this down by price range, homes under $350,000 sold in an average of 14 days. Homes priced $350,000 -$500,000 took 17 days. Homes between $500,000 and $700,000 took 26 days to sell and homes over $700,000 sold in an average of 38 days.
The average price of a home sold in August was $308,087, up 10.4 percent from August of 2020. The median sale price was up 13.2 percent to $275,000.
Central Ohio Homes for Sale & Listings
🏘 There were 3,418 homes for sale in August 2021 🏘
The Average Price per Square Foot in Columbus
💲 The Average Price per square foot in August 2021 was $167.23 💲
💲 This price is 11.7% 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 11 days in August 2021 🏡
🏡 This is down 50% from the same period last year (avg. days on market was 22 days in August 2021 🏡
💲 Columbus Ohio Home Prices 💲
💲 The average sale price for these listings was $308,087 (up 10.4% from last year)
💲 The median sale price for these listings was $275,000 (up 13.2% 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 August 2021 Housing Report: At a Glance
Closed home sales are up 9.3% 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 August 2021 was red hot.
Nonetheless, for buyers, we must say “caveat emptor” (buyer beware). Many real estate experts are expressing concern that homes are currently overpriced. Additionally, with a large number of homes going into forbearance, one would be prudent to closely watch how this affects the real estate market as a whole.
In order to win in today’s real estate market, a lot of due diligence is necessary. If you’d like more tips for success when purchasing a home, visit our buyer’s page here. If you’d like more tips for sellers to help you sell your home for top dollar, visit our seller’s page here.
You can contact us directly by the contact form on this page or the phone number at the top of this page if you’d like to speak to a real estate expert quickly and directly.
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