Welcome to our Columbus real estate market update for May of 2020. 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.
How did the Columbus Ohio Real Estate Market Do in April 2020?
Although inventory and sales were down slightly in April, home prices increased, and homes sold in near record times according to the Columbus REALTORS® Multiple Listing Service (MLS).
During the month of April, homes under $350,000 sold in an average of 25 days. Homes sold between $350,000 and $500,000 took about 42 days to sell. Homes in the $500,000 to $700,000 price range sold in an average of 72 days, and homes over $700,000 were on the market for an average of 60 days.
Despite the “shelter in place” order and the other challenges that hindered the closing process, homes still sold more quickly this April than in the previous few months. This performance highlights the dedication of real estate professionals in central Ohio to servicing the needs of their clients, even through these particularly harrowing times.
The median price of a home sold in central Ohio this year is $213,000, up 8.1 percent from one year ago. The average sale price $243,414, up 6.6 percent from last year.
Although still ahead of last year for the first four months of the year, April home sales fell 15.1 percent. Inventory levels dropped 13.3 percent from one year ago.
All it takes is one home sale to put tens of thousands of dollars back into the local economy. Accordingly, the real estate industry plays a pivotal role in helping the economy here in Columbus return to its pre-COVID levels.
💲 The Average Price per square foot in April 2020 was $140.05 💲
Columbus, Ohio: Days on Market
🏡 The average real estate listing stayed on the market for just 30 days in April 2020 🏡
💲 Columbus Ohio Home Prices 💲
💲 The average sale price for these listings was $250,409
💲 The median sale price for these listings was $220,000
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 April 2020 Housing Report: At a Glance
Fewer home sales happened this year in Columbus compared to the same period last year. However, the average sale price, median sale price, and the percentage of people receiving their expcted price for their homes during a sale have al increased since last year.
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 2020.
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.
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