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.