How did the Columbus Ohio Real Estate Market Perform in July, 2020?

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

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Welcome to our Columbus real estate market update for August 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

Table of Contents

After three months of less than normal housing activity due to the COVID-19 shutdown, central Ohio saw a spike in home sales last month. The 3,536 homes sold in July were 12.2 percent higher than June and 6.1 percent higher than last year according to the Columbus REALTORS® Multiple Listing Service.

Over 4,100 homes and condominiums were put in contract during the month which was just 11 homes shy of the previous month, but 9.0 percent higher than July of 2019.

For the first time in central Ohio history, sale prices exceeded list prices last month as many buyers paid more for a home than it was listed for sale.

For most buyers, paying more than the list price is non-intuitive. However, high demand, low supply, and stiff competition for homes have all been significant contributers to these increased purchase prices.

There were 3,812 residential homes listed for sale during the month of July, which was just short of the previous year, but 7.3 percent higher than June.

Even with the increase in new listings, inventory remained 41 percent lower than last summer leaving central Ohio again at 1.1 months supply of inventory at the current sales pace.

Home sale prices continued their upward trend as the average sale price in July was $278,044, up 10.4 percent from last year and the median sale price of $245,000 boasted an 11.4 percent increase over July of 2019.

The shortage of new homes built over the last decade contributed to the housing shortage, but local builders have been very active this summer, providing a much-welcomed influx on new home inventory.

Every single-family hime built produces 2.9 jobs and $130,000 in tax revenue, so increased home production will act as a boon to the Columbus region, and can help as well all work to repair the damage COVID-19 caused in the central Ohio economy.

 

During the month of July, homes under $350,000 sold in an average of 20 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 44 days and homes over $700,000 took an average of 71 days to sell.

Central Ohio Homes for Sale & Listings

🏘 There were 2,995 homes for sale in July 2020 🏘

The Average Price per Square Foot in Columbus

💲 The Average Price per square foot in July 2020 was $147.14  💲

💲 This price is $10 per square feet 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 25 days in July 2020 🏡

💲 Columbus Ohio Home Prices 💲

💲 The average sale price for these listings was  $278,044 (up 10.4% from last year) 

💲  The median sale price for these listings was  $245,000 (up 11.4% from last year)

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

columbus-ohio-median-home-for-sale-price-trends

Closed Home Sales vs Homes in Contract in Columbus

columbus-closed-home-sales-vs-in-contract-jul-2020

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

columbus-real-estate-percent-of-original-price-received-jul-2020

Condo Sales in Central Ohio

columbus-real-estate-condos-for-sale-jul-2020

The Columbus, OH July 2020 Housing Report: At a Glance

july-2020-columbus-ohio-real-estate-market

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 July 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 2020.

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.

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