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.