More homes for sale, a robust market, and more time to choose. Columbus REALTORS® breaks down the July housing report for Central Ohio.
Strong demand for homes continues to boost home sellers long-term gains.
Year-to-year home values are still up in the month of July. The average sales price in July rose 10.4% to $346,359. That’s up from $313,737 one year ago.
We’re seeing a healthy housing market in Columbus. Ohio through the summer. Columbus is a sought after region booming with new business, entrepreneurship, and a unique culture. It’s unsurprising surprising that our housing market reflects these strong qualities.
Year-to-year, homes sat on the market longer in July. It’s taking an average of 13 days for a home in Central Ohio to sell. That’s an 18.2% increase since July 2021, but it’s a marked improvement from the average year-to-date, which is 15 days on the market.
The housing market in Franklin County moves faster. Homes spend around 11 days in the market before being sold.
There is more housing inventory to browse in Central Ohio. Inventory rose 15.9% year-to-year in July. This is positive news for home buyers taking their time to find the right property.
The July report showed the first sign of home prices cooling off since this spring.
Home buyers in Columbus, Ohio looking for a home now will potentially get a better price on a new home than they would have gotten for the same house a few months ago. The average sales price for a home dropped just over $8,000 since June.
These shifts in the market follow several federal interest rate hikes and inflation that squeezed consumer’s wallets.
Buyers are watching the conomy closely before they make major buying decisions. They are being careful that they’re making a wise investment for the future.
Columbus suburb Worthington is gaining national attention for its hot housing market.
Realtor.com named it the third hottest zip code in the nation.
It’s not very surprising that Worthington is one of the most sought after suburbgs in the country. It’s a well-rounded neighbor with much to offer. It’s position gives easy access to much of the greater city area.
Realtor.com’s team analyzed over 29,000 zip codes to discover their list of “Hot Zips”. They took into account the demand and pace of the market.
Homes in Worthington sold at an average price of $398,408 in July. Inventory is tight. People are holding on to their real estate gems. There were only 47 homes for sale in Worthington in July.