How did the Columbus Ohio Real Estate Market Perform in September, 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

Watch Below for the Summary Video:

Welcome to our Columbus real estate market update for October 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

The central Ohio housing market remains highly competitive as strong demand continues to outpace supply. Although the number of residential homes and condominiums for sale during the month of September 2020 was slightly ahead of the previous month by 2.0 percent, the month was 48.9 percent less than the number for sale during September 2019.

Almost 3,500 homes were added to the market last month, which was 5.9 percent more than September 2019 and the highest number of new listings for the month since 2007 according to the Columbus REALTORS® Multiple Listing Service.

The influx of new inventory was quickly absorbed as there were 3,394 central Ohio homes and condos sold during the month of September, which was 20.2 percent higher than one year ago.

At 24,635, home sales for the first three quarters of the year (January through September) were 1.0 percent ahead of 2019 and just slightly behind the sales pace in September 2017 when inventory was almost twice what it is today.

Low inventory is causing home prices to continue to rise. Nonetheless, the buyer’s market still is still quite strong considering the low interest rates, which helps makes homes significantly more affordable than they might otherwise be.

The average sales price of a home during the month of September in central Ohio was $277,832, up 16.0 percent from September of 2019. The median sales price last month was $240,000 which was an increase of 13.6 percent from a year ago.

Homes under $350,000 sold in an average of 15 days. Homes sold between $350,000 and $500,000 took about 25 days to sell. Homes sold between $500,000 and $700,000 sold in an average of 56 days and homes over $700,000 took an average of 78 days to sell.

Some segments of the market are better than others, according to the market. Starter homes in move-in ready condition are in very high demand. 

With every sale putting an average of $55,500* back into the state economy, the real estate industry is in a position to help raise the Ohio economy to stronger levels.

Central Ohio Homes for Sale & Listings

🏘 There were 5,009 homes for sale in September 2020 🏘

🏘 This is down 46.9% from last year (representing a significant scarcity in homes for sale) 🏘

columbus-ohio-homes-for-sale-september-2020

The Average Price per Square Foot in Columbus

💲 The Average Price per square foot in September 2020 was $150  💲

💲 This price is $18 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 21 days in September 2020 🏡

🏡  This is 7 days longer than the same period last year! 🏡

💲 Columbus Ohio Home Prices 💲

💲 The average sale price for these listings was  $277,832 (up 16% from last year) 

💲  The median sale price for these listings was  $240,000 (up 16.5% 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

closed-home-sales-vs-in-contract-columbus-oh

New Listings & Single Family Sales in Columbus

columbus-ohio-new-listings-v-single-family-sales-2020-oct

Percentage of Original List Price Received

This graph represents what percentage of homes sell for their original list prie

columbus-ohio-homes-sold-original-price-received

Condo Sales in Central Ohio

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

columbus-ohio-market-homes-sale-at-a-glance-sept-2020

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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