The central Ohio housing market saw record home sales in August 2020 as almost 3,400 homes and condominiums changed hands, up almost five percent from last year and the highest number of sales documented for this late summer month.

Homes sold even more quickly than in months past during August. Homes under $350,000 sold in an average of 17 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 52 days and homes over $700,000 took an average of 75 days to sell. 

Although the number of residential homes and condominiums for sale during the month of August 2020 trailed the previous month by just 7.0 percent, the month was 47.0 percent less than the number for sale during August 2019.

There were 3,600 homes newly listed for sale last month providing motivated buyers additional inventory to consider.

As a result, there were almost 4,200 homes put into contract in August, a jump of 14.9 percent from 2019 and up slightly (0.8 percent) from July 2020.

For the second consecutive month, the average sale price exceeded the last list price. The average sale price in August was $279,134, up 12.8 percent from last year and the median sale price of $243,000 rose 13.8 percent over August 2019.

Real estate has been and continues to be a foundation for building wealth amongst the middle glass in the United States. Further, it acts as a critical link for the flow of goods, services, and income for millions of Americans. Real estate alone accounts for nearly fifteen percent of Ohio’s gross domestic product, an indication of its significant role in the US market as a whole. 

For more data on real estate performance in August, see below