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

The number of homes closed during the first three quarters of 2020 is now just 1.3 percent behind 2019 according to the Columbus REALTORS® Multiple Listing Service.

We usually experience a higher number of sales in August, as buyers are often looking to move into a new home before the new school year starts. However, because so many children are now attending school virtually, or are in hybrid schooling, there is now a broader time frame for families to complete their moving process(es).

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

Central Ohio Homes for Sale & Listings

🏘 There were 2,748 homes for sale in August 2020 🏘

This is down 47% from the same time last year, indicating the significant scarcity of real estate compared to 2019.

homes-for-sale-columbus-oh-inventory

The Average Price per Square Foot in Columbus

💲 The Average Price per square foot in August 2020 was $149.90  💲

💲 This price is over $15 per square feet more expensive compared to the same time last year 💲

📈 An 11.5% increase in cost per square foot compared to last year 📈 

Columbus, Ohio: Days on Market

🏡  The average real estate listing stayed on the market  for just 22 days in August 2020 🏡

🏡  This is 5 days shorter compared to August of 2019 🏡

💲 Columbus Ohio Home Prices 💲

💲 The average sale price for these listings was  $279,134 (up 12.8% from last year) 

💲  The median sale price for these listings was  $243,000 (up 13.8% 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-sale-v-in-contracts-august-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-ohio-perecent-of-original-price-received-aug-2020

Condo Sales in Central Ohio

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

Home sales are up 4.7% 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 August continued its hot streak from July (see our report on the real estate market in July here).

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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Address: 450 W Wilson Bridge Rd, Worthington, OH 43085

Email: mvansteyn@premier-choice.com

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