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Welcome to our Columbus real estate market update for June 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

How did the Columbus Ohio Real Estate Market Do in May 2020?

Home sales, contracts, prices, and new listings all rose in May 2020 as compared to the previous month which was the first full month of shut down activity.

The 2,542 homes and condos sold during the month of May were up 11.6 percent from the previous month, but still down 21.2 percent from one year ago putting year to date home sales 4.4 percent behind 2019.

There were 3,232 homes and condos added to the market in May, up 18.6 percent from April, but still trailing 2019 by 26.5 percent. At the end of May, there were 3,210 homes for sale according to the Columbus REALTORS® Multiple Listing Service.

With the added inventory, the number of homes and condos for sale in the central Ohio area currently remains low because buyers are moving quickly to purchase new inventory. Now that the state is beginning to re-open, we expect both the amount of homeowners listing their homes for sale and total housing activity to increase throughout the summer.

The median sales price of a home during the month of May in central Ohio was $233,000, which is 5.9 percent higher than one year ago. The average sales price was $258,688, up 2.0 percent from last year.

Homes put in contract rose to 3,552 from 3,002 in April, an increase of 18.3 percent.

Contracts are a good indicator of the amount of upcoming home closing. Accordingly, there is reason to be somewhat optimistic about the 2020 housing market in central Ohio. However, it will still be prudent to be cautious.

During the month of May, homes under $350,000 sold in an average of 24 days. Homes sold between $350,000 and $500,000 took about 37 days to sell and homes over $500,000 sold in an average of 50 days.

Central Ohio Homes for Sale & Listings

🏘 There were 4,467 homes for sale in May 2020 🏘

The Average Price per Square Foot in Columbus

💲 The Average Price per square foot in May 2020 was $141.48  💲

💲 Up 4.8% from May 2019💲

Columbus, Ohio: Days on Market

🏡  The average real estate listing stayed on the market  for just 28 days in May 2020 🏡

🏡 0% change from May 2019 🏡

💲 Columbus Ohio Home Prices 💲

💲 The average sale price for these listings was  $258,668 (up 2% from last year) 

💲  The median sale price for these listings was  $233,000 (up 5.9% from last year)

See the graph below to see how the median sale price has changed, year over year, since 2013 in Columbus 👇

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Closed Home Sales vs Homes in Contract in Columbus

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New Listings & Single Family Sales in Columbus

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Percentage of Original List Price Received

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

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Condo Sales in Central Ohio

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The Columbus, OH May 2020 Housing Information: At a Glance

Fewer home sales happened this year in Columbus compared to the same period last year. However, both the average sale price and median sale price still increased during the period. Furthermore, the percentage of people that received a price for their home equal to their original list price remained virtually the same (this is something that a good real estate agent in Columbus will help manage more effectively). 

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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