How did the Columbus Ohio Real Estate Market Perform in September, 2021?
How did the real estate market perform here in Columbus? We did the research! Find out below. 👇
Watch Below for the Summary Video:
Welcome to our Columbus real estate market update for October of 2021. 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
Although inventory has been decreasing for the better part of 12 years, the central Ohio housing market saw year over year gains in the third quarter resulting in record home sales.
Third quarter saw 12,291 homes added to the market, which was almost 13 percent higher than 2020 (10,903). This is the highest number of new listings added in a quarter since 2006 when total inventory was over 18,600 and REALTORS® were selling 53 percent of the new listings.
Last quarter, home sales averaged over 3,600 as REALTORS® sold almost 90 percent of the new listings setting new records for home sales in central Ohio.
We’ve had relatively scarce inventory over the past few years. This created a competitive market, which caused angst for many home buyers. This increase in new listings is beneficial, as Columbus is now seeing significant increases in homes both going into contract and selling.
The average sale price increased 8.5 percent to $301,572 and the median price was $269,900 in September, a gain of 12.5 percent. Year to date, the average sale price was $298,817 and the median sale price was $260,000, up 13.5 percent and 13.0 percent respectively.
Conventional financing still reigns with almost 64 percent of the home sales in 2021.
The share of homes that sold for cash, versus financing, is just over 20 percent this year which is 1.5 percent more than in 2016, but still 7.3 percent fewer than homes sold a decade ago.
Many cite cash sales as a reason many home buyers have been at a disadvantage in winning their bids. Nonetheless, new data suggests that buyers seeking financing still dominate the majority of home sales – and that they can be quite competitive.
The time it took to sell a home rose to 14 days last month.
Homes under $350,000 sold in an average of 12 days. Homes sold between $350,000 and $500,000 took about 15 days to sell. Homes in the $500,000 to $700,000 price range sold in an average of 19 days, and homes over $700,000 were on the market for an average of 26 days.
For the first three quarters of 2021, homes have sold in an average of 16 days. Breaking this down by price range, homes under $350,000 sold in an average of 13 days. Homes priced $350,000 -$500,000 took 17 days. Homes between $500,000 and $700,000 took 25 days to sell and homes over $700,000 sold in an average of 36 days.
Central Ohio Homes for Sale & Listings
🏘 There were 3m152 homes for sale in September 2021 🏘
The Average Price per Square Foot in Columbus
💲 The Average Price per square foot in September 2021 was $167.24 💲
💲 This price is $17.24 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 14 days in September 2021 🏡
💲 Columbus Ohio Home Prices 💲
💲 The average sale price for these listings was $301,572 (up 8.5% from last year)
💲 The median sale price for these listings was $269,900 (up 12.5% from last year)
See the graph below to see how the median sale price has changed, year over year, since 2013 in Columbus 👇
Closed Home Sales vs Homes in Contract in Columbus
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
Condo Sales in Central Ohio
The Columbus, OH July 2020 Housing Report: At a Glance
Home sales are up 5.8% 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 September of 2021 has continued its “hot streak.” It will be worth paying significant attention to see the long term effects such a (relatively) long hot streak might have.
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 2021.
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