The median sales price of a Central Ohio home reached $310,000 in September, a gain of 7% from September 2022. However, the latest data from Columbus REALTORS® also points to a decline in home sale transactions, which fell by 14.5% compared to the same month a year ago.
Homes also took longer to sell, averaging 20 days on the market, compared to 18 days during September 2022.
Home inventory was slightly lower in September 2023 compared to September 2022, but this by itself does not account for the drop in home sale transactions. It is possible that home buyers are feeling the effects of unrelenting mortgage rate hikes, which have put mortgage interest rates at the highest threshold in twenty years.
We are still in a “seller’s market” however, and there is competition for quality homes in popular areas. New Albany posted a median home sale price of $895,000 during September, a whopping increase of 28% compared to median prices a year ago.
Homes in downtown Columbus had a median sales price of $560,500, a jump of 14% compared to last year. Home buyers are not equally affected by higher interest rates, as evidenced in these rising home prices.
One explanation comes from a Redfin survey, which found that 38% of young homebuyers, aged 30 years or younger, had financial help in the form of a cash gift from family, or in the form of an inheritance. The survey also found that this buyer group came from generational home ownership – meaning that their parents, grandparents, or both were homeowners themselves.
For home buyers who do not have his kind of support, it’s a tough market to break into. Fortunately, there are some ways to level the playing field, and chief among them is educating yourself about the home buying process. Our free e-book, “How to Buy a Home like a Pro,” contains home buying advice and strategies you won’t find anywhere else! Obtain your copy today through our website. We make it immediately available to you, and there is no obligation.
As Exclusive Buyer’s Brokers, we serve your best interests at all times! Unlike real estate agents and brokerages who represent sellers, as an Exclusive Buyer’s Broker, we only represent you, the buyer, getting you the best price and terms with no conflict of interest at all times.
Understanding this distinction could literally save you thousands of dollars not only on the purchase price and terms, but also on seller concessions and home inspection issues, whether you are a first-time homebuyer or an experienced homeowner!
Contact us with your home buying questions! Remember, we are with you every step of the way…all the way home!
Andrew Show
Exclusive Buyer’s Broker, CEBA-M, MCNE, CSP, PSA,e-PRO, CREM, ABRM, AHWD
Buyer’s Resource Realty Services www.BuyersHome.com
Serving Metro Columbus, Ohio with Exclusive Buyer’s Agents
7100 North High Street, Suite 204, Worthington, Ohio 43085
614-888-4110 | 888-888-4110 Toll Free | 614-839-4110 Fax
