Record-low mortgage interest rates are adding fuel to Central Ohio home demand. Buyers have been practically racing to available homes, causing May 2020 home sales to speed up in all price ranges.
Interestingly, homes priced at $500,000 saw the greatest reduction in days-on-market. Here’s a look at the pace of May home sales by price range, and the percentage difference from April 2020:
- Homes priced under $350,000 = 24 days on market, 4% faster
- Home priced over $350,000 to $500,000 = 37 days in market, about 12% faster
- Homes priced over $500,000 to $700,000 = 50 days on market, about 30% faster
- Homes priced over $700,000 = 50 days on market, about 16% faster
Overall, the inventory of Metro Columbus single-family homes and condominiums for sale increased 18.6% from April 2020 to May 2020. But on a year-over-year basis, home inventory stands 26.5% lower.
A speedy market comes at a price. Namely, a higher home price! The median sales price of a Metro Columbus home increased 5.9% on a year-over-year basis, reaching $233,000. When taken as an average, home prices increased by 2.0%, reaching $258,688.
We are back to bidding wars in certain neighborhoods. Central Ohio home buyers should be prepared for competition! Still, this does not mean blindly bidding up the home price. When you become our Buyer-Client, we help you make a successful offer by applying time-tested strategies! We also ensure you have contractual protections included to protect your interests.
As your Exclusive Buyer’s Broker, 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!
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