Home sales in the Columbus Metro started out strong this spring and gained momentum through the summer. The latest home sale statistics from Columbus Realtors© show July 2020 transaction volumes up 6.1% over July 2019.
The unwavering demand for Central Ohio homes pushed price increases into the double digits. Average home prices in July increased 10.4% on a year-over-year basis, reaching $278,044. Calculated by median, home prices increased 11.4% year-over-year.
Despite higher prices, sales have been swift. Homes priced below $350,000 spent an average of 20 days on market. In the price range of $350,000 to $500,000, homes spent an average of 33 days on market. Back in May, these price ranges had days-on-market of 24 and 37, respectively.
While the Columbus Metro real estate market has been “hot” for some time, this summer brought a new first. During July, the average home sale price exceeded the average listing price. In other words, it became common for homes to sell for more than the asking price. This phenomenon was once was an exception, but it has practically become the norm.
Still, Columbus home buyers should not make blind decisions or rush judgments. Home inventory, while still constrained, is improving. And being the highest offer can mean offering $1,000 over the asking price, instead of $10,000. As our Buyer-Client, you’ll get expert home buying guidance to help you succeed, without breaking the bank!
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!
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
