Columbus real estate has been on a tear in 2020, with higher home prices and faster sales. But as the pandemic drags on and the economy struggles, there’s some question about how long home sales can keep the pace.
The short answer: as long as home demand keeps outpacing supply, prices won’t be declining anytime soon. However, a sustained economic disruption could soften demand. Here’s a look at the Central Ohio economy as of August 2020, according to the U.S. Bureau of Labor Statistics:
Columbus area unemployment stood at 8.3%, just below the national average of 8.5%. Franklin County had the highest unemployment at 9.1%. Delaware County has the lowest at 6.1%.
The Central Ohio industries with the most job losses include:
- Leisure and Hospitality services = 26.3% decline in employment
- Other service-oriented industries = 15.5% decline in employment
- Education and Health services = 7.9% decline in employment
The Central Ohio industries with the least job losses include:
- Government = 1.3% decline in employment
- Professional and business related services = 4.9% decline in employment
- Manufacturing = 5.1% decline in employment
In the middle of the pack, financial services, information technology, and construction have employment declines between 6% and 7.6%.
It should be noted that these figures already represent some improvement from the state of the economy a few months ago. Still, the economy will need time to get back to the levels enjoyed prior to the pandemic.
So long as the Central Ohio economy continues its gradual recovery, and housing inventory remains limited while home demand remains strong, Columbus home buyers will continue to face a competitive market in the months ahead. However, it’s important not to overpay for a home in this environment! One should also avoid making an impulsive home purchase that will not suit your long-term needs.
Looking for home buying advice? 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!
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Buyer’s Resource Realty Services www.BuyersHome.com
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7100 North High Street, Suite 204, Worthington, Ohio 43085
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