Columbus real estate forecast Andrew ShowCentral Ohio home demand stayed strong during April 2020, even as pandemic worries brought much of the state to a halt. Columbus home buyers have remained motivated as mortgage interest rates set new record lows. With signs of economic resilience in the news, it seems little can stop the momentum of home sales. Except, of course, a lack of homes for sale!

Active listings in the Columbus Regional Multiple Listing Service were down 13.3% compared to April 2019. Industry reports suggest that some would-be home sellers sat out the market during April 2020, causing further constraint in an already-lean market.

There is a noticeable difference in sales momentum between homes priced under $500,000 and homes priced above $500,000. Demand is highest for homes priced under $350,000, which we can glean from the very short days-on-market. Here’s how it breaks down:

  • Homes priced under $350,000 = 25 days on market
  • Home priced over $350,000 to $500,000 = 42 days in market
  • Homes priced over $500,000 to $700,000 = 72 days on market
  • Homes priced over $700,000: 60 days on market

During April, Central Ohio’s average home sale price increased 6.6% to $243,414.

Please remember that real estate statistics are very broad and offer a view in hindsight, usually 2 months in arrears. They also do not account for homes sold outside of the MLS.

Still, Columbus home buyers can expect a competitive summer market for homes priced under $500,000. Homes priced under $300,000 are becoming scarce in some areas. We may see pent-up listings reach the market in upcoming weeks, but demand is likely to outpace this supply.

When you become our Buyer-Client, we will provide you with a number of advantages to help you find the right home and make a successful offer!

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
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