Making a good home buying decision begins with having good information! As your Exclusive Buyer’s Broker in the Columbus area, I keep a close eye on our real estate market and share the latest news with you. Here are the Columbus, OH market highlights from The National Association of Realtors® and the National Association of Home Builders®.
Columbus Home Sales Hold Steady
Columbus, OH ranked #32 in online home search activity out of 146 metros, according to October 2012 data from The National Association of Realtors®. There were 11,492 homes on the market in Columbus during October, which is a decline of 16.74% from October 2011. Homes are spending an average of 92 days on the market.
The median list price for a Columbus home was $148,500 in October 2012. “Median” means that half of the homes were listed for more than this amount, and half were listed for less. Keep in mind that the list price is not the same as the final sales price.
Columbus Home Affordability Rank
The Wells Fargo/National Association of Home Builders® Housing Opportunity Index for the 3rd quarter of 2012, places Columbus at #35 for home affordability. This is out of 39 Midwestern cities, meaning we’re a bit on the high side. The Housing Opportunity Index ranks affordability by comparing the median home prices of an area against the median household income. In Columbus, 81.6% of the homes for sale met the affordability metrics.
In a nutshell, the vast majority of Columbus homes for sale are affordable when compared to local median incomes. Just under 20% of the market is priced higher than what our median incomes could afford. This is important to understand because home prices may go up faster than local wages – and if they do, the selection of homes deemed affordable would narrow.
Your Personal Home Buying Plan for Columbus OH
This is a broad overview of the Columbus home market. Each neighborhood and subdivision within Columbus have market conditions that vary internally, and I can pin these down for you. This is why home buying success requires professional real estate guidance! If you want to buy your own home in Central Ohio, give yourself every advantage!
You can download our free e-book to get started. As you read it, list your questions about buying a home in Columbus, OH and then contact me! I am here to help you, and it doesn’t cost you a penny to work with me.
Andrew Show
Broker, CEBA, CEBA-M, CNE, CSP, ABR-M, e-PRO, GREEN
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
www.BuyersHome.com
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