Columbus home buyers found fewer homes for sale, and higher prices, during the summer months of 2014. The median home sales price in Columbus was $128,500 from mid-May to mid-August, representing an increase of 2.8% from the same time last year.
Currently, the median list price of homes for sale in Columbus is just over $156,000. Please keep in mind that list prices and final sales prices will vary widely from one neighborhood to another.
For example, the average list price of a home in German Village is currently $413,066. In contrast, homes in North Linden have an average list price of $60,574.00.
With declining inventory and a trend towards rising home prices, Central Ohio home buyers have been drawn to areas offering selection and value. Grove City has had a very active real estate market this summer, with 343 home sales, and a median list price of $207,524.
Home demand has also been strong in the following Columbus area communities:
Hilliard – current median list price of $252,940
Westerville – current median list price of $322,765
Gahanna – current median list price of $245,888
Dublin – current median list price of $448,101
Upper Arlington – current median list price of $584, 689
The trend towards higher home prices has been felt throughout Ohio. According to industry data by CoreLogic, Ohio home prices in July 2014 averaged 6.9% higher than the prior year. The surge in the statewide Home Price Index means that Ohio home values are marching steadily towards the market peaks seen during the housing boom. It may take another year or two to get there, but the gap in closing in many areas.
Meanwhile, there are early signs that the Columbus home market is moving towards its seasonal breather, with list prices beginning to soften. However, unless we see an increase in home inventory, any seasonal dip in home prices is likely to be modest. Being fully informed about local market conditions, and having dedicated professional representation, is your best strategy for Columbus home buying!
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
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
