Spring Market Update for Central Ohio Home Buyers

RealSupport — Tue, 23 Apr 2024 23:08:43 +0000

Central Ohio home buyers have more choices this spring, according to the latest data from Columbus REALTORS©. The inventory of Central Ohio homes for sale stood at 2,754 units during March 2024, an increase of 18.6% compared to March 2023. Inventory stood at 1.2 months of supply, which is about 2 weeks longer than last year.

Sales activity remains brisk. Central Ohio homes spent about 33 days on market before going under contract. Strong home demand moved prices higher on a year-over-year basis, with the average home sale price increasing 8.2% during March 2024, reaching $355,882.

Statistically, sellers are receiving 98.5% of their original list price. There have been some price adjustments, and in those cases, sellers received 100% of their last list price. The price corrections are modest and very localized, but it is a sign that home buyers are avoiding over-priced properties.

Meanwhile, mortgage rates are trending higher. As of April 18, the average rate for a 30-year fixed-rate Conventional mortgage was 7.10%. Rates above 7% may sideline some buyers, but well-qualified home buyers should not be discouraged. Mortgages can be refinanced, but the supply of Central Ohio homes for sale is limited!

Before you begin your home buying journey, give yourself the advantage of expert insights and strategies! Read our free e-book, “How to Buy a Home like a Pro!” There is no obligation, and the wealth of knowledge is yours to keep.

As Exclusive Buyer’s Brokers, 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!

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

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Central Ohio home prices 2024 Archives - Columbus Ohio Real Estate | Buyer's Resource Realty Services

Spring Market Update for Central Ohio Home Buyers