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

Central Ohio Home Prices Show Autumn Gains

RealSupport — Sat, 04 Nov 2023 05:41:13 +0000

The median sales price of a Central Ohio home reached $310,000 in September, a gain of 7% from September 2022. However, the latest data from Columbus REALTORS® also points to a decline in home sale transactions, which fell by 14.5% compared to the same month a year ago.

Homes also took longer to sell, averaging 20 days on the market, compared to 18 days during September 2022.

Home inventory was slightly lower in September 2023 compared to September 2022, but this by itself does not account for the drop in home sale transactions. It is possible that home buyers are feeling the effects of unrelenting mortgage rate hikes, which have put mortgage interest rates at the highest threshold in twenty years.

We are still in a “seller’s market” however, and there is competition for quality homes in popular areas. New Albany posted a median home sale price of $895,000 during September, a whopping increase of 28% compared to median prices a year ago.

Homes in downtown Columbus had a median sales price of $560,500, a jump of 14% compared to last year. Home buyers are not equally affected by higher interest rates, as evidenced in these rising home prices.

One explanation comes from a Redfin survey, which found that 38% of young homebuyers, aged 30 years or younger, had financial help in the form of a cash gift from family, or in the form of an inheritance. The survey also found that this buyer group came from generational home ownership – meaning that their parents, grandparents, or both were homeowners themselves.

For home buyers who do not have his kind of support, it’s a tough market to break into. Fortunately, there are some ways to level the playing field, and chief among them is educating yourself about the home buying process. Our free e-book, “How to Buy a Home like a Pro,” contains home buying advice and strategies you won’t find anywhere else! Obtain your copy today through our website. We make it immediately available to you, and there is no obligation.

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

The post Central Ohio Home Prices Show Autumn Gains appeared first on Columbus Ohio Real Estate | Buyer's Resource Realty Services.

Central Ohio Home Sales Undaunted in March

RealSupport — Thu, 30 Apr 2020 06:48:04 +0000

The Central Ohio real estate market was undaunted during March, even as Ohio began a lockdown against the spread of COVID-19. With real estate offices and related functions remaining open as essential businesses, Columbus area home buyers made the most of it.

According to statistics from Columbus REALTORS®, March 2020 home sales activity was 11.8% higher than March 2019, and up 1.5% from February 2020.

The average home sale price increased by 8.9% compared to March 2019, reaching $241,032. Measured another way, median home prices increased by 10.6%, reaching $210,000.

For the most part, homes sold quickly. The exception was in the price range of $700,000 and up. Here’s the average time homes spent on market during March:

Under $350,000 = 32 days on market
$350,000 to $500,000 = 64 days on market
$500,000 to $700,000 = 65 days on market
$700,000 and above = 138 days on market

Home inventory remains limited. Early reviews of April data indicate that new listings are measurably down from a year ago.

As always, please remember that statistics don’t tell the whole story! Home sales independent of the Columbus Regional MLS system are not counted in these figures, including For-Sale-By-Owner transactions and home builder sales. And because we only represent buyers, we can show you any of these homes, no matter the seller!

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.

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Home Affordability Trends in Central Ohio

RealSupport — Mon, 02 Apr 2018 12:10:49 +0000

Median home prices are surging in much of the country, according to a 2018 study by ATTOM Data Solutions. The study examined 446 U.S. counties, and revealed that 304 of them, or 68%, lacked affordable homes, based on average local incomes.

ATTOM’s study calculated the amount of annual gross income that would be required to afford a mortgage payment for the median home price in each county. It assumed a minimum down payment of 3%, and a maximum “front end” debt-to-income ratio of 28%. (Obtain our free e-book, “How to Buy a Home like a Pro” to see how debt-to-income ratios and other factors affect your home purchase power!)

Unsurprisingly, the coastal areas of the U.S. had the worst home affordability. Here in Central Ohio, home affordability is a very mixed bag! Franklin County is deemed “affordable” based on the study’s use of a median home sales price of $154,250, and an average annual wage of $48,176.00.

The hyper-local problem is many neighborhood homes are priced at $200,000 and higher, often much higher! In fact prices of $180,000 and under in our Columbus metro market are now labeled as “Affordable Housing.”

Other Central Ohio counties, such as Delaware, Licking and Fairfield, were deemed “unaffordable” because their median home prices have moved past what the average, annual income in the area could buy.

Affordable homes are a moving target. ATTOM’s study found that “net migration” is increasing in areas where home affordability is good, and declining in areas where home prices are the highest. Home buyers are willing to take on longer commutes, or even relocate out-of-state, in their quest for affordable homes. As the quest spills over into neighboring areas, the increased home demand boosts prices there, too.

Please keep in mind that the ATTOM study used a fairly narrow set of criteria. Many things affect your home purchase power, including your income, down payment amount and mortgage interest rate. Being fully financially prepared for your home purchase, and using the guidance of an Exclusive Buyer Broker, puts you on the right path!

Andrew Show
Broker, CEBA-M, CNE, 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

The post Home Affordability Trends in Central Ohio appeared first on Columbus Ohio Real Estate | Buyer's Resource Realty Services.

Strong Central Ohio Home Sales Set Tone for 2018

RealSupport — Fri, 12 Jan 2018 09:43:13 +0000

Central Ohio home buyers have been busy during the waning months of 2017! Central Ohio home sales were up 3.2% in November 2017, with 2,377 transactions recorded. This was the highest of any November on record. Homes spent an average of 36 days on market, beating the November 2016 rate of 42 days on market.

Central Ohio home prices saw a boost as well. The average home sale price in November reached $213,962. Doing the math another way, the median home sale price reached $180,000.

Please keep in mind that industry statistics do not include For Sale by Owner homes, or homes sold directly by builders, as these sale occur without the involvement of a listing agent. (That doesn’t stop Exclusive Buyer Brokers from showing these homes to you, and representing you in the purchase negotiations!)

If all of these hot sales trends are sounding familiar, there’s good reason! About a year ago, we posted a blog about the robust Central Ohio home sales of November 2016. At that time, the median home sale price had reached $172,000.

Go back further, and you’ll find we reported how the 2016 Columbus home inventory could remain lean – and it did! Go farther back, and you’ll see how we helped first-time home buyers succeed during a very competitive market in 2015.

The Central Ohio real estate market conditions we have today have been with us for quite a while. They are likely to stick with us for the foreseeable future.

While these conditions can be challenging to home buyers, it does not mean you should give up your rights to protective contingencies! Nor should you feel compelled to accept a home price that is too high for the property condition or local market factors. There’s plenty of bad advice out there from typical agents, because they represent the seller!

We’ve helped home buyers succeed in these competitive conditions for years, and we’ve helped our Buyer-Clients navigate the volatile and varied Central Ohio markets of the past two decades. If you plan to buy a home in 2018, be sure to work with an Exclusive Buyer Broker!

Contact us with your home buying questions! Remember, we are with you every step of the way…all the way home!

The post Strong Central Ohio Home Sales Set Tone for 2018 appeared first on Columbus Ohio Real Estate | Buyer's Resource Realty Services.

2016 Robust Year for Central Ohio Home Sales

RealSupport — Thu, 26 Jan 2017 16:00:38 +0000

Central Ohio home buyers had a busy year in 2016! According to recent articles in Columbus Business First, Franklin County saw a post-recession record in property transactions last year, with 23,290 home sales completed. This is a gain of 12% from 2015.

Franklin County’s median home price increased to $166,669 during 2016, up from $157,625 in 2015. “Median” means that half of the homes sold for more than this amount, and half of them sold for less.

Looking at things regionally, Central Ohio saw 31,532 home sales during 2016, which is a respectable gain of 6.8% from 2015. The regional median home sale price reached $170,000, while the average home sale price reached a high of $202,224. Altogether, Central Ohio home prices were up approximately 6% from 2015.

Not surprisingly, Central Ohio homes sold at a brisk pace throughout 2016. Homes spent an average of 43 days on the market before going under contract. Homes priced between $120,001 and $160,000 sold the quickest, averaging only 32 days on market. Homes priced between $160,001 and $250,000 spent only 33 days on market.

As always, please remember that statistics are a broad overview of market conditions, and do not take homes sold by builders or homes for-sale-by-owner into account.

As long as our regional economy remains healthy, we are likely to see similar market conditions through much of 2017. Home buyers who have their financing in order, and who are Buyer-Clients of an Exclusive Buyer’s Broker, can succeed no matter how “hot” the market might be!

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

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Columbus Home Prices Outpacing Wages

RealSupport — Thu, 02 Apr 2015 05:10:06 +0000

The Columbus Business Journal recently published an article about the growing disparity between Central Ohio home prices and wages. Market data by RealtyTrac shows that Metro Columbus home prices rose 12.5% between 2012 and the summer of 2014. During the same period, local wages grew by a mere 1.3%.

You might recall that just about a month ago, RealtyTrac placed Columbus among the 10 Best Markets for First-Time Home Buyers. This remains true, despite the latest statistics by the same agency. Columbus home prices are outpacing wage growth, but not as sharply as other markets around the country. We also have a healthy job market that helps support home ownership.

Home price momentum is expected to continue. Steady home demand may push Columbus area home prices up by another 4.5% during 2015, according to projections by Clear Capital.

Meanwhile, any increase in mortgage interest rates could impact home affordability, especially for first-time home buyers. While a slight uptick in rates won’t derail most buyers, higher rates impact the affordability ratios that are screened by mortgage underwriters. Home buyers who are just inside the lines of approval today, may find themselves out of the running after a one-two punch of rising home prices and higher rates.

This doesn’t mean that Columbus home buyers should be rushing to buy the first home they find. Buyers who operate without the advice of dedicated, professional representation are likely to find themselves overpaying for a home, or surrendering essential contingencies that protect them.

Always remember that there are more homes on the market than the Multiple Listing Service indicates, since the MLS does not include for-sale-by-owner properties, or new construction for sale by home builders. As Exclusive Buyer Brokers, we can show our buyer-clients any home on the market, whether or not it is listed through the MLS.

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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Metro Columbus Home Prices Expected to Climb through 2015

RealSupport — Thu, 08 Jan 2015 01:49:11 +0000

Columbus home buyers can expect rising home prices in 2015, according to Clear Capital’s Home Data Index Market Report. In fact, Clear Capital expects Ohio home prices to rise in several metros throughout the state. The cities of Columbus, Cleveland, Cincinnati and Dayton are expected to see home price gains from 2.2% to 4.5% during the course of the year.

These projections echo the market opinions expressed by the Ohio Association of Realtors®. According to the latest Housing Market Confidence Index, 80% percent of Central Ohio Realtors® describe the current housing market as healthy, and 93% expect home prices to rise during 2015.

Tight home inventories are expected to pressure home prices in Central Ohio. New home construction starts, while improving, remain below pre-recession levels. A report by John Burns Real Estate Consulting states that homebuilders are constrained by financing restrictions, which have dampened large-scale developments and discouraged building on speculation.

Meanwhile, homeowners who bought at the peak of the market are still in recovery mode, unable to sell until they achieve sufficient equity. Homeowners who have equity and who wish to “trade up” may find a limited selection of homes for sale in their desired price range and location – which may cause them to stay put.

Yet there are an abundance of homes for sale in some areas. Currently there are over 8,500 residential listings for sale in the Columbus Regional MLS. The selection is there, but buyers must be astute to home condition in relation to price and local market factors. There is no need to overpay for a home, no matter how competitive the market might be.

Central Ohio home buyers can find excellent choices with the help of an Exclusive Buyer’s Broker who will expedite the home search and provide complete buying guidance. Home buyers must also have their mortgage financing in order. Well-prepared home buyers who have professional representation can succeed in virtually any market!

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.

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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