central ohio real estate news Archives - Columbus Ohio Real Estate | Buyer's Resource Realty Services

U-Haul Says Ohio Among Top Move-In States

RealSupport — Wed, 08 Jan 2025 06:49:11 +0000

If you don’t already live in Central Ohio, there’s a fair chance you’re thinking of moving here! As reported in the Columbus Dispatch, the U-Haul Growth Index shows Ohio ranking as the 14^th most popular one-way destination for 2024. This is a 9-point jump from the 23^rd position in 2023.

Within Ohio, the top destinations included Delaware, Grove City, Hilliard, Newark, Pickerington, Powell and Sunbury. U-Haul’s District Vice President, Anthony Jones III, said that “Columbus is a metro region where we’ve seen significant growth.”

The rankings are determined by each state’s net gain, or loss, of customers using one-way U-Haul equipment during a calendar year. The U-Haul Growth Index is compiled from over 2.5 million one-way U-Haul truck, trailer and U-Box^® moving container transactions annually.

The top move-in state was South Carolina, followed by Texas and North Carolina. States with high move-outs included California, Massachusetts, New Jersey and New York. In some states, move-in and move-out activity results in a break-even or near break-even, which can be driven by college students arriving and departing.

In the case of Ohio’s moving activity, a quick look at population data seems to agree with U-Haul’s rankings. Ohio had 0.50% population growth during 2024, adding 59,270 residents. Ohio’s strengths in higher education, employment and quality of life make it an attractive place to call home. In particular, Central Ohio is home to a number of Fortune 500 companies, and leads technology growth in the Midwest.

If you are thinking of buying a Central Ohio home, let us be your guide! 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 interests.

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 Inventory and Prices Increase

RealSupport — Tue, 09 Apr 2024 02:38:19 +0000

Columbus home buyers found a bit more to choose from during February, with the inventory of homes for sale up 21.7% compared to a year ago. According to the latest data by Columbus REALTORS©, overall home inventory increased to just over one month of supply, a 33.3% increase from February 2023.

Data from Columbus REALTORS© identified a notable uptick of listings in three markets during February, located in the following areas:

Westerville City School District, 80 new listings
Worthington City School District, 55 new listings
Delaware City School District, 62 new listings

While any increase in home inventory is welcome, it remains well below normal. This keeps pressure on home prices, which increased 6.6% during February, reaching an average of $336,802. Homes are also selling quickly, averaging 37 days on market.

Central Ohio remains a seller’s market, a condition that will remain for the foreseeable future. On average, sellers received 97.4% of their original asking price. However, a number of listings have seen price adjustments, and sellers have been willing to negotiate somewhat.

Buyers may have opportunities to find wiggle room on price, especially if they have the guidance of an Exclusive Buyer’s Broker. Learn how we negotiate the best possible price and terms for our Buyer-Clients by reading our free e-book, “How to Buy a Home like a Pro!”

The market information from Columbus REALTORS© represents transactions occurring through the MLS. It does not include sales conducted without a listing agent, such as homes For Sale by Owner, and new homes marketed directly by builders. As Exclusive Buyer’s Brokers, we can show you any home for sale, from any seller.

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.

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Central Ohio Home Sales Keep Momentum

RealSupport — Tue, 26 Sep 2023 23:56:51 +0000

Central Ohio home sales continue to post year-over-year price gains, according to the latest data from Columbus REALTORS®. The median home price of a Central Ohio home reached $316,995 in August, an increase of 7.5% from August 2022. On average, home sellers received 99.7% of their original list price.

This doesn’t leave much wiggle room for home buyers, who continue to face a competitive market. New listings are up slightly in some areas of the Columbus Metro, but they are not keeping pace with buyer demand. August home inventory stood at 1.5 months of supply, meaning that if no new listings came to market, current inventory would be bought up within a month and a half.

Meanwhile, the pace of home sales slowed marginally, with Central Ohio homes spending about 18 days on market before going under contract. During August 2022, it took 15 days for a home to go under contract.

Another sign of our robust market is the growth in median list prices. A new listing in Central Ohio has a median price of $312,250 as of August, an increase of 8.4% from the same month last year.

As we have mentioned in prior blog posts, there is no easy answer to Central Ohio’s persistent home inventory challenge. Many homeowners would face a jump in housing costs if they were to sell their current home and buy another at today’s rates and home prices.

With low-rate mortgage homeowners staying put, it’s up to new construction to help fill the gap – but this is a slow process, representing a fraction of Central Ohio home inventory. According to Redfin data reported in Columbus Business First, new construction homes represent about 12.4% of all Columbus listings in 2023.

Now the good news: there are always opportunities for well-prepared home buyers who have the representation of an Exclusive Buyer’s Broker! We can show you any home on the market, whether it is listed on the Columbus Regional MLS, or listed for sale by the homeowner (FSBO), or by the home builder. We also have buyer-centric purchase strategies and contract language to save you money and protect you, no matter which home you choose. Get our free e-book to learn more!

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Central Ohio Home Buyers Manage a Tough Market

RealSupport — Wed, 30 Aug 2023 04:18:58 +0000

The pace of Central Ohio home sales decreased slightly during July 2023, but home buyers are still facing a tough market. Here’s the latest real estate data from Columbus REALTORS®, along with our own insights!

During July, Central Ohio homes spent an average of 17 days on market before going under contract. This is about 30% slower than July 2022’s pace of 13 days on market. In Franklin County, homes spent an average of 14 days on market.

Home inventory, while improving in some areas, remains a challenge in most of Central Ohio. There were 3,137 homes on the market during July, a decrease of about 12% from July 2022. Franklin County saw home inventory fall by 19% on a year-over-year basis.

Home prices have continued to climb higher. The median price of a Central Ohio home reached $314,900 during July, an increase of 8.6% on a year-over-year basis. The silver lining for buyers: July’s home prices cooled slightly compared to June 2023, when the median sales price was a record-breaking $322,205. Meanwhile, Franklin County median sales prices increased 5.3% from a year ago.

Home buyers are also facing the highest mortgage interest rates in over 20 years, according to industry data from Freddie Mac. As of August 24, the average rate for a 30-year, fixed-rate Conventional mortgage reached 7.23%, a level not seen since 2001.

Despite the challenges of low home inventory, fast-paced sales, rising home prices and higher mortgage costs, many Central Ohio buyers are finding ways to adapt and succeed in this market. Larger down payments, adjustable-rate mortgages, and well-qualified co-signers are just a few of the tactics home buyers have employed. But the best advantage a Central Ohio home buyer can get for themselves is the professional representation of an Exclusive Buyer’s Broker!

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Columbus Home Inventory Stays Low

RealSupport — Mon, 02 Nov 2020 09:40:26 +0000

The perfect storm for Columbus home buyers continued in September 2020, as the trifecta of low interest rates, strong home demand and low home inventory continued to drive the market. According to data from Columbus REALTORS®, the inventory of Columbus homes for sale in September was down 48.9% compared to September 2019. All in all, it has been a challenging year for home buyers.

The amount of time homes are spending on the market continues to drop for price levels below $500,000. Homes priced above $500,000 spent a few more days on market than they did in August, but it is not a significant enough change to call it a new trend. Here’s a look at the market times:

Homes priced under $350,000 = 15 days on market
Home priced over $350,000 to $500,000 = 25 days in market
Homes priced over $500,000 to $700,000 = 56 days on market
Homes priced over $700,000: 78 days on market

The average Central Ohio home sale price during September was $277,832, an increase of 16.0% from September 2019.

Please remember that these statistics do not include home sales that were transacted outside of the MLS, such as For-Sale-by-Owner properties, or sales that occurred directly through home builders without the aid of a listing agent. Even so, this low-inventory market remains a persistent issue, and one that doesn’t have an immediate end in sight.

Meanwhile, Columbus home buyers need to be well-prepared and patient. Do not be tempted to throw all caution to the wind and abandon the contractual protections you should have as the home buyer! Too often, this is the advice of typical agents who are more concerned with the seller’s position than your own.

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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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!

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Ohio Foreclosure Filings See Early 2018 Uptick

RealSupport — Sat, 10 Mar 2018 02:28:52 +0000

Ohio is among the top 5 states for foreclosure activity as of January 2018, according to data from RealtyTrac. About 1 in every 1,212 Ohio homes were in some stage of foreclosure as of January, an increase of 6% from the same month a year ago.

Nationally, the foreclosure rate has dropped by about 16% compared to last year. The top 4 states with the most foreclosure activity included New Jersey, Delaware, Maryland and Illinois. Many states that have a judicial foreclosure processes, requiring court involvement, are still working through a backlog of cases that erupted during the Great Recession.

Most Ohio counties have actually seen a reduction in foreclosure activity. As of January 2018, Franklin County foreclosures were down 36% compared to a year ago. About 1 in every 1,636 Franklin County homes are in some stage of the foreclosure process.

Like all real estate activity, foreclosures are highly localized. Here are the top 5 cities for Franklin County foreclosures:

Harrisburg: 1 in every 177 homes
Groveport: 1 in every 932 homes
Galloway: 1 in every 1,033 homes
Grove City: 1 in every 1,213 homes
Hilliard: 1 in every 1,300 homes

In Delaware County Ohio, foreclosures only affect every 1 home out of every 4,413. Yet January 2018 foreclosure activity increased by 67% compared to the same month a year ago. The top 5 cities for Delaware County foreclosures include:

Ostrander: 1 in every 1,476 homes
Delaware: 1 in every 2,796 homes
Powell: 1 in every 3,659 homes
Galena: 1 in every 3,687 homes
Westerville: 1 in every 5,654 homes

It’s important to understand that very few foreclosures happen during the holiday season. Some of the January uptick may be the result of delayed filing actions from late 2017. And because the mortgage default rate has been benign for the past few years, it’s very likely that we are seeing banks and courts catch up on foreclosures that were overdue for action.

When you need in-depth information about local market conditions in Central Ohio, let us be your guide! 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.

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

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Central Ohio Population Growth Adds Fuel to Home Demand

RealSupport — Sun, 04 Feb 2018 02:09:14 +0000

Much has been said about the strength of Central Ohio’s real estate market. We’ll say a little more! Columbus Business First reports that Franklin County had 17,286 single-family home sales during 2017. The median home price increased 4.4% from 2016, reaching $173,795.

After hitting a trough during 2011, Central Ohio home prices and sales volumes have steadily climbed, and there’s no sign of the market turning back. One reason is the economic growth of our region, which we have discussed in prior blog posts. Another reason is the fact that our area has been drawing new residents by leaps and bounds!

The 2016 U.S. Census shows Columbus as the 14^th largest city in the United States. It’s now the second-largest city in the Midwest, second only to Chicago. Meanwhile, several smaller cities in Central Ohio have experienced significant growth since 2000.

Here’s a look at the population growth of booming Central Ohio cities, from 2000 to 2016:

New Albany 179.2%
Powell 105.1%
Pickerington 105%
Canal Winchester 76.5%
Delaware 53.1%

So long as Central Ohio’s population growth and economic growth continue, home demand – and home values – will keep rising. Fortunately, Central Ohio home prices remain among the most attainable among comparable metros. With good planning and the fiduciary guidance of an Exclusive Buyer Broker, home buyers can succeed!

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Central Ohio Homes Sold Quickly Over Summer

RealSupport — Wed, 14 Sep 2016 07:55:31 +0000

Summer went by quickly in Central Ohio, and the real estate market moved fast as well! According to Columbus Business First, homes spent an average of 33 days on the market during July 2016. This is 10 days shorter than July 2015 – and the shortest time on record for Central Ohio home sales.

The speed of summer home sales put Metro Columbus among the top 10 housing markets in the nation during June and July.

At the same time, home price appreciation slowed. The average sales price for a Central Ohio home in July was $213,809, a slight decline from June. However, July 2016 home sale prices were 4.1% higher than July 2015.

Home inventory improved in July as well, increasing 8.3% from June. While this offered some relief for Central Ohio home buyers, overall home inventory remained 20% lower than July 2015.

Please keep in mind that the above statistics do not include home inventory or home sales outside of the Columbus Regional Multiple Listing Service, such as new construction for sale by builders, or homes for sale by owner. Central Ohio home buyers should always remember that Exclusive Buyer Agents and Brokers can show them any home on the market, while providing uncompromised buyer representation.

This is an important advantage to home buyers in all market conditions. It’s especially valuable when home inventories are lean and the market is “hot.” Overpaying for a home, or waiving essential contingencies that protect you, do not equate to success!

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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Metro Columbus Named Among Top 10 Real Estate Markets

RealSupport — Thu, 14 Apr 2016 05:49:43 +0000

Analysts at Columbus-based Nationwide Mutual Insurance recently studied the economies of 400 metropolitan areas throughout the United States, evaluating household formation, employment prospects and wage trends. This data was used to score the relative strength and stability of local housing markets throughout the country.

Columbus scored in the top 10 of the “Healthy Housing Market” rankings for 2016, meaning that Metro Columbus home values are on stable footing. The study indicates that economic expansion should continue to support home values and sales activity well through 2017.

This is good news for homeowners, and for our local economy as a whole. But it also means that Columbus home buyers cannot reasonably expect market direction to change in their favor.

The Central Ohio real estate market began 2016 with a bang, with year-over-year gains in both median home prices and sales activity. As of February 2016, the average sales price for a Metro Columbus home was $185,556, an increase of 4% from a year ago. A modest inventory of homes for sale, in relation to strong demand, continues to drive the market.

Please keep in mind that industry statistics do not include new home sales conducted by builders, or for-sale-by-owner transactions. These elements are not counted by the Columbus Association of Realtors because they occur outside of our Columbus Regional Multiple Listing Service. Therefore, actual sales volumes, average home prices, and actual home inventory is always a bit different.

Working with an Exclusive Buyer’s Broker will enable you to see all homes on the market, including homes for sale by builders and homes for-sale-by-owners. As our Buyer-Client, you will have our expert representation and guidance during the entire home buying process. No matter how strong the market might be, there is no reason to overpay for a home, or sacrifice important contingencies that protect you.

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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