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

Columbus Homes See Higher Summer Prices, Faster Sales

RealSupport — Fri, 04 Sep 2020 07:11:54 +0000

Home sales in the Columbus Metro started out strong this spring and gained momentum through the summer. The latest home sale statistics from Columbus Realtors© show July 2020 transaction volumes up 6.1% over July 2019.

The unwavering demand for Central Ohio homes pushed price increases into the double digits. Average home prices in July increased 10.4% on a year-over-year basis, reaching $278,044. Calculated by median, home prices increased 11.4% year-over-year.

Despite higher prices, sales have been swift. Homes priced below $350,000 spent an average of 20 days on market. In the price range of $350,000 to $500,000, homes spent an average of 33 days on market. Back in May, these price ranges had days-on-market of 24 and 37, respectively.

While the Columbus Metro real estate market has been “hot” for some time, this summer brought a new first. During July, the average home sale price exceeded the average listing price. In other words, it became common for homes to sell for more than the asking price. This phenomenon was once was an exception, but it has practically become the norm.

Still, Columbus home buyers should not make blind decisions or rush judgments. Home inventory, while still constrained, is improving. And being the highest offer can mean offering $1,000 over the asking price, instead of $10,000. As our Buyer-Client, you’ll get expert home buying guidance to help you succeed, without breaking the bank!

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!

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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Columbus Housing Costs on the Rise

RealSupport — Fri, 29 Jun 2018 05:57:16 +0000

Whether you rent or buy a Metro Columbus home, the cost of housing is going up. According to Zumper.com, the median rent for a 1-bedroom Columbus apartment increased by 2.8% on a year-over-year basis, reaching $730 as of June 2018. During the same period, the cost of a 2-bedroom Columbus apartment increased 7.1%, reaching $1,050.

Metro Columbus home sale prices are climbing as well. As of May 2018, the average sales price of a Central Ohio home reached $235,133, marking a 3.8% rise from May 2017. Homes spent an average of 27 days on market before going under contract.

Columbus remains one of the hottest markets in the country. Realtor.com placed Columbus at #4 in market activity during April and May. We are on track to place in the top 5 for June. You can read the details in our prior blog post, which includes our view from the trenches.

Despite the increases, Central Ohio is still among the better housing values! There are vast home price differences among Columbus neighborhoods and school districts. Certain price points are seeing a softer market, such as homes priced at $450,000 and above. Luxury condominiums are also moving slower.

Those who are looking for bargains at the lower end of the market can still find them, too – it’s all in knowing where to look! Buyers who work with an Exclusive Buyer Agent have an advantage, because we can show you any home on the market, including for-sale-by-owner and for sale buy home builder, as well as the Columbus Regional Multiple Listing Service!

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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Metro Columbus Home Prices Show Wide Variety

RealSupport — Mon, 30 Apr 2018 04:18:15 +0000

Much has been said about rising home prices in Metro Columbus, but the pace of the market can be very different from one locality to another! Every home is unique, all real estate is highly local, and the market changes daily. Here’s an example of the variety of market conditions in Metro Columbus, with information from Columbus Business First!

During March, the average home price in Metro Columbus was $219,939, up 8.8% from March 2017. Home inventory, while improved from February, is down about 17.3% from a year ago. With fewer homes to choose from, buyers are acting quickly; homes spent an average of 39 days on the market.

Let’s look at some local home price averages:

Gahanna: $260,658
Pickerington: $250,150
Worthington: $272,565
Dublin: $331,624
Westerville: $247,557
Hilliard: $236,406
Bexley: $416,910
Grandview Heights: $395,855
Upper Arlington: $413,848
Downtown Columbus: $385,695

As always, please remember that statistics and home prices averages paint a very broad view of the market. Real estate statistics do not include sales that take place without the aid of a listing agent, such as homes for sale by owner (FSBO) or homes sold directly by home builders.

And while it’s accurate to say that home prices are up across the board, your home buying dollar will go farther in some communities than others. This is because home inventory and home demand varies from one neighborhood to another.

Having the fiduciary representation of an Exclusive Buyer Broker is your best strategy for home buying success! We can show you any home on the market, including FSBO, new construction and homes for sale on the Columbus Regional Multiple Listing Service! Since we never represent sellers, we have no vested interest in what home you buy. This means you get the widest possible view of the market, with the most objective guidance, and the best buyer protection!

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Metro Columbus Home Prices are Highly Localized

RealSupport — Fri, 02 Jun 2017 21:26:40 +0000

Columbus home buyers are casting their nets wider to find affordable properties, according to a recent article in the Columbus Dispatch. At the same time, home price growth has slowed in some high-end markets, while other communities are experiencing a run-up in home prices. Here’s a summary of the trends, along with our own insights!

Median home prices in Metro Columbus have increased by 5.6% during the first four months of 2017. During the month of April, the median list price of a central Ohio home reached $199,950. This is an 8.1% increase over April 2016, setting a new record high for year-over-year listing price increases.

However, the highly-localized nature of the Central Ohio real estate market is evidenced by the wide variety in price trends. More modestly priced areas such as Whitehall, Obetz and Blacklick are experiencing double-digit growth in home prices. At the same time, home price growth in higher priced communities such as Bexley, Worthington, Grandview Heights and Upper Arlington has slowed.

This isn’t saying that Upper Arlington is the new bargain market. Instead, it’s a reflection of the fact that home sales activity and sale price increases are most pronounced in certain price ranges, namely those below $500,000, where buyer demand is the strongest.

Simply put, there are fewer qualified home buyers for the upper strata of the market, which is why a $850,000 home in Upper Arlington can take longer to sell than a $200,000 home in Whitehall.

There is no easy answer to the challenge of low inventory in certain price ranges. As we pointed out in a prior blog post, the economics of new home construction make it difficult for builders to capitalize on entry-level home demand. And while home prices have rebounded well from the Great Recession, some homeowners still lack sufficient equity to sell. Over 8% of Franklin County residential mortgages are still behind on their payments. Other homeowners have proven reluctant to sell and trade up, since they are also challenged by low inventory conditions.

The best way to succeed as a home buyer is to use the services of an Exclusive Buyer Broker! Becoming a Buyer-Client of Buyer’s Resource Realty Services gives you access to every home for sale on the market, whether it’s listed through the Columbus Regional Multiple Listing Service, for sale by home builder, or for sale by owner! We’ll also protect you from over-paying from a home, and from other pitfalls that pressured home buyers typically fall into.

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 Home Prices Among Highest in Ohio

RealSupport — Wed, 14 Sep 2016 22:19:24 +0000

While home price appreciation slowed a bit during the summer, Metro Columbus home prices are trending higher than the rest of Ohio. Specifically, there are four markets in Central Ohio that lead the way, according to Columbus Business First. Here’s where Central Ohio home prices are averaging the highest, based on comparable 4-bedroom, 2-bath homes:

Upper Arlington $487,905
Lewis Center $336,737
Powell $334,718
Dublin $332,688

Metro Columbus home buyers shouldn’t allow these statistics to discourage them! Please keep in mind that these are averages, and all real estate markets are highly localized.

Home price trends will vary according to home condition, amenities and neighborhood, with price variety from street-to-street.

We must also remember that Metro Columbus has the strongest economy in the state, which leads to growing employment and increased housing demand. These are happy problems, and just about any Midwest city would trade places with us.

For example, we have fifteen Fortune 1000 companies headquartered in the region, including four Fortune 500 companies. We have a diversity of industry, including finance, insurance, healthcare and life sciences, advanced manufacturing, technology and logistics.

It doesn’t hurt that Columbus is the state capital, and that we are home to Ohio State University. All considered, Columbus leads not only Ohio, but the much of the Midwest when it comes to economic progress! We also offer excellent cultural opportunities, a world-class library system, beautiful parks and a variety of festivals throughout the year.

Are you ready to find your Metro Columbus home? Let us help you! 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!

The post Metro Columbus Home Prices Among Highest in Ohio appeared first on Columbus Ohio Real Estate | Buyer's Resource Realty Services.

Metro Columbus Home Prices Warm Up During Spring

RealSupport — Wed, 25 May 2016 20:46:14 +0000

Metro Columbus home prices are trending higher, according to a recent report published in Columbus Business First. As of April 2016, Central Ohio homes reached an average sales price of $202,393. This is 10% higher than the home price averages of April 2015.

If it feels like you’ve seen this movie before, you’re right. Home sale prices reached a high of $206,691 in July of 2015, before gradually tapering lower.

What’s different this season, is that Metro Columbus home inventory is lower than last year, and home sales are happening faster. During April, homes averaged 52 days-on-market, which is 10 days shorter than a year ago. Given the current sales momentum, higher price thresholds are likely for the next few months. Much depends on the amount of home inventory that comes on the market in upcoming weeks.

It’s important to remember that real estate statistics do not include non-agent listings. Homes that are for sale by home builders, and for sale by owner, are certainly available to Metro Columbus home buyers. But unless you work with an Exclusive Buyer’s Broker, you may never know of them. At Buyer’s Resource Realty Services, we can show you any home on the market!

Also, please keep in mind that no matter how competitive the market is, you should not overpay for a home. Home sellers typically are more optimistic about their home value than anyone else. And even if you “win” a bidding war, the bank appraisal may not support the higher sales price.

Home buyers who become our Buyer-Clients have distinct advantages that help them succeed in any market. For examples, read our first-time buyer success story, and see some of our client testimonials!

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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Home Price Appreciation in Metro Columbus

RealSupport — Fri, 12 Feb 2016 06:25:19 +0000

The Columbus Business Journal recently published a snapshot of home price appreciation throughout Metro Columbus. The statistics, compiled by RealtyTrac, show the rapid rise in home values that some Columbus areas have enjoyed from 2010 through 2015.

It’s important to realize that past price gains are not a promise of future profits. The Columbus metro area saw home demand and prices crest in the last half of 2005, and in first half of 2006. After that, home sales and prices began to decline with the “Great Recession.” Our market “hit the bottom” around 2010 and stayed there until the first half of 2013.

Home buyers who braved the market lows had bargains to choose from, but there were no guarantees of near-term price appreciation. It was also a period when mortgage underwriting was at its most stringent, requiring large down payments and high credit scores. Not surprisingly, cash buyers and investors dominated the ranks of home buyers.

Meanwhile, buyers who had purchased homes at the peak of the market, often with zero-down or low-down payment mortgages, suffered losses in home value that are still felt today.

Therefore, when we look back at the price appreciation that’s been accomplished, we must do it without rose-colored glasses. Yes, the Columbus home market is healthy, but expecting these returns to duplicate themselves in the next 5 years may not be realistic.

Still, if you choose your Columbus home wisely, and use the guidance of an Exclusive Buyer’s Agent or Broker, you can reasonably expect to build equity, and enjoy home value appreciation in the years to come!

Here’s a look at home price gains in various areas of Metro Columbus. Remember that “median” means that half of the homes sold for more, and half of them sold for less.

43206 – German Village

2010 median home price $40,300
2015 median $170,900
5 year change in price 324%
2014 median price $167,900
1-year price change 2%

43021 – Galena area

2010 median home price $225,000
2015 median $341,050
5 year change in price 52%
2014 median price $292,500
1 year price change 17%

43201 – Short North, Italian Village

2010 median home price $169,900
2015 median $236,000
5 year change in price 39%
2014 median price 153,750
1 year price change 53%

43209 – Bexley

2010 median home price $165,900
2015 median $219,500
5 year change in price 32%
2014 median price $207,000
1 year price change 6%

43212 – Grandview Heights and part of Upper Arlington

2010 median home price $214,000
2015 median $275,000
5 year change in price 29%
2014 median price $242,250
1 year price change 14%

43065 – Powell

2010 median home price $242,000
2015 median $307,000
5 year change in price 27%
2014 median price $262,650
1 year price change 17%

43017 – Dublin area

2010 median home price $262,500
2015 median $315,000
5 year change in price 20%
2014 median price $302,200
1 year price change 4%

43123 – Grove City area

2010 median home price $122,800
2015 median $146,500
5 year change in price 19%
2014 median price $133,000
1 year price change 10%

Are you ready to explore the Columbus real estate 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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Metro Columbus Economy Remains Strongest in Ohio

RealSupport — Thu, 12 Nov 2015 07:57:30 +0000

Central Ohio continues to make gains in employment, home values and business growth, according to a recent analysis by the Federal Reserve Bank of Cleveland. The economic report was summarized in the Columbus Business Journal, and we’ve combined highlights from both sources for you!

Metro Columbus continues to add jobs. Unemployment has declined below pre-recession levels, standing at 3.9% as of July 2015. Ohio’s unemployment rate statewide averaged 5.0%.

Columbus’s best-performing employment sectors include construction, medical and business services, trade, transportation, utilities, leisure and hospitality. Combined, these sectors account for more than 50% percent of area employment!

Home prices in the Columbus area increased by an average of 4.2% through July 2015. The national average for home price gains was 3.9%. The Federal Reserve Bank of Cleveland attributes improved home values in Columbus to strengthening employment and limited home supply. Meanwhile, the “shadow inventory” of foreclosures and serious mortgage delinquencies in Metro Columbus has steadily declined.

Business services have enjoyed a strong year in Columbus, posting a 5% gain in year-over-year activity. Gross Domestic Product per capita in the Columbus area, as of the most recent statistics available in 2013, improved by 1.6% since the early recession.

In a prior blog post, we detailed the positive impact of higher education and entrepreneurship, which is contributing strongly to the future economy of Central Ohio. Columbus ranks #12 among U.S. cities for business startups.

When you add it all up, Columbus has much to offer! Ready to find your Columbus home? 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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