Your Real Estate Market Update:
Local Market Information provided by the Columbus Board of Realtors MLS. Last Updated January 22, 2019
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2018: Appetite for home buying remained strong in central Ohio (January 22, 2019 – Columbus, OH)
While the 2017 housing market was marked by renewed optimism fueled by stock market strength, higher wages and a competitive environment for home sales, 2018 maintained the competitive housing market amid less than stellar stock market performance and rising interest rates while housing affordability dipped to a ten-year low.
“Despite changing economic factors, the appetite for home buying remained strong enough to drive prices upward in markets across the country including central Ohio,” said John Myers, Columbus REALTORS® 2019 President.
The median sales price of a home in central Ohio increased 7.4 percent to $195,000 in 2018. Single-family home prices were up 7.7 percent compared to last year, and condominium home prices were up 8.0 percent.
Although new listings increased by 0.6 percent and the year-end inventory was up 6.8 percent from last year, 2018 ended with the second lowest number of homes for sale on record.
Closed sales decreased 2.2 percent to finish the year at 31,520. Given that there were 32,218 home sales in 2017 and 2016 saw 31,689 sales, 2018 stands as the third highest year on record for home sales.
After 91 months of year-over-year declines in inventory, the number of homes for sale began to rise in September 2018.
“Fewer homes to choose from coupled with lower affordability made it tough for buyers in 2018,” added Myers. “But the increases in inventory during the last four months of the year suggests more choices for buyers in 2019.”