Sep 30, 2021 - Economy & Business

Ohio's housing market still sizzling

Illustration of construction workers analyzing a house on top of a stack of money.
Illustration: Trent Joaquin/Axios

August saw the highest number of monthly home sales in central Ohio history — 3,694 — according to a report from Columbus Realtors.

Why it matters: Many Columbus residents are being priced out of houses due to a lack of affordable options, an issue exacerbated by the nationwide pandemic housing boom.

  • Bidding wars above asking price have become the norm, not the exception.

By the numbers: To date, 2021 sales are more than 10% ahead of 2020.

  • The median price for a home is a record-high $275,000, up 13% from last year.
  • Homes are lasting an average of 11 days on the market.

Yes, but: The number of homes on the market is increasing — 24.4% higher than last year — which offers a small glimmer of hope for future prospective buyers.

Context: Columbus was listed as the 17th hottest market in the U.S. in August, according to a new report from realtor.com.

  • Columbus is the only Ohio city in the top 20, joined by seven other markets in the Midwest.
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