Ohio's housing market still sizzling
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.