Jul 11, 2022 - Real Estate
Investors flood the Columbus housing market
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It's not just the Johnsons buying the house next door — it's also Johnson LLC.
Driving the news: Nearly 25% of Columbus homes sold in the first quarter of 2022 were purchased by housing investors, per new data from Redfin.
- That was one of the highest percentages in the country.
Why it matters: The low — but expensive — supply of available housing stock is making it tough for residential buyers, a problem made worse by investors gobbling up the few that are available.
State of play: Investors want these homes in order to cash in on soaring rental prices, Redfin's report notes.
- When compared to the same time period last year, these investors bought fewer homes overall in Q1 2022, but a much greater share of those sold.
- That's because the market is slowing down a bit due to higher mortgage interest rates.