Sep 8, 2022 - Real Estate
🏠 More home sellers dropping prices
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Just over 25% of area home sellers discounted their initial asking prices this summer — another sign our city's housing market could be cooling off a bit from the pandemic frenzy.
By the numbers: That's up from 17.4% last year, per a Redfin report analyzing the 97 most populous U.S. metros.
Yes, but: Buyers shouldn't expect drastic discounts. In most cities, a much higher percentage of sellers budged, so our slowdown isn't as significant as in the majority of the country.
- July median sale prices in Columbus were still up 9.8% compared to last year, though new listings were down 23.7% and pending sales were down 13.5%, per Redfin.
- And our record-high prices are still outpacing residents' buying power, meaning the housing market remains out of reach for many residents, as we reported earlier this week.
Between the lines: Our inventory drop is greater than the national average, which has led to greater demand and an increase in sale price also above the national average.