Central Ohio Real Estate Update | October 2020
Fall in Central Ohio is incredible - crisp autumn mornings, bonfires, and Buckeye football (which is finally back!). This time of year also marks the end of the traditional real estate season, but 2020 is different. Real estate in Central Ohio is booming! Here are some interesting trends to consider from last month:
Average sale price per square foot increased from $132 to $150 since September 2019
The average home sold in just 3 weeks (2 weeks for homes under $350,000)
Total number of homes for sale decreased by 49% from September 2019 despite 3,500 new listings hitting the market (the most new listings in September since 2007)
The largest year-over-year price increases were in more rural markets, including, Johnstown, Sunbury, Granville, and Circleville
The lowest-performing areas include German Village, Clintonville, and Grandview
COVID-19 is the primary cause of this unique seller's market. Initially, we experienced low inventory due to sellers opting not to put their homes on the market out of fear of coronavirus, but there's now increasing evidence that Columbus is a new hotspot for out-of-state remote workers. Relatively low property values and a thriving cosmopolitan vibe are the primary factors causing the WFH (work from home) community to consider a move to Central Ohio.
In addition, WFH trends are changing how Central Ohioans want to live. As previously mentioned, communities on the outskirts of town, particularly outside of I-270, are performing significantly better than what have been the major growth areas in recent years (i.e. Grandview and Clintonville). Other trends we're seeing include a demand for features such as home offices, home gyms, and move-in ready homes (AKA not fixer-uppers). The home office and home gym trends are here to stay for a while, but the recent demand for move-in-ready homes likely has to do with a hesitancy for homebuyers to take on major remodeling projects in light of economic uncertainty.
If you have any questions about real estate trends in your neighborhood, or to learn how you can save thousands of dollars on your home sale, contact us today!
Columbus Area Housing Market Statistics, September 2020
Data by Columbusrealtors.com