OHIO RELIES ON THE REAL ESTATE INDUSTRY
(May 21, 2020 – Columbus Ohio) – Although inventory and sales were down slightly in April, home prices increased, and homes sold in near record times according to the Columbus REALTORS® Multiple Listing Service (MLS).
During the month of April, homes under $350,000 sold in an average of 25 days. Homes sold between $350,000 and $500,000 took about 42 days to sell. Homes in the $500,000 to $700,000 price range sold in an average of 72 days, and homes over $700,000 were on the market for an average of 60 days.
“Homes sold even more quickly in April than in the past few months. Given the ‘shelter in place’ order and additional challenges this presented for the closing process, this came as a bit of a surprise,” said Andy Mills, 2020 President of Columbus REALTORS®. “It just goes to show you how dedicated our agents and local title and lending institutions are when it comes to servicing the needs of central Ohioans.”
The median price of a home sold in central Ohio this year is $213,000, up 8.1 percent from one year ago. The average sale price $243,414, up 6.6 percent from last year.
Although still ahead of last year for the first four months of the year, April home sales fell 15.1 percent. Inventory levels dropped 13.3 percent from one year ago.
“One home sale puts $55,500 back into the economy in Ohio,” said Mills. “So, we are counting on the real estate industry to help get Ohioans back on their feet as we start to slowly re-open.”
Current housing report – April 2020
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Columbus REALTORS® is comprised of over 8,400 real estate professionals engaged in residential sales and leasing, commercial sales and leasing, property management, appraisal, consultation, real estate syndication, land development and more.
The Columbus REALTORS® Multiple Listing Service (MLS) serves all of Franklin, Delaware, Fayette, Licking, Madison, Morrow, Pickaway and Union Counties and parts of Athens, Champaign, Clark, Clinton, Fairfield, Hocking, Knox, Logan, Marion, Muskingum, Perry and Ross counties.