The latest news shows a booming housing market predicted for the third and fourth quarters in the region. A June Business First article illustrated what we already know – it is a seller’s market, with the volume of homes available less than current demand.
If you’re thinking about selling, current market indicators suggest that you should not delay – but consider listing with us this fall.
Housing Market Perfect Storm?
We reported in an earlier blog article that the Columbus Realtors stated the average home price reached record highs this summer at $211,974. With the housing inventory 25% less than it was a year ago, it is an excellent time to list.
The average sale price is nearly 7% higher than last year at the same time. Overall sales of single family home in the Columbus market has exceeded 7.7% over last year. That is outstanding news if you own a home and you’re considering selling. Our advice is to consider the market very favorable; which should tip the sales a little more in favor of listing now.
Too, let’s consider a second factor affecting home sales in Columbus: new home construction. In early August, the U.S. Commerce Department stated construction of new homes fell to a one-year low in June, dropping by 6% in both private and public sector housing markets. This was an unexpected turn of events, as most economists predicted construction would increase this summer.
Together, these two indicators present a strong market for sellers but a challenging market for buyers. If you’re searching for the perfect home, start now, because inventory is not as robust as it’s been in past years.
Buying and Selling Homes in Columbus
But for the home seller, these two market factors have created a near perfect storm. No matter if you’re buying or selling, there are neighborhoods that rank consistently across categories that have high appeal to home owners: Low crime, great schools and neighborhoods and steadily increasing property values.
Which markets in Columbus offer the best opportunity for buyers – and sellers – and what neighborhoods are the most coveted? Our favorites include:
- Bexley Historic, quaint city with a small town feel. Huge stone mansions stand next to sprawling cottage style two stories.
- Clintonville A citywide favorite community steeped in “live and let live” attitude, C’ville features lovely starter homes, lush gardens, and a focus on sustainable growth.
- Dublin Known for its highly educated workforce and home to the nationally renowned Muirfield Golf Tournament.
- New Albany Grab property here fast because this is one of the most well respected and fast growing communities in the area.
- Upper Arlington Well established community with a wide range of housing types, from sprawling lush two stories to traditional brick ranges on large lots. Proximity to The Ohio State University makes it a top pick.
The Grover Group would like to be your hometown realtor. We know the ins and outs of the challenging housing market and can help you sell fast – and buy well. Contact us for a complimentary consultation today!