Central Ohio home buyers had a busy year in 2016! According to recent articles in Columbus Business First, Franklin County saw a post-recession record in property transactions last year, with 23,290 home sales completed. This is a gain of 12% from 2015.
Franklin County’s median home price increased to $166,669 during 2016, up from $157,625 in 2015. “Median” means that half of the homes sold for more than this amount, and half of them sold for less.
Looking at things regionally, Central Ohio saw 31,532 home sales during 2016, which is a respectable gain of 6.8% from 2015. The regional median home sale price reached $170,000, while the average home sale price reached a high of $202,224. Altogether, Central Ohio home prices were up approximately 6% from 2015.
Not surprisingly, Central Ohio homes sold at a brisk pace throughout 2016. Homes spent an average of 43 days on the market before going under contract. Homes priced between $120,001 and $160,000 sold the quickest, averaging only 32 days on market. Homes priced between $160,001 and $250,000 spent only 33 days on market.
As always, please remember that statistics are a broad overview of market conditions, and do not take homes sold by builders or homes for-sale-by-owner into account.
As long as our regional economy remains healthy, we are likely to see similar market conditions through much of 2017. Home buyers who have their financing in order, and who are Buyer-Clients of an Exclusive Buyer’s Broker, can succeed no matter how “hot” the market might be!
As your Exclusive Buyer’s Broker, we serve your best interests at all times! Unlike real estate agents and brokerages who represent sellers, as an Exclusive Buyer’s Broker, we only represent you, the buyer, getting you the best price and terms with no conflict of interest at all times.
Understanding this distinction could literally save you thousands of dollars not only on the purchase price and terms, but also on seller concessions and home inspection issues, whether you are a first-time homebuyer or an experienced homeowner!
Contact us with your home buying questions! Remember, we are with you every step of the way…all the way home!
Broker, CEBA, CEBA-M, CNE, CSP, ABR-M, e-PRO, GREEN
Buyer’s Resource Realty Services
Serving Metro Columbus, Ohio with Exclusive Buyer’s Agents
7100 North High Street, Suite 204, Worthington, Ohio 43085
614-888-4110 | 888-888-4110 Toll Free | 614-839-4110 Fax