Central Ohio home buyers were out in force during November. Here’s a look at the latest market data, as published in the Columbus Dispatch!
November 2016 home sales in the Metro Columbus area are up by 15.8%, compared to home sales volumes in November 2015. The year-over-year gain is enough to mark a record high for home sales in the month of November. Median home prices in Central Ohio also moved higher, rising 14.6% to $172,000.
As a whole, November home sales were robust throughout Ohio, rising by 12.3% on a year-over-year basis. Median home prices statewide increased by 9.5%.
Nationally, home values increased by 5.6% during the same period. A combination of mild November weather, historically-low interest rates, and sound economic conditions helped make the last quarter of 2016 one of the strongest real estate markets on record for Central Ohio and much of the country.
Industry analysts believe that 2017 will shape up to hold similar trends, despite rising home prices and an escalating interest rate environment. Household formation is at the highest level seen in several years. Job growth has accelerated and wages are posting gains. While home affordability is becoming a concern, analysts believe that home prices have room to run in the upcoming year.
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. Your best home buying guidance will always come from an Exclusive Buyer’s Broker who understands your local Columbus real estate market!
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!
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Buyer’s Resource Realty Services
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7100 North High Street, Suite 204, Worthington, Ohio 43085
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