The Columbus real estate market has been gaining steam for years, and this past year was no exception. As 2019 drew to a close, homes priced under $350,000 spent an average of just 30 days on market, according to November statistics from Columbus Realtors®. Homes priced from $350,000 to $500,000 spent an average of 63 days on market. Homes priced $700,000 and above averaged only 95 days in market, which is a quick pace for the price range.
Throughout the year, Central Ohio home buyers experienced limited inventory and rising home prices. November 2019 home inventory was 2 percent lower than the same time a year ago. The average home sale price increased 6 percent on a year-over-year basis, reaching $241,810.00.
No slowdown is in sight for 2020. It is projected that Columbus area real estate will outperform the national average for the next three to five years. In fact, Columbus is considered a “Top 10” market by industry analysts, and has been ranked among the most popular housing markets in the country since 2018.
2020 home buyers do have some things in their favor. Mortgage interest rates are lower than they were a year ago, which takes some of the bite out of higher home prices. Also, the number of housing starts have improved in Central Ohio, which will gradually add inventory at localized levels. More developments are on the table, though it can take years to work through the planning, approval and building stages before these properties reach the market.
Columbus area home buyers will find their best opportunities in 2020 by working with an Exclusive Buyer’s Broker! This is because we can show you any home on the market, including For Sale by Owner (FSBO), new construction for sale by builders, and homes offered through the Columbus Regional MLS. We will also help you avoid overpaying for your home, no matter how “hot” the market may 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!
Andrew Show
Exclusive Buyer’s Broker, CEBA-M, MCNE, CSP, PSA,e-PRO, CREM, ABRM, AHWD
Buyer’s Resource Realty Services www.BuyersHome.com
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
