Columbus Home Inventory Improves, but Prices Rise - Columbus Ohio Real Estate | Buyer's Resource Realty Services

Columbus Home Inventory Improves, but Prices Rise

Columbus home inventory and pricesColumbus home buyers found more homes for sale during September, with new listings 13% higher than September 2020. Yet the new inventory still fell short of demand, causing the average Columbus area home price to rise 8.5% over last year, reaching $301,572.

Still, the improved inventory allowed a slight slowdown in the speed of contract activity. Central Ohio homes averaged 14 days on market, with most price ranges lengthening their market time by a day or two compared to the prior month. Here is the breakdown:

  • Homes priced $350,000 or less spent an average of 12 days on market
  • Home priced between $350,000 and $500,000 spent an average of 15 days on market
  • Homes priced between $500,000 and $700,000 spent an average of 19 days on market
  • Homes priced at $700,000 and above spent an average of 26 days on market

Statistics from Columbus REALTORS® contained other interesting facts noteworthy for Central Ohio home buyers. For example, all-cash home purchases represented just over 20% of sales. The next biggest market share goes to buyers with Conventional mortgages, representing about 64% home sales. That leaves about 16% of sales accounted for by buyers using FHA, VA, USDA or other types of financing.

As we noted in a prior blog post, cash is king in the current market. A cash offer may not always be the largest offer, but sellers see these offers as a sure bet for a fast closing. The good news is, over 80% of the market is driven by buyers using some type of mortgage. The key is to be as financially prepared as possible, with a mortgage pre-approval letter by a well-regarded lender. (Not all lenders have a good reputation for getting to closing, despite issuing a pre-approval letter.)

We will be happy to refer you excellent lenders in Central Ohio. We also help our Buyer-Clients evaluate their mortgage offers and find the best financing terms for their needs. These steps, along with our market guidance and expert purchase offer strategies, will give you the strongest possible footing for your home purchase. You can find examples in our free e-book, “How to Buy a Home like a Pro!”

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
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

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