Columbus Home Listings in 2021 Most Numerous Since 2010 - Columbus Ohio Real Estate | Buyer's Resource Realty Services

Columbus Home Listings in 2021 Most Numerous Since 2010

Columbus home listingsColumbus home buyers had more homes available in 2021 than they’ve seen in any one year since 2010, according to data from Columbus REALTORS®. Yet the supply of Central Ohio homes for sale fell short of demand, driving bidding wars and creating a very competitive market for home buyers.

In fact, Central Ohio home prices reached new highs in 2021. The median sales price of a single-family home increased 12.6% over the prior year. Median sales prices on condominiums and townhomes increased 14.3%. On average, home sellers received 102.2% of their asking price, meaning that most homes sold for the listed price or above it.

As we discussed in a previous blog post, home buyers can expect similar market conditions during 2022, though with higher interest rates and home prices. We are already seeing higher mortgage interest rates, with Conventional 30-year fixed rate mortgages averaging 3.56% as of January 20, 2022. Columbus median home prices are expected to reach nearly $300,000 before year-end.

More home inventory is expected to reach the market this year, but it is likely to remain short of demand. Central Ohio home builders have several developments in the works; unfortunately, new construction will not offer much relief to home buyers who are looking in price ranges below $400,000. The costs of land, infrastructure, materials and labor have driven builders to focus on larger and more profitable single-family homes.

Central Ohio home buyers need to be ready for a changing market in 2022. Any increases in mortgage interest rates can affect your purchase power! Be sure to stay in contact with your lender and refresh your mortgage pre-approval every few weeks. If you are not already working with a lender, contact us for a personal referral to local, reliable mortgage experts!

Let us help you prepare for a successful home purchase! 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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