Columbus Home Prices Rise While Sales Activity Dips - Columbus Ohio Real Estate | Buyer's Resource Realty Services

Columbus Home Prices Rise While Sales Activity Dips

Columbus home pricesThe Columbus real estate market began to mix signals in June, with home sales dipping 9.7% compared to June 2021. Pending home sales for June 2022 revealed a 14% decline in contract activity. Despite this, the average Columbus home price increased 12.7% to $330,002 during the first half of 2022.

Rising interest rates and an uncertain economic outlook has not deterred home demand. According to data from Columbus REALTORS®, the pace of home sales remained brisk during the first six months of 2022.

Here’s the breakdown of days-on-market by price range:

  • Homes priced $350,000 or less spent an average of 18 days on market
  • Home priced between $350,000 and $500,000 spent an average of 16 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 25 days on market

About 23% of all home purchases between January 2022 and June 2022 were made in cash. Conventional mortgages accounted for 62% of all purchases. Buyers using FHA and VA mortgages accounted for 11% and 4% of home purchases, respectively.

We remain shy of a “normal” market due to a continued shortage of home inventory in the most popular price ranges. Even so, there are discounts to be found. 21% of homes sold for less than the list price during June 2022. 18% sold at the list price, and 61% sold for more than the list price. Buyers should not take anything for granted in this market. Price markdowns are happening here and there, and motivated sellers are willing to haggle. But the nicest, best-priced homes in popular neighborhoods can still draw multiple offers.

Columbus home buyers can find the best opportunities by working with an Exclusive Buyer’s Broker! We can show you any home on the market, including those on the Columbus Regional MLS, homes For Sale by Owner, and homes for sale directly by builders.

As Exclusive Buyer’s Brokers, 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

Previous post:

Next post: