metro columbus home pricesThe Columbus Business Journal recently published a snapshot of home price appreciation throughout Metro Columbus. The statistics, compiled by RealtyTrac, show the rapid rise in home values that some Columbus areas have enjoyed from 2010 through 2015.

It’s important to realize that past price gains are not a promise of future profits. The Columbus metro area saw home demand and prices crest in the last half of 2005, and in first half of 2006. After that, home sales and prices began to decline with the “Great Recession.” Our market “hit the bottom” around 2010 and stayed there until the first half of 2013.

Home buyers who braved the market lows had bargains to choose from, but there were no guarantees of near-term price appreciation. It was also a period when mortgage underwriting was at its most stringent, requiring large down payments and high credit scores. Not surprisingly, cash buyers and investors dominated the ranks of home buyers.

Meanwhile, buyers who had purchased homes at the peak of the market, often with zero-down or low-down payment mortgages, suffered losses in home value that are still felt today.

Therefore, when we look back at the price appreciation that’s been accomplished, we must do it without rose-colored glasses. Yes, the Columbus home market is healthy, but expecting these returns to duplicate themselves in the next 5 years may not be realistic.

Still, if you choose your Columbus home wisely, and use the guidance of an Exclusive Buyer’s Agent or Broker, you can reasonably expect to build equity, and enjoy home value appreciation in the years to come!

Here’s a look at home price gains in various areas of Metro Columbus. Remember that “median” means that half of the homes sold for more, and half of them sold for less.

43206 – German Village

  • 2010 median home price $40,300
  • 2015 median $170,900
  • 5 year change in price 324%
  • 2014 median price $167,900
  • 1-year price change 2%

43021 – Galena area

  • 2010 median home price $225,000
  • 2015 median $341,050
  • 5 year change in price 52%
  • 2014 median price $292,500
  • 1 year price change 17%

43201 – Short North, Italian Village

  • 2010 median home price $169,900
  • 2015 median $236,000
  • 5 year change in price 39%
  • 2014 median price 153,750
  • 1 year price change 53%

43209 – Bexley

  • 2010 median home price $165,900
  • 2015 median $219,500
  • 5 year change in price 32%
  • 2014 median price $207,000
  • 1 year price change 6%

43212 – Grandview Heights and part of Upper Arlington

  • 2010 median home price $214,000
  • 2015 median $275,000
  • 5 year change in price 29%
  • 2014 median price $242,250
  • 1 year price change 14%

43065 – Powell

  • 2010 median home price $242,000
  • 2015 median $307,000
  • 5 year change in price 27%
  • 2014 median price $262,650
  • 1 year price change 17%

43017 – Dublin area

  • 2010 median home price $262,500
  • 2015 median $315,000
  • 5 year change in price 20%
  • 2014 median price $302,200
  • 1 year price change 4%

43123 – Grove City area

  • 2010 median home price $122,800
  • 2015 median $146,500
  • 5 year change in price 19%
  • 2014 median price $133,000
  • 1 year price change 10%

Are you ready to explore the 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!

Andrew Show
Broker, CEBA, CEBA-M, CNE, CSP, ABR-M, e-PRO, GREEN
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