The pandemic caught many businesses by surprise, this includes the Columbus real estate industry. Much like every other industry, it suffered a pretty massive blow. Now almost two years into the pandemic, the real estate market is poised to bounce back stronger than ever.
Let’s take a closer look at the real estate trends in Columbus, Ohio.
Looking Back at Columbus, Ohio’s Real Estate in 2021
By the end of 2021, there were almost 3,500 new homes added to the Columbus Multiple Listing Service. This is 1.5% lower than the previous year, and 8.6% lower than the previous month alone.
Despite this decrease in homes for sale, the number of homes sold went up by 5% in October. With the way it stands, Columbus, Ohio is on its way to set a new record for the Central Ohio real estate market.
Because there are fewer homes being sold than the demand, housing prices in Columbus, Ohio have gone up. In fact, the median sales price for a home in Columbus, Ohio went up by nearly 9%. On average, a home in Columbus can sell for around $261,478. As of October, this has gone up by 8.2%, making the average sale price $298,473.
Out of all the homes sold in October in Columbus, Ohio, nearly one-fourth (or 23.8%) were sold for cash. Buyers you used conventional financial accounted for 58.4% of the sales, 10% used FHA financing, and the remaining 4.8% purchased homes using a VA loan.
On average, a Columbus, Ohio home remained listed for 15 days before it was sold.
Real Estate News in Columbus, Ohio for 2022
A home in Columbus, Ohio has appreciated 65.05% in the last ten years alone, making the annual appreciation rate 5.14%. This appreciation rate has earned Columbus a seat within the top 20% in terms of real estate appreciation.
Columbus, Ohio’s real estate boom shows no signs of slowing down. On the contrary, Columbus ranks as the fifth-hottest housing market for 2022. This means that house sales and asking prices will increase twice as fast as the national average.
Buyers are keen to purchase a home in Columbus, Ohio due to the affordable cost of living, high percentage of millennials, and prime employment and school opportunities.
Currently, Columbus, Ohio has a strong seller’s market, meaning there are more buyers than there are sellers. This, on top of the previously indicated reasons for moving to Columbus, is further driving up home prices. Because of the lack of supply, sellers can demand a higher asking price from buyers, and more often than not, buyers are willing to give in.
We predict that in 2022, home values will swell up by almost 15%.
Need More Info?
If you’re looking to sell your home quickly while the real estate market is strong, you should consider selling to a cash home buyer in Columbus, Ohio. Who has the time to sell your property the old-fashioned way when you’re busy wading through the difficult emotions after a loved one has passed? We understand the urgency, and we’re here to help.
Sell your house to professional home buyers like us here at Offer Express. We buy houses in Columbus, Ohio, and will act as your personal guide during your home selling process. We can provide you with the best price for your home while still ensuring a quick close so you can liquidate your inherited property
ASAP. If you don’t want to worry about the hassle of listing your home and working with a real estate agent, just sell your home to us! We’ll take care of the rest.
Our home-buying process does not involve getting pre-qualified by a mortgage bank in order to obtain a home loan or listing the property on the MLS or any other listing platform. The reason our team at Offer Express is able to purchase properties very quickly is because we use our own money, which means the sale is more secure and we can close faster than traditional buyers. Get in touch with us here (614) 820-5777 and sell your home fast for cash today!