Central Ohio Housing Prices Reach Record High In June
Home prices are at a record high in Central Ohio, according to a group of real estate professionals, meaning it's an ideal time for owners to sell.
According to the nonprofit professional organization Columbus REALTORS, Central Ohio has a record low number of houses in inventory, which means record high prices for the homes for sale.
The average sales price of a home in June was $226,050. That's 5 percent higher than the average sales price from the same time last year.
The median sales price of a home for the month of June was $192,650, which is up 7 percent from last year.
Columbus REALTORS president Mic Gordon says certain neighborhoods are seeing the most growth.
"You're seeing areas like Grandview, Bexley, Upper Arlington, probably with the highest rate of growth on pricing," Gordon says. "But we're seeing the upward movement in pricing pretty much across the board."
Last month, houses spent an average of 29 days on the market.
"There has never been a better time to sell your home," Gordon says. "Houses are flying off the market as soon as they're listed."
Central Ohio housing inventory was at 5,077 in June, which was 14 percent lower than the housing inventory that time last year. Just over 3,400 homes and condos sold in the area in June, which is .04 percent more than June 2016.
"The sales pace so far year to date through half the year is ahead of 2016, which was the highest on record," Gordon says. "All the indicators say that we will continue with this type of market so long as the economy remains strong and we continue to grow jobs in central Ohio, we'll continue to see this good market, knock on wood."
There were 4,201 Central Ohio homes and condos added to the market in June. That's a 4 percent increase over the same month a year ago, and up almost 4 percent from the previous month.