In the first half of last year Columbus was the hottest residential housing market in the entire country. In July the city dropped from first place to fifth indicating a possible slowdown, with the number of days on the market rising slightly from 32 days to 37. It wasn’t just Columbus that was experiencing a hot housing market it continued through the Midwest with other cities like Detroit, Racine and Fort Wayne all having a real estate boom.
Prices still on the Rise
Prices in Columbus are still rising because there isn’t enough inventory. The demand in housing also fuels the residential construction industry, which is great for driving the local economy. However with the average home price hitting record highs can make housing unaffordable to locals. Many of the Midwestern markets appeal to buyers because of their affordability when comparing to the more expensive markets along both coasts.
A Changing Market
One indicator of how the housing market is faring is how often the price of listed homes gets reduced. The number of homes that lowered the asking price was 15% and that is up from 12% from the previous year. That may not mean much to Columbus specifically as that is a trend in all of the bigger housing markets around the country. These reductions in price tend to follow very high priced listings more so than the average home. Here is a look at the January housing market
Still a Seller’s Market
Over the past couple of years due to the lack of inventory, the market very much favored the seller. That may be slowly changing, while it may still be far too early to call it a buyer’s market just yet the trend may be shifting that way. Home prices are still rising and that is expected to continue over the next year at least but the pace is definitely slowing down. The increase in the number of price cuts may indicate a return to a more balanced market.
Home prices are still rising all across the country and the median home value now sits at $217,000 with Columbus still significantly below the national average at $182,000. While it may be below the national average it is still up almost 10% above the previous year. There are still deals to be had in Columbus but you will need patience to find them. Working with a local realtor can help you find the home you’re looking for that much quicker