The value of homes in the central region of Ohio had been on the incline for several years. And it seems the economic downturn has yet to slow the growth of the central Ohio housing market.
Real estate experts report that the demand for homes in the Columbus area is so strong that homes last an average of only 40 days before a sale. And it is not uncommon in the market for homes to sell two to three days after they are first listed by a realtor.
Houses priced below $350,000 sold the fastest in 2019 with an average of 27 days necessary before a buyer was found. These homes also sold at 99% of their original list price. Houses priced at more than $700,000 took 90 days on average to sell and sellers received 96% of the list price.
While rising home prices have been constant throughout the Columbus area, the growth has been more evident in less pricey urban neighborhoods where empty nesters and millennials have searched for a place to call home.
To further illustrate the explosive growth of the housing market in central Ohio, the average price of a home has increased by 40% over the last five years. And in one neighborhood just east of downtown, it is not uncommon for older homes that once sold in the $30,000 range to undergo renovation and sell for well over $200,000.
Buying or selling a home is one of the most important decisions most people will make in their lives. Individuals entering the real estate market on either end of this business equation may benefit from the counsel of an experienced real estate litigation attorney.