September Housing Market Report | Columbus, OH

Home sales increase seen for the first time in over two years!
Highest number of home sales seen in September in three years.

Home sales increased over ten percent in September compared with last year. The 2,012 homes sold was 10.3 percent higher than September of last year and marks the first year over year increase in sales central Ohio has seen in over two years according to the Columbus Board of REALTORS®.

Not only did home sales increase last month for the first time since July of 2007, but they increased to the highest level we've seen in September since 2006.

This is likely due to the urgency felt by first time home buyers to take advantage of the $8,000 tax credit that expires November 30 of this year.

The number of homes for sale in central Ohio continues to decrease. With 14,204 listings, inventory levels are down 2.4 percent from the month before and down 14.4 percent from September of 2008. This is the lowest level of inventory the area has seen this time of year since 2004.

The average sale price last month was $160,094 which was just 0.4 percent lower than one year ago.

As inventory decreases, home prices continue to inch back up, but with an average home price of $160,094, central Ohio continues to be a very affordable and attractive market for home buyers."

One year ago, the month's supply was 9.10. But with the increase in sales and drop in inventory, the month's supply is now down to 7.06. This number means that if no new homes were added to the market, it would take slightly more than seven months to sell all remaining inventory. A market is typically considered balanced with around a 6.5 to 7 month supply.

If you, or someone you know is considering Buying or Selling a Home in Columbus, Ohio please contact The Opland Group. We offer professional real estate advice and look forward to helping you achieve your real estate goals!

The Opland Group Specializes in Real Estate Sales, Luxury Home Sales, Short Sales in; Bexley Columbus Delaware Downtown Dublin Gahanna Grandview Heights Granville Grove City Groveport Hilliard Lewis Center New Albany Pickerington Polaris Powell Upper Arlington Westerville Worthington