Columbus OH Market update from a local agent

[Austin Steed]

The update from the Columbus MLS has come in. Another solid year for the Columbus market. Feel free to reach out if you have any questions with local market conditions.

The first 11 months of 2018 was a very solid year of growth. The median sales price in Columbus is $195,000, 7.7% above the same period of time in 2017. The mean sales price is $228,062, 6.1% higher than the same time last year.  According to Zillow the median sales price for the nation also increased the exact same of Columbus, 7.7%.  Obviously Columbus matches up very closely to what the U.S. RE market is currently doing.  

Inventory in the central Ohio area has seen a little bit different of trend towards the end of the year. Many local Realtors can feel what is going on as well. Our inventory has been increasing over the last three months and November followed this trend. We currently are just under 5,000 active listings on the MLS. Which is "up over eight percent from one year ago." (MLS Report) This inventory increase may be correlated to the recent decisions of the FED to raise rates. They have raised rates 9 times in the last 3 years. "Beginning in January, Jerome Powell (Chairman of the Federal Reserve) plans to appear before the public after every FOMC meeting." This might be worth tuning into every now and then to keep up to date with these rates.

Another note to add is that there is still about the same number of listings coming to the market. Year to date we saw 35,947 listings being added to our local MLS. This is just .9% higher than that of 2017. In 2017  we saw 35,638 new listings come to the market. This is only a 309 increase in 2018. The increase in inventory is due to the lack of buyers. Which again makes me believe that interest rates being raised is showing correlation to our local inventory not more listings. 

Thanks for reading and again if you have any questions please connect with me on BP or contact me. 

This information is based on residential data only. 

The Columbus REALTORS® Multiple Listing Service (MLS) serves all of Franklin, Delaware, Fayette, Licking, Madison, Morrow, Pickaway and Union Counties.

Sources:

 https://www.bankrate.com/banking/federal-reserve/f...

https://www.zillow.com/home-values/

[Robert Ellis]

For anyone that's wondering about columbus you don't have to wait for the updates here you can go directly to the columbus board of realtors website here and read these statistics and go back many years and see how the market has changed:

https://columbusrealtors.com/Stats/default.aspx