Driving Park, Columbus Ohio 43206 Year over Year Comparison SFR

[Robert Ellis]

By popular demand we are continuing the neighborhood analysis of year over year values. A client asked me to make a post recently about the driving park neighborhood which is a part of 43206 in Columbus and directly adjacent to Southern Orchards and Old Oaks. Let's find it on a map first:

Why look at this area? Like most of the areas we've been looking at this is a neighborhood close to downtown that has seen plenty of homes being renovated. As new investors are being priced out of Southern Orchards in Columbus they are forced to continue to go east which takes us to driving park. 

Let's look at the 2018 stats (map first):

Number of closed residential sales: 88

Average sale price of a SFR: $77,589.27 ($58.58 price per sq ft)

Average days on market: 32.9

Highest Sale Price in 2018: $240,000 (908 Studer Avenue)

Now let's look at the 2019 numbers: 

Number of closed residential sales: 105

Average sale price of a SFR: $102,961.66 ($78.09 price per sq ft)

Average days on market: 42.07

Highest Sale Price in 2018: $255,000 (889 Studer Avenue)

Trends that I notice:

32.70% year over year average price increase!!! If that doesn't get you excited I don't know what will. As inventory has a shortage, these properties are moving eastward and competition has continued to fuel property value increase. The highest price for the neighborhood also increased which is a great sign. Studer is a great street with year over year highest property sales. Days on market increased but still heavily a sellers market. More transactions in the area as well increasing by over 20% year over year. 

[Robert Ellis]

Originally posted by @Daniel Judge:

@Robert Ellis always enjoy reading these YOY neighborhood analyses of yours - when is the South of Main one coming? I've got a vested interest in that area.

South of Main year over Year i'll do it now lol. So where is south of main? It's in the "Near East" are of columbus. Between 670 and 70. Two major highways. Directly east of Olde Towne East, North of 70, and south of main st. Here's a quick map of the area: 

I'd say that south of main is one of the last areas as well that has seen a lot of interest from investors. As areas like OTE and Franklin Park were developed and prices continued to climb, investors were pushed east and south. One of the last areas to look at. 

Let's look at the numbers for 2018 (map first): 

Number of closed residential sales: 30

Average sale price of a SFR: $109,315.65 ($63.84 price per sq ft)

Average days on market: 38.7

Highest Sale Price in 2018: $487,500 (505 Linwood Avenue)

Lowest Sale Price in 2018: $32,119.58 (507 Miller Avenue)

Now let's look at 2019 numbers (map first): 

Number of closed residential sales: 27

Average sale price of a SFR: $120,510 ($81.89 price per sq ft)

Average days on market: 62

Highest Sale Price in 2018: $334,000 (480 Wilson Avenue)

Lowest Sale Price in 2018: $20,000 (584 Kelton Avenue)

Trends to note:

I'm gonna say first off it's crazy within 8 blocks you can buy homes for 30k and 480k in the same year. That highest price one was a new build which is why it's a little out of the ordinary. But at the same time, there is a home priced at $1,000,000 at 1272 Cole street that is "in contract" as of today. Can you imagine in the same area a home selling for 1M and 30k? That's a crazy stat. In terms of days on market they more than doubled, but my own personal belief on that is because a lot of the homes are not renovated in this area and are just being sold as empty shells, so they sit for some time. In terms of appreciation or depreciation, homes in South of Main year over year went up by 10.24%. Consistent number of sales in this area year over year. In south of main as the same for columbus majority it's a sellers market with 62 days as the average days on market.