COLUMBUS, Ohio (WCMH) – Homes hit a record high in May with an average sale price of $353,116 and a median price of $310,830, Columbus Realtors announced in its May 2022 Central Ohio Housing Report.
The highs account for a 12.1% increase in average price and a 13% increase in median price.
Further, the number of price adjustments has been decreasing as fewer central Ohio homes are experiencing a change in list price compared to last year. In January, price reductions happened to 19.7% of listings, compared to 8.9% in May.
“Seasons impact real estate more than you might think,” said Sue Van Woerkom, president of Columbus Realtors in a release. “The colder months tend to keep some buyers out of the market so more sellers may reduce the price of their home to compete.”
Columbus Realtor also says rising interest rates could be accounting for a slow down. Instead of seeing 10 to 12 offers on a property, lately there have been two or three offers and sometimes only one.
While home sales increased 7.5% in May, the number of new listings decreased by 0.5%. Homes are also selling at a record pace with an average 12 days to sell a home in May. Homes between $215,000 and $350,000 only took nine days to sell.
“Homes in all price ranges are still selling quickly,” added Van Woerkom in the release. “However, homes in that $215,000 to $350,000 range are the sweet spot right now as it includes many first-time buyers. Competition is fierce for these homes as we just don’t have enough to meet the demand.”
Nationwide, the median home price rose above $400,000 in May for the first time. It took an average of 16 days to sell a home last month nationwide and home sales dropped 3.4%.
The number of buyers paying for homes in all cash also increased last month, with 24% of buyers nationwide making all-cash deals. Those deals are coming from Wall Street investors and buyers from bigger cities who are selling even more expensive homes.