COLUMBUS, Ohio (WCMH) — The Columbus housing market closed out summer hotter than ever.
Central Ohio recorded 3,694 home sales in August, its most ever, according Columbus Realtors’ monthly report released last week, as purchases consistently beat asking prices and the typical home was snatched off the market in less than two weeks.
High demand and shorthanded inventory have driven up asking prices in central Ohio for the last couple years, the report notes, and the spring and summer months saw a widening gap between homes that sold for less than list price and those that sold for more.
That gap tightened slightly in August compared to earlier in the summer, but 60% of homes sold in the region in August exceeded the starting price.
“With such tight inventory, many buyers continue making the decision to offer more than the home was listed,” Michael Jones, Columbus Realtors president, said in the report. “However, in the last couple months, buyers seem to be more contemplative when considering their offers and how much they’re willing to go over what the home may appraise for.”
3,694 sales last month was a 9.3% increase over last August, and this year’s January-August home sales are 10.3% ahead of 2020. Listings in August were up 12% since a year ago, but down almost 13% compared to July.
“Fewer homes listed for sale in the fall is not surprising as kids head back to school and traditionally, the housing market tends to take a breath,” Jones said. But even with that breath, the report notes central Ohio’s record August indicates “home sales in September will also be impressive.”
The typical home lasted just 11 days on the market last month, half the selling time from last August. Homes under $350,000 last month sold in 9 days on average, and those over $700,000 took an average of 28 days to sell.
The average home sold for $308,807 last month, up nearly $30,000 from August 2020, and the median home price last month of $275,000 last month is a $33,000 jump from last August.
Central Ohio’s housing market includes all of Franklin, Delaware, Fayette, Licking, Madison, Marion, Morrow, Pickaway and Union counties, plus parts of Athens, Champaign, Clark, Clinton, Fairfield, Hocking, Knox, Logan, Muskingum, Perry and Ross counties.