COLUMBUS, Ohio (WCMH) – Homes are selling faster in few American cities than in Columbus, according to a new report from Realtor.com, as October further pushed the nation’s housing market to “breakneck speed.”
The median Central Ohio home sold last month was on the market for just 30 days, tied for the 6th-fewest among the top 50 U.S. metropolitan areas tracked by Realtor.com. That’s five days quicker than at this time last year.
Only homebuyers in Rochester (New York) and four fast-growing cities in the Sun Belt made quicker purchases, according to Realtor.com’s report released last week.
|Rank||Housing market||Median days on market, Oct. ’21|
|1.||Raleigh, N.C.||19 days|
|2.||Nashville, Tenn.||22 days|
|3.||Rochester, N.Y.||23 days|
|5.||Memphis, Tenn.||29 days|
|T-6.||Columbus, Ohio||30 days|
|T-6.||Virginia Beach/Norfolk, Va.||30 days|
Nationwide, the typical single-family home, condominium or townhome sold in October spent 45 days on the market. In Cincinnati it was 42 days, and in Cleveland it was 44 days.
Home sales typically decline after a bump in the summer, but even this year’s autumn decline has not put the brakes on the U.S. market overall. October marked an eight-month streak of homes selling faster than in any month before 2021.
“The year may be winding down, but 2021’s feverish pace of home sales continues to hit new records,” Realtor.com chief economist Danielle Hale said in the report. “Despite returns to more typical pre-COVID seasonality, which means a slower fall versus summer season, October housing data suggests that demand is still unseasonably high.”
Among the factors keeping buyers hungry, Hale said, may be rising mortgage rates and surging rental prices. Also factoring into the hot market is low inventory, currently down nearly 22% year-over-year.
A graph from the report shows just over 600,000 active listings in the top 50 U.S. markets, nearly 200,000 fewer than this time last year and just a fraction compared to previous years.
Last month’s Columbus REALTORS report, however, at least showed an inventory increase in the local market. The Columbus area gained nearly 11,000 homes in the third quarter of this year (July, August, September), the most added in any quarter since 2006.
The median Columbus area home sold in October, according to Realtor.com, went for $290,000. That’s below the median home in the Cincinnati market ($310,000) but far higher than in Cleveland ($190,000), which was the lowest of the top 50 markets.
Nationwide, the median home sold for $380,000 last month, down slightly after hitting a record in July. That dollar figure is a 8.6% increase over last October and a 21.8% increase over October 2019.