Columbus Ohio Real Estate Sales Price Comparison & Market Update for Central Ohio Communities
The Central Ohio Real Estate market is ever changing and home sales continue to reach record numbers as interest rates remain attractive. There were 24,445 homes sold in 2007, which is the 4th highest year on record, versus 26,251 homes sold in 2006. The average sales price fell 1 percent during the year to $172,531 from $174,688. I’ve included various reports below to give you an idea of real estate values in Columbus and Central Ohio suburbs.
Columbus Ohio ranked 3rd most stable real estate market in the US
In October 2007, Forbes.com and Moody’s Economy.com studied America’s 40 biggest cities focusing on the state of local economies, new construction contracts, foreclosure rates, local credit markets, sales rates, affordability and inventory. Columbus, Ohio: ranks as 3rd most stable housing market; should boast the 8th fastest sales rate in 2008 and home prices are projected to increase 3.49%.
In my opinion, there’s never been a better time to buy real estate in Central Ohio. Interest rates are their lowest in years and the “buyers market” atmosphere provide a favorable outlook for 2008. Please CONTACT Petra at 614-895-0496 if you’re interested in buying Columbus Ohio Real Estate.
The following chart represents Columbus residential real estate sales statistics broken down by Central Ohio communities. SFM = single family homes and condos includes condominiums as well as fee simple properties listed on the Columbus Ohio Multiple Listing Service. The Columbus Ohio MLS includes real estate listings for Central Ohio and surrounding counties: Franklin, Delaware, Union, Morrow, Madison, Licking, Fairfield, Knox, Logan, Marion, Pickaway and others.
2007 Central Ohio Real Estate Sales Price Data
| Central Ohio Communities |
# SFM |
Low Price |
Average |
High Price |
# of Condos Sold |
Low Price |
Average Price |
High Price |
|
| Bexley | 196 | $88,500 | $323,622 | $1,575,000 | 5 | $67,900 | $334,270 | $630,500 | |
| Blacklick | 262 | $21,000 | $158,949 | $500,000 | 68 | $61,000 | $113,470 | $150,825 | |
| Canal Winchester | 234 | $15,2000 | $164,409 | $470,000 | 25 | $82,000 | $146,570 | $219,000 | |
| Clintonville/ Beechwold areas |
376 | $40,000 | $209,960 | $740,000 | 24 | $63,000 | $122,160 | $265,000 | |
| Columbus / | 7627 | $5,000 | $136,964 | $1,755,000 | 1467 | $7,250 | $162,480 | $1,099,999 | |
| Downtown Columbus | |||||||||
| Delaware | $15,000 | $171,533 | $639,500 | 35 | $77,200 | $135,053 | $219,619 | ||
| Dublin | 570 | $3,400 | $380,867 | $1,700,000 | 196 | $67,500 | $184,341 | $539,179 | |
| Gahanna | 408 | $76,750 | $203,674 | $568,000 | 82 | $102,000 | $182,823 | $339,690 | |
| German Village | 75 | $135,000 | $370,227 | $1,755,000 | 14 | $105,000 | $197,135 | $289,900 | |
| Grandview Heights | 83 | $145,000 | $273,465 | $1,050,000 | 29 | $96,000 | $187,484 | $272,500 | |
| Granville | 144 | $25,500 | $294,491 | $935,000 | 3 | $128,000 | $144,633 | $176,000 | |
| Grove City | 412 | $20,000 | $161,970 | $455,000 | 78 | $74,000 | $136,452 | $225,362 | |
| Groveport- Schools | 78 | $19,500 | $151,807 | $258,916 | 6 | $104,900 | $184,420 | $224,410 | |
| Hilliard | 404 | $80,000 | $222,807 | $705,000 | 57 | $79,000 | $163,643 | $300,000 | |
| Lewis Center | 394 | $3,500 | $279,402 | $1,470,000 | 46 | $81,877 | $151,128 | $223,000 | |
| New Albany (Plain Local Schools) |
153 | $150,100 | $719,050 | $2,600,000 | 8 | $435,616 | $574,421 | $610,180 | |
| Pataskala | 468 | $5,000 | $172,743 | $1,050,000 | 26 | $109,900 | $145,300 | $219,150 | |
| Pickerington | 665 | $30,000 | $206,969 | $710,700 | 39 | $97,500 | $149,815 | $284,100 | |
| Powell | 190 | $202,400 | $365,794 | $870,000 | 49 | $143,500 | $231,553 | $469,537 | |
| Reynoldsburg | 445 | $19,200 | $150,956 | $420,000 | 45 | $45,000 | $124,496 | $200,000 | |
| Upper Arlington | 493 | $110,000 | $357,558 | $2,202,900 | 98 | $76,000 | $184,576 | $510,000 | |
| Westerville | 433 | $87,500 | $219,974 | $509,900 | 76 | $45,000 | $133,563 | $342,662 | |
| Whitehall | 173 | $28,000 | $96,212 | $ 542,000 | 17 | $23,500 | $49,553 | $56,900 | |
| Worthington (Schools) | 193 | $115,000 | $245,899 | $ 842,000 | 28 | $82,000 | $183,814 | $335,000 |
2007 best year on record for Central Ohio home buyers
(January 24, 2008) Interest rates, prices and inventory combined to make 2007 a memorable year for central Ohio home buyers according to the Columbus Board of REALTORS®.
“Despite what you might have heard, the housing market in central Ohio was going strong in 2007,” says Greg Hrabcak, President of the Columbus Board of REALTORS®. “In fact, it was probably the best year on record for buyers as interest rates were really low, home prices were very competitive, and the selection was the best we’ve ever seen in this market.”
Although home sales last year trailed the housing upsurge of recent years, central Ohio still ended as the fourth best year on record with 24,445 residential existing and condominium sales.
Throughout the year, there were almost 50,000 residential homes and condos listed fro sale in the 16 counties included in the Columbus and Central Ohio Multiple Listing Service (MLS). Of those, roughly half sold in an average of 108 days.
The average price of a home in central Ohio last year - $172,531 - is well below the national median price which was $210,200 in November 2007. The average sale price is also 1.2 percent lower than the average sale price of $174,688 in 2006.
“The lower average sale price can be attributed to a couple facts,” explains Hrabcak. “First, because for much of the year we had roughly ten homes on the market for every buyer, many homeowners were forced to drop the selling price of their home in order to compete.”
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