A record number of homes sold in the Columbus metro during June, for a record price and in record time, as the region’s housing market continued its voyage into uncharted waters.
During the month, 3,644 central Ohio homes sold, 15% more than last year and a record number for any month in any year, according to the Columbus Realtors trade association.
Homes sold for a median price of $275,000, up 14% from a year ago and up almost $50,000 from just two years ago.
Homes sold in June after being listed an average of 11 days, a record low and well below 27 days last June. Properties under $350,000 sold even faster – in an average of nine days.
The market is being boosted by a rise in home listings that is helping the dire shortage of properties on the market. During June, 4,359 central Ohio homeowners posted for-sale signs, 23% more than a year ago, when the economy was in the midst of COVID shutdowns.
“Over the last year, we’ve averaged about 3,000 new listings each month,” said Michael Jones, this year’s president of Columbus Realtors. “But last month, we had 4,359 homes added to the market for sale. This was quite the boon for motivated buyers who acted quickly to put them in contract.”
During the first six months of the year, home listings were up 12% over a year ago.
New listings have juiced sales, but haven’t changed the frantic nature of the Columbus-area housing market, where homes commonly attract dozens of showings and sometimes dozens of offers over asking price.
While demand is greatest for homes under $350,000, homes up to $700,000 are still selling in under three weeks on average.
“We’re seeing significantly increased interest for homes in the higher price ranges this year,” added Jones.
“Ten years ago, it took almost 100 days to sell a home priced between $350,000 and $500,000. Last month, it took an average of 10 days.”
Statewide, home sales rose 10% from a year ago while prices jumped 18%.
Across the country, home sales rose 1.4% from May, ending four straight months of declines, according to the National Association of Realtors.
“Supply has modestly improved in recent months due to more housing starts and existing homeowners listing their homes, all of which has resulted in an uptick in sales,” the association’s chief economist, Lawrence Yun, said in a news release.
The median price of a U.S. home sold in June was $363,300, up 23% from a year earlier.
“At a broad level, home prices are in no danger of a decline due to tight inventory conditions, but I do expect prices to appreciate at a slower pace by the end of the year,” Yun said.