Single family homes and condo sales were up 15.5% in the Greater Columbus area over 2011 to highest number of sales since 2007, which is generally considered to be the last year of the last housing boom. Average home prices for houses sold including the entire year were $167,459, up 7.2% from the previous year, while the median sale price was up 8.7% over 2011 to $144,500.
While sales are up, the number of homes that are for sale is extremely low – only 9,252 which is the lowest in the past decade. These factors combined, point to an environment that should lead to increasing home prices and greater numbers of new homes being built.
93% of Ohio Realtors expect the housing market to be moderate to strong over the next 6 months and with interest rates still near all-time lows, it is truly the best time to buy a home – ever!