2019 Year-End Home Sales Report Shows Strong Housing Market In Ohio, Columbus Region
The housing market had an active and strong 2019 in Ohio and the Columbus region. The Columbus REALTORS Multiple Listing Service has released its 2019 annual report, which credits the housing market’s success to a strong economy and low mortgage rates. Mike Foley reports.
Home sales last year reached 32,099 in its 18-county region, an increase of nearly 2 percent compared to 2018. According to the report, it’s the second strongest year for home sales. All but five counties saw an increase in sales with Logan, Champaign, and Union counties experiencing the highest percentage jumps. Homes currently in the contract phase increased almost 3 percent, finishing the year at 32,660.
The overall median sales price in 2019 increased 7.6 percent to $209,900. Homes under $350,000 spent an average of 27 days on the market.
Analysts say tight inventory continues to constrain buyer activity in some parts of the Columbus region, while other areas are seeing increased seller inventory leading to improved choices for buyers. They anticipate a solid 2020 market with continued low mortgage rates and a healthy economy but caution that any economic downturn would affect the housing outlook.
Ohio REALTORS also released its statewide analysis, which shows the state last year surpassed 2018 in sales activity, average sales price, and total dollar volume.