Central Ohio Housing Market Sees More Inventory But Fewer Sales In July
For four straight months in central Ohio, a more than 20 percent increase in new listings has been met with a double-digit rise in home sales. That changed in July as the market cooled off last month.
The Columbus REALTORS® Multiple Listing Service says 4,612 homes were added last month. But at 3,630, the number of home sales increased just 2.7 percent - a significant change from the double-digit increases seen in eight of the last 10 months in central Ohio. The time it took to sell a home remained at 11 days last month, but that may change according to Columbus REALTORS® President Michael Jones.
“It’s possible we’re seeing a change in the pace of housing activity as we head into the fall,” Columbus REALTORS® President Michael Jones said. “The welcome increase in inventory is giving buyers more choices, as well as a little more flexibility to consider their options.”
July's average sales price of $313,737, marks a nearly 13 percent increase from July of 2020. The median sale price rose 12.2 percent to $275,000.
Meanwhile, home sales activity statewide fell slightly in July, the market’s first monthly year-over-year decrease in 2021 according to Ohio REALTORS. The group reports sales slowed almost 4 percent compared to July 2020.
Ohio REALTORS President Seth Task noted that it's a sign the housing market is beginning to stabilize and that there's a traditional market slowdown as the start of school approaches.
The average sales price across Ohio reached $252,162, a 12.9 percent increase from last year.