Central Home Buyers & Sellers - ytd Prices - June 2024
Left column are the most affordable and the right columns are the highest priced markets around Columbus and Central Ohio.
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Affordable Leaders:
Marion holds steady as the most affordable location in Central Ohio for affordable housing. As more people work remote or at least remote part of the time, there seems to be more willingness to migrate out of Columbus to locations like Marion, to the North. Washington Court House provides a similar option to the south and west of Columbus. Newark is east of Columbus, Circleville is south of Columbus and Lancaster is south east of Columbus.
Premium housing:
On the premium side New Albany Corp and New Albany Plains LSD maintain a sizeable lead over Granville, Dublin Corp, Grandview Heights, Upper Arlington, Bexley and German Village all ranging from the low $600's to the upper $600's on average price through six months in 2024.
Points to keep in mind:
Whether you're looking at Marion on the affordable list or New Albany on the premium list. These are reflective of averages. In marion there has been a sale over the first months of $325,000 or almost 80% higher. On the flip side in New Albany there has been a sale at $255,000 on a condo - that's about 74% below the average.
Re: data and numbers: the point I try to make is the numbers are not an answer. The numbers provide factual information and data. In many instances this helps clients make decisions - with a little more information.
An additional point I'd highlight from the first six months of real estate transactions is to take note of all the markets highlighted in yellow on the right column.
All these markets are up over 10% through the first six months around Central Ohio. So while it is true, the overall market has slowed down compared to 2-3 years ago. Sales are stilling pacing pretty close to longer term historical normal volumes. Prices are generally up 6.2% through June. Now that number could slip back lower; however, since the Federal Reserve has changed their bias, or comments very recently. The FED now is at least hinting they could start to ease back rates. In other words start to drop the FED FUNDS rate which is like a building block for nearly all other rate related products - which includes MORTGAGES.
My advice if you are a buyer of property:
Don't wait. If and when the FED begins to lower rates, there will be lower mortgage rates, at least for a while. But that also brings many sidelined buyers back out to compete. Increased buyer competition will likely make it tougher to find a property at a reasonable price.
Currently, with an overall increase in available homes, it favors buyers to get price improvements on what they pay (less). Also with some negotiating, it is still possible to get the sellers to pay part, some or all of your closing costs! That's a huge help to buyers. Particularly when money, available cash, is tight. Closing costs can be $3,000 to $9,000 dollars based on many variables such as price and lender fees.
If you have questions feel free. to call, email or text and I'll be happy to hear your views and find out more about how I can provide you with more data. Facts. So you too can:
Buy Sell Have Fun & Know the Numbers!
Michael Bishop, The Cooler Real Estate Agent
Howard Hanna Real Estate Services; 614-600-4554
michaelbishop@howardhanna.com