Columbus Housing Market Reached Record Highs in 2017

Columbus Housing Market Reached Record Highs in 2017

06 Feb

Columbus Housing Market Reached Record Highs in 2017

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Columbus Housing Market Reached Record Highs in 2017

The Columbus, Ohio housing market continued its boom in 2017, marking the sixth straight year of increases in the number of houses sold.

Central Ohio saw a record number of homes sold in a single year, as more than 32,000 houses and condos changed hands, according to the Columbus Board of Realtors. Home prices also increased about 6 percent.

According to Zillow, almost one-third of homes listed sold for more than their list price. And they sold quickly. Central Ohio homes sold after being listed an average of 35 days, about half the time from listing to sale just three years earlier. In hot local markets like Clintonville, homes sold in as few as 3 weeks.

A population surge among those in their prime home-buying years coupled with strong job growth and low mortgage rates has driven demand for homes in central Ohio.

Still, Columbus is not alone in its hot real estate market. According to the National Association of Realtors, demand pushed national home sales to an annual rate of 5.51 million, the highest since 2006. The real estate boom is expected to continue at least through 2018, according to a senior economist with the listing site Trulia.

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