COLUMBUS – It is safe to say the housing slump in central Ohio ended in 2015, with sales setting a new record, surpassing those of the peak year of the housing boom.
The housing market in the Columbus area saw its best year since the recession ended in 2009, with a 9.3 percent increase in sales, according to the Columbus Board of Realtors’ end-of-year report.
The 29,408 sales was the most for any year on record, topping the 27,493 sales in 2005, the loudest of the boom years. Statewide, homes sales finished 2015 9.6 percent higher than 2014.
“The Ohio housing market displayed tremendous resiliency throughout 2015, posting increased sales activity and gains in average pricing each and every month compared to the same period a year earlier. Overall, we’ve seen a re-emergence of a strong, stable housing sector across Ohio, a positive development for current and would-be home owners,” said Sara Calo, president of the Ohio Association of Realtors.
Tight inventory kept prices high. The median sales price in central Ohio was up 4.6 percent to $159,900 and the average sale price across Ohio reached $155,247, a 3.8 percent increase from 2014.
Cato and other observers are worried that 2016 may get off to a slow start because of high prices, rising interest rates and an increasing interest in renting. The national homeownership percentage is the lowest it’s been since 1993, she said.
IN central Ohio, Columbus, the South-Western City School District, Hilliard Schools, Olentangy Local School District and Westerville Schools saw the highest level of sales activity throughout 2015.