COLUMBUS – The Central Ohio housing market rode the national wave of economic expansion in 2019 as home prices continued to climb as sellers struggled to meet the demand of would-be buyers.
Despite a 6.2 percent decline in the number of homes for sale from 2018, sales were up 1.8 percent, making 2019 as the second strongest year on record for home sales in the market, thanks to lower mortgage rates, which made up for the rising prices brought about by the small number of homes on the market.
“Central Ohio has been constrained by inventory levels that are still below historical norms. With supply and demand continuing to favor sellers, prices have been rising steadily,” Andy Mills, Columbus REALTORS 2020 president said.
New construction activity has improved but is still below levels required to fully supply the market’s needs.
With supply on the decline, the overall median sales price increased 7.6 percent to $209,900 for the year, according to the annual report released Wednesday by Columbus REALTORS.
Single-family home prices were up 7.4 percent compared and condo home prices were up 7.5 percent.
Median-priced homes sold after an average of 27 days on the market.