COLUMBUS – Central Ohio is one of the nation’s hottest real estate markets heading into the busy summer season but a nagging lack of inventory continues to hold back sales while driving prices higher.
Columbus seeing its fastest population growth rate since 2000.
Columbus ranked No. 4 last month on Realtor.com’s list of the nation’s hottest housing markets in April, based on response to listings and how quickly homes are selling. Homes spent 33 days on the market last, according to the Columbus Realtors Multiple Listing Service, compared with 41 days a year ago and 44 days when the year began, according to data released Thursday by the Columbus Realtors.
The median sales price of a home in central Ohio during the first four months of the year was $182,350, up 7.9 percent from the same period a year ago (see graph).
Activity increased in April, with an increase in the number of homes and condos listed for sale compared with March and with April of 2017, but 98 percent of homeowners told a survey that a lack of homes to buy is what is keeping them from putting theirs on the market.
The national spotlight found the central Ohio area as showing activity increased 12 percent in April versus the previous month and There were 3,698 homes and condos listed during the month of April which is 9.1 percent more than the previous month and 3.6 percent more than April 2017.
The total number of homes for sale was down 11.2 percent from last year and sales were 2.3 percent ahead of 2017.
U.S. sales of existing homes tumbled 2.5 percent in April as inventory shortage and higher costs weigh on the market.