Central Ohio’s housing market is feeling hot, hot, hot! In fact, Realtor.com has identified Columbus as the nation’s strongest real-estate market.
Columbus’ leap to the top of the leader board took realtor.com writer Chelsia Rose Marcius by surprise, calling us an “unexpected hot spot.” (Is this yet another example of major publications underestimating Columbus, or is that an accurate statement? Hard to say.) But, the numbers don’t lie.
The Dispatch reports strong job growth, low interest rates are powering demand, while the dwindling supply drives prices up, thus creating the perfect frenzy of aspiring homeowners.
“Historically there wasn’t much demand in those areas,” said ealtor.com Chief Economist Danielle Hale. “Now that home prices are higher across the board, people are looking to those [more wallet-friendly] areas to buy. Columbus is super affordable, with a median $249,900 compared to the national listing price of $300,000, which attracts a lot of younger buyers.”
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Columbus Re/Max agent Lee Ritchie, whose clientele is 80% millennials looking to be first-time buyers, advises people to buy now.
“I don’t have a crystal ball, but I don’t see [the housing market] slowing down,” Ritchie said.
Two other Ohio cities made their way into the top 20: Akron (16) and Canton (19).
According to information from realtor.com, Central Ohio homes sell after a median of 40 days on the market.. According to Columbus Realtors, the Columbus area had 1.4 months of supply of homes for sale in February, well below the norm of six months.