Columbus and Cincinnati Among Fastest Sellers in the Housing Market
This post discusses Cincinnati and Columbus real estate trends so far for the year 2020.
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Homes Flying Off the Market in Central Ohio Cities!
Hero image courtesy of growwire.
Columbus, Ohio is the fourteenth largest city in the United States in which nine-hundred thousand people call home. The surrounding greater Columbus metro area encompasses nearly two million people living in the combined statistical area, CSA. Low interest and low unemployment rates, an influx of high paying jobs, and extremely affordable housing makes Cincinnati, Ohio a great place to live and work. Cincinnati is home to nearly two million people making it the twenty-eighth largest city in the United States.
These factors above make Columbus the fastest seller of homes in the country with Cincinnati reigning in at number two. This article will discuss:
- Columbus and Cincinnati Housing Trends in 2020
- Housing Reports before the Covid Pandemic
- Impact of Covid on Columbus and Cincinnati Housing Markets
- Columbus and Cincinnati Housing Forecast continuing 2020 and 2021
Housing Trends in 2020
Columbus real estate trends for 2020 include median sale prices, inventory, economy, overall growth, and neighborhoods. The median sale price of a Columbus home is $210,000 and have not fallen below that number for quite some time. Columbus is one of the hottest real estate markets in the country and has seen an appreciation rate of 3.35 percent in the past ten years.This rate puts Columbus in the top 30 percent nationally for appreciation of real estate. The availability of new houses jumped to 2,407 new listings in January which brought a substantial increase of 10 percent from 2019.
Cincinnati is also seen as one of the hottest real estate markets in the country. Where Columbus is number one, Cincinnati is number two. Cincinnati’s real estate has seen a rate of 2.23 percent of appreciation increase over the past ten years as well. Supply and demand continue to favor buyers and sellers of properties as home sales have seen a rise of 11 percent at the beginning of 2020.
Housing Reports Before the Coronavirus Pandemic
Columbus Housing Report
With a strong economy and low mortgage rates, the housing market before the pandemic was doing considerably well. Buyer activity saw a significant increase in Columbus and January 2020 saw record high home sales. Continuing to February, another record high sales increase of 13.3 percent compared to February of the previous year. March continued with the same upward trend until the Coronavirus hit.
Cincinnati Housing Report
The entire Cincinnati metro area housing market had seen a continued steady rise of prices at the beginning of 2020. With the growth of businesses and the influx of young families moving to the greater Cincinnati region, home sales saw an 11.4 rise as average home prices increased 8.78 percent. The inventory of homes for sale did see a massive 25 percent decrease at the end of February. March was supposed to be looking upward but then came Covid-19.
Coronavirus Impact on 2020 Housing Markets
How has Columbus, Ohio’s Real Estate Market Been Affected by Covid?
According to Zillow, homes in the Columbus area spent a median of 5 days on the market before being contracted. This figure was based on the number of sales seen the first week of June, and although this number seems relatively good, it is safe to say that home sales in Central Ohio have plunged since April and May. In these months the world suffered an economic shutdown due to the Coronavirus. While the pandemic has had an impact on the number of home sales the prices have remained unaffected. Moving forward through the pandemic, the real estate industry is adapting to the current environment. Demand has not dropped, and now is as good a time as ever to buy that forever home.
How has Cincinnati, Ohio’s Real Estate Market Been Affected by Covid?
According to Zillow, homes in the Cincinnati area spent a median of 6 days on the market before being contracted. Since the middle of April, housing trends have since reversed and are now at levels that are almost pre-pandemic. Buyers have since begun returning to the housing market amidst the summer months. If buyer demand eases, there should be a positive inventory increase as well as a positive sales increase. The Covid pandemic continues to bring significant challenges to Ohio’s real estate market, but the outlook on the future seems bright.
Housing Forecast for the Future
What to Expect Post-Coronavirus
The impact of the pandemic on the impending future would mean a short-term drop in home-sales as well as a flattening of prices. The overall uncertainty of the future housing market is solely based on the unpredictability of how long the pandemic will last. The Coronavirus has caused massive uncertainty on a global basis and this has had an impact on the housing market. The housing markets in both Columbus and Cincinnati are heavily skewed due to low levels of inventory that can’t meet the demand of the rising population. The lack of supply has kept prices up during the pandemic and those prices are not expected to drop anytime soon. While some sellers have been reluctant to list properties, others still need their houses sold.
The full impact of Covid-19 is still not yet fully known, but it is in times like these that working with an informed, educated real estate agent can make all the difference in the world. If you are interested in buying a house in Cincinnati or Columbus, Ohio, make sure to check out HER, REALTORS® for all your Ohio housing needs and get in contact with one of their educated real estate agents.