Welcome to the Columbus Real Estate Market Report, tailored to homeowners seeking weekly updates on the market trends. I’m Michael Dalton, your trusted Columbus realtor with the Matt C Group powered by exp Realty. In this report, we’ll delve into the highlights of the Columbus Real Estate Market for the week of July 5th, 2023.
The Columbus Real Estate Market has experienced remarkable growth in the first half of this year. As you may recall from previous updates, inventory levels remain tight while home prices continue to rise. Last week, 43 fewer homes hit the market, which is not surprising considering the record-breaking 734 homes that were sold during the same period.
Current Inventory and Pending Listings: Presently, there are 2,621 active “coming soon” listings and 3,059 properties pending, resulting in just under a month’s worth of inventory. This limited inventory has contributed to the competitiveness of the market, as demand outweighs supply.
Home Prices: The average sales price for homes last week in the Columbus Real Estate Market was $378,000, showcasing an impressive 18 percent increase in home values since January. Notably, a remarkable sale on Exmore Road in Columbus stands out as the highest-priced property sold this week, fetching $2.1 million, surpassing the asking price by $351,000.
Days on the Market: The number of days a home spends on the market remains a crucial factor for maximizing sales prices. In line with previous updates, last week’s average days on the Columbus Real Estate Market stood at 19. Interestingly, 53 percent of all homes sold last week spent five days or less on the market and fetched an average of $13,000 above the asking price.
Interest Rates: Turning our attention to interest rates, this week we’re seeing rates below seven percent, specifically around 6.84 percent on average for a 30-year fixed mortgage. Ready to purchase? Check out this mortgage calculator from Matthew Casey at Fairway Mortgage.
Conclusion: In conclusion, the Columbus Real Estate Market continues to thrive, offering opportunities for both buyers and sellers. With tight inventory levels and fast-moving houses, the market remains competitive, driving home prices upward. If you’re considering selling your property, keeping an eye on the average days on the market can help you maximize your sales price.
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For a free home evaluation, be sure to visit my website at mynexhomecolumbus.com. As always, I’m here to answer any questions you may have. Stay tuned for next week’s Columbus Real Estate Market update!
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