The 3,200 home sales last month in central Ohio was 5.6 percent higher than a year ago and over 20 percent more than April. Year to date, home sales are just 0.2 percent above the 2018 sales rate primarily due to the lack of inventory.
There were 4,397 homes newly listed for sale in May. Although a modest increase of 0.1 percent from a year ago, they jumped 18.5 percent from the previous month (April).
As a result of the new listings, total inventory increased 16.5 percent from April, but remained only 0.1 percent up higher than May of 2018 according to the Columbus REALTORS® Multiple Listing Service.
The ten school districts that saw the highest number of new listings in May included Columbus, South-Western, Olentangy, Dublin, Westerville, Hilliard, Pickerington, Upper Arlington, Worthington and Lancaster.
Prices continue to rise in central Ohio! The average sales price of a home sold in May was $253,531, up 7.8 percent from one year ago. The median sales price was $220,000, also up 7.8 percent from 2018.
“Although, increased home prices might seem like a deterrent, the drop in mortgage interest rates over the past three months means that housing affordability is the best it’s been in a year,” added Myers.
Columbus REALTORS® is comprised of almost 8,000 real estate professionals engaged in residential sales and leasing, commercial sales and leasing, property management, appraisal, consultation, real estate syndication, land development and more.
The Columbus REALTORS® Multiple Listing Service (MLS) serves all of Franklin, Delaware, Fayette, Licking, Madison, Morrow, Pickaway and Union Counties and parts of Athens, Champaign, Clark, Clinton, Fairfield, Hocking, Knox, Logan, Marion, Muskingum, Perry and Ross counties.