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The central Ohio housing market remained strong into October, with steady sales and more homes being listed.
Key Market Highlights:
- Sales Increase: There were 2,539 home sales in October, up 7.6% from 2,360 sales in October 2023. Sales were nearly the same as in September (2,508 homes sold).
- Median Sale Price: The median sale price for homes rose 3.3% year-over-year, now at $315,000. Good news for buyers: prices dropped 2.8% compared to last month, when the median price was $324,000.
- More Homes for Sale: There were 4,880 homes available for sale in October, a 27.8% increase from last year. Homes are staying on the market a bit longer, with an average of 28 days on the market, compared to 22 days in October 2023.
- Discounts for Buyers: Home buyers saw discounts in October:
- 1% off the final sale price compared to the last listed price.
- 3.1% off compared to the original listing price.
Local Neighborhoods to Watch:
- Grove City: Home sales increased 11% year-over-year, with 164 closings.
- Olentangy School District: Sales rose 10%, with 109 homes sold.
- Lancaster: Home sales surged 68%, with 69 homes sold.
Year-to-Date Performance:
As we approach the end of the year, 2024 is outperforming 2023:
- 24,409 homes sold so far in 2024, a 3.6% increase over last year’s 23,568 sales.
What This Means for You:
Whether you’re thinking of buying or selling, the market is showing signs of stability. Prices are adjusting in some areas, and buyers are seeing more opportunities with fewer bidding wars. If you’re navigating this market, working with an experienced REALTOR® can help you make the best decisions.
If you have any questions or need advice on the market, feel free to reach out!
