As of April the average sales price in Central Ohio is $176,231 as reported by Columbus Realtors. This figure is up by 7.7% from April 2013. These figures are a result of the high demand and low housing inventory in Central Ohio. Many current listings are experiencing multiple offers with contract prices exceeding the asking prices in some markets. According to the latest Housing Market Confidence Index (by the Ohio Association of REALTORS®) 95 percent of Central Ohio REALTORS® describe the current housing market as moderate to strong. As the market continues to heat up the hope is that listings will increase to meet this demand.
Low mortgage rates have also assisted in driving the demand for new and existing homes. I a recent Freddie Mac Primary Mortgage Market Survey (PMMS), the average fixed mortgage rate in the U.S. fell for the fifth consecutive week and hitting new 2014 lows. This remains great news for buyers and sellers alike.