Current Market Update

Central Ohio is still experiencing an excellent real estate market for Columbus and the suburbs (inside of 207 like Upper Arlington, Bexley, Grandview, Worthington, and those outside of 270 like Dublin, Powell, Westerville, New Albany, Reynoldsburg, Pickerington, Grove CIty and Hilliard) seeing strong gains in value. If you’re following what’s happening in the current housing market, you’ve seen how the lack of newly constructed homes is a major reason there’s a shortage of housing inventory. Another reason for the lack of inventory is the shrinking size of the existing home market, as homes are selling the sold inventory isn’t being replaced according to a National Association of Realtors (NAR) report that also shows sales are up 10.8% from the same time period last year. NAR explains,

“Total housing inventory at the end of December totaled 1.40 million units, down 14.6% from November and 8.5% from one year ago. Unsold inventory sits at a 3.0-month supply at the current sales pace, down from the 3.7-month figure recorded in both November and December 2018. Unsold inventory totals have dropped for seven consecutive months from year-ago levels, taking a toll on home sales.”

Now is a great time to consider putting your home on the market. The competition (number of houses on the market) has not been this low in decades. It’s best not to wait for the inventory (both existing homes and new construction) to increase in the spring, as it always does. And buyer demand is strong. Now is a great time to sell.

Call us anytime to review how the Benadum & Bumpus Group can help you successfully make your next move.