According to a new report, the Columbus real estate housing market has officially cracked the national Top 10 list. Realtor.com unveiled an analysis that evaluates how quickly homes are selling and where demand is strongest based on information from the month of April 2016.
The Top 10 list was dominated by cities in California, Colorado and Texas with only Columbus and Ann Arbor (9th place) representing the Midwest market. San Francisco topped the list.
“The Midwest region is representative of the status of the broader U.S. recovery,” said Jonathan Smoke, Chief economist of realtor.com. “When Columbus is the 10th hottest market in the country, you know that the Midwest — and the US overall — is back and doing well.”
The median list price recorded for the Columbus metropolitan area was $179,900 for April 2016, with an average of 46 days on the market. Nationally, homes are selling five days faster than in April of 2015, with four percent fewer homes on the market for sale compared to the same month last year.
“Pent-up demand, lower mortgage rates, and strong employment continue to power the strongest and healthiest real estate market we have seen in a decade,” added Smoke.
The healthy local real estate market extends to the rental side as well, as similar reports have rolled in on that front. Forbes.com named Columbus the #3 city for renters just a few weeks ago, while Zillow named Columbus the #1 market for apartment development in April. Even conservative urban analyst Joel Kotkin named as one of the country’s top “Boom Towns” for 2016.
In related news, the National Association of Realtors reported that home prices in Columbus have climbed 7.2 percent over the past year.
For more information on the Realtor.com study, visit www.realtor.com.