Columbus Has Fastest Selling Housing Market in the US, According to Zillow
See a house for sale that you like?
It’s already gone.
This fast-paced reality has become the norm for most home buyers in the United States in 2021, but Columbus residents are feeling the rush more than anywhere else.
According to data gathered and analyzed by Zillow, homes for sale in the Columbus market are moving more quickly than any other major city right now. In the month of April, 74 percent of homes sold in Columbus went into a “pending” status in less than a week — a stat tied only with Denver. A mere 12 percent of homes in Columbus took longer than a month to sell in April.
On average, 47 percent of the homes for sale in the entire country take less than a week to sell. This marks a drastic change from a year ago when the pandemic was in full swing and uncertainty left many buyers in a “wait and see” state of mind.
“The need for speed isn’t just being felt by those seeking the most sought-after entry-level homes,” states Treh Manherz, a data analysis at Zillow. “Among the least-expensive homes, a slim majority (50.5 percent) went under contract in less than a week in April, up from 34.1 percent in April 2020.”
High demand coupled with low-inventory has driven up prices in many regions, including Central Ohio. According to the April 2021 Central Ohio Housing Report, home prices are up nearly 17 percent year-over-year to an average sale price of $291,900.
The housing report also reveals that the inventory of homes for sale in the Central Ohio market is down 41.6 percent year-over-year to just 1,939 homes available at the start of May. With 2,804 homes sold in April, that leaves the region with less than a month’s supply of inventory, which is only likely to keep driving prices higher in the near future.
“As we’re experiencing unprecedented demand for housing in central Ohio, we need to be diligent in working together to reduce the regulatory burdens on our builders,” stated Michael Jones, 2021 President, Columbus REALTORS®. “Given that each new home built adds 2.9 jobs and $130k in tax revenue, it is in our best interest to do so.”