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Trends and Patterns From the October Market
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Today we'll discuss the market stats and trends that we just received for the month of October. You might be interested to see what's happening if you're a buyer or seller.
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I wanted to drop by with an update on the Central Ohio real estate market.
In October, there were 2,574 homes and condos sold in our market, which is a 5.4% increase over the same time last year. However, this marked a 10.3% decline from this September. This decrease is due to fewer homes for sale on the market, not because of softening demand or higher interest rates.
In October, the median home sale price was $169,000, which was a 9.4% increase over the previous year. Remember, the median is the midpoint, meaning half the homes sell for less, while half the homes sell for more. That means that more higher-priced homes are selling this year. The median is a better storyteller than the average.
However, if you're concerned about the average, it went up to $199,000. That's a 9% increase over last October. The number of homes for sale in our market was 5,963, which was a slight decrease from September and a 22.4% drop from the same month last year. We desperately need inventory!
Decrease in sales is due to low inventory, not softening demand or higher interest rates.
There were 2,831 homes and condos added to the market this October, which marks a 2.2% dip, and there are still plenty of buyers out there who want and need good inventory to choose from. It's just another good reason to sell this winter. During October, homes and condos spend an average of just 37 days on the market, which is only three days longer than in September and 13 days fewer than last October.
If you have any questions about our market or you'd like more information about your specific neighborhood, give me a call or send me an email. I'd be happy to help you out.
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