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Housing Market In Central Ohio Strained

Housing Market In Central Ohio Strained

A tightening housing market in Central Ohio reduces choice for prospective homebuyers, but sellers benefit from high demand. As a result of the squeezed market, the listing publication Realtor.com ranked the city of Columbus the 7th most difficult American city to find a home in.

The site bases its decision on the number of available listings per household. While the central region of Ohio actually increased homes for sale during the month of January as compared to January of last year, it ended the month far fewer.

The number of sellers over the course of the month increased year over year by 10 percent. However, by the end of the month, listings dropped to 9.8 pecent beneath last year at the same time. The total number by month’s end was 3,445.

That’s also 40 percent beneath the number of listings from 4 years ago.

Despite the influx of listings in the middle of the month, the ravenous market ensured quick sales gobbled up the inventory. That’s why home sales rose 9 percent for Central Ohio, 10 percent statewide.

The average length of time a home remained listed before selling was just 41 days. However, for more affordably priced homes, those listed for under $350,000, went much faster. Their average listing length stretched just past a month, at 34 days.

Both Cincinnati and Akron joined Columbus on Realtor.com’s list in 19th and 20th place respectively.

Ohio bucks the national trend, in which home sales dipped 1.3 percent in January over December’s numbers. However, with a tight housing market, Ohioans looking to buy face an uphill battle in the search for the perfect home.

As a result, the median value of a home in the middle of the state rose 8.5 percent over last year’s figures.

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