|
Thursday, January 21, 2021
FOR IMMEDIATE RELEASE
Contact: Monica Moran, 614.378.2879
Monica.Moran@franklincountyohio.gov
Franklin County Is One of the Hottest Housing Markets, 2020 Sales Year End Review Shows
COLUMBUS, Ohio – Franklin County continues to be one of the country’s hottest housing markets, with large increases over the past year in both median home sale price and in total residential sales value, according to a 2020 Sales Year End Review released by Franklin County Auditor Michael Stinziano Thursday.
According to the review, the 2020 residential median sale value was $205,100, up 12.69 percent since 2019 and up 18.55 percent since 2018. In addition, the 2020 residential total sales value skyrocketed to $5.3 billion, which is an increase of 6.96 percent since 2019 and 14.19 percent since 2018.
“In 2020, Franklin County continued its run as one of the strongest housing markets in the country,” said Mary Beth McCormick, Executive Director of the Center for Real Estate at The Ohio State University.
“These higher prices were driven by both increased demand and reduced inventory. While the pandemic had some effect on these factors, this trend of strong demand and higher prices has persisted for several years.”
The year-end review also showed trends in certain areas of Franklin County, McCormick noted.
“Home prices in suburban markets and school districts were particularly strong, including in Grandview Heights, New Albany and Upper Arlington. At the same time, the number of sales were sharply higher in Columbus as well. Strong housing prices near the University District, including Clintonville and the Fifth by Northwest Area reflect the major development projects at OSU, while the high number of sales in the Hilltop and Southside is a result of increased involvement by commercial and residential investors as well as first time homebuyers in those areas.“
The 2020 Sales Year End Review is a compilation of the Real Estate Dashboard, a highly localized web app that is updated monthly and shows recent home sales on a GIS map. The tool can display sales data by municipality, school district, or area commission, giving homeowners a better sense of sales activity in their neighborhoods.
“Your Franklin County Auditor’s office is using 21st century GIS technologies to help residents and businesses understand the housing trends in their neighborhoods,” Stinziano said. “Innovative access to localized real estate data is an important tool for the businesses and residents of Franklin County.”
According to Michael Jones, 2021 Columbus REALTORS® President, “2020 brought us record low mortgage interest rates and a strong drive by many buyers to secure housing – in part due to the new realities brought on by COVID-19 – which gave rise to a multiple-offer frenzy not seen in the last 15 years or more. As a result, for the first time in history, average sales prices in Franklin County exceeded list price.”
“While we are grateful for a robust housing market, we remain steadfast in our mission to provide stable housing for all that we serve. We have a ways to go so we will continue working with partners like Auditor Stinziano, elected officials, community leaders and public servants to that end.”
Select 2020 sales statistics
- 2020 Number of Residential Sales: 24,332, down 3.39 percent since 2019, down 0.98 percent since 2018
- 2020 Total Residential Sale Value: $5.3 billion, up 6.96 percent since 2019, and up 14.19 percent since 2018
- 2020 Residential Median Sale Value: $205,100, up 12.69 percent since 2019, up 18.55 percent since 2018
- Top median home price by municipality: $592,500, Marble Cliff
- Top median home price by Columbus area commission: $304,900, Clintonville Area Commission
- Top median home price by school district: $454,500, Grandview Heights City School District
###
|
