[ad_1]
The median price of a Columbus-area home topped $300,000 in 2023, the first time it has crossed that threshold for the entire year.
According to year-end figures released Friday by the Columbus Realtors’ trade association, the median price of a central Ohio home sold last year was $302,000, up from $290,000 the previous year and nearly $100,000 higher than four years earlier.
More: Three Ohio cities among nation’s “hottest” real-estate markets for 2024
The median sales price is one of five key figures to know about the Columbus-area housing market from 2023:
$302,000
The median price of all central Ohio homes sold last year, the highest ever and nearly $100,000 higher than in 2019. Prices in Columbus and elsewhere have risen dramatically since the start of COVID, propelled by a rise in discretionary income, historically low interest rates, job growth and a shortage of homes on the market.
4.1%
The rate of increase in median price from 2022 to 2023. While prices continued to increase in 2023, they did so at the lowest pace since 2011, when the country was in the final stage of the housing crisis. Last year’s 4.1% price rise was the first year since 2019 that the Columbus-area median home price did not rise by double digits.
27,592
The number of central Ohio homes sold in 2023, down 13.5% from the previous year. The number of homes sold is the lowest since 2014, despite central Ohio adding more than 200,000 residents since then. Sales plunged largely because interest rates climbed to the highest level in more than two decades, peaking at 7.8% in October before dropping to 6.6% by the end of the year.
$1,736
The monthly mortgage on a median-price central Ohio home ($302,000) at today’s interest rates (6.6%), assuming a 10% down payment and a 30-year fixed loan. A year ago the mortgage payment would have been $1,590, based on prices and interest rates at the time. In 2022, the payment would have been $1,059.
32,022
The number of homes listed for sale last year in central Ohio. The number was about 12% below the previous year and the lowest number since at least 2002, according to Columbus Realtors historical data. The number plunged in part because homeowners who were looking to buy another home did not want to trade their 3% mortgage for a 7% one. But the low number also means pickings will remain slim for home buyers in 2024.
jweiker@dispatch.com
@JimWeiker
[ad_2]
This article was originally published by a www.dispatch.com . Read the Original article here. .