Central Ohio Experiencing A Housing Market Boom

Homes in the Columbus, Ohio market are moving faster than ever. The area has seen an upward trend in the market, with homes flying off the market in the blink of an eye. In fact, things are going so well that there aren’t enough homes available to meet the demand! So what changed and what does this mean for you? Keep reading to find out.

What’s Fueling The Market?

Local realtors point to the makeup of recent buyers when trying to identify why the housing market has taken off in recent months. They have noted that more families are looking for areas with houses where they can stay for longer periods of time and have access to jobs and good school districts.

In March 2016, 2,362 homes were sold in the Columbus area. This is up 6 percent from the previous year. Meanwhile, the housing inventory has fallen 21 percent from the previous year. That’s actually been a big concern for many who want to get into a house as it means selection is slim and competition more intense.

Nationwide Mutual Insurance Company recently conducted an analysis of 400 metropolitan areas. They ranked the Central Ohio housing market as one of the top 10 healthiest areas in the United States. They looked at appreciation rates, employment changes, demographics and mortgage markets to forecast future expectations. This snapshot allows the analysts to predict potential downturns in the housing market before they develop.

The company also identified 10 areas that are most likely to experience sustainable expansion in the near future. This list included Columbus, as well as two other Ohio cities — Cleveland and Dayton.