Latest news with #ColumbusRealtors
Yahoo
21-02-2025
- Business
- Yahoo
What last year's trends indicate about the 2025 central Ohio housing market
COLUMBUS, Ohio (WCMH) — The Mid-Ohio Regional Planning Commission estimates nearly 1 million more people will move to central Ohio in the next 25 years, but resources show the housing market has slowed its pace. Now nearly two months into 2025, resources examining 2024 in its entirety are coming to light, including the Columbus Realtors' central Ohio housing market review. The review found a slight shift in the housing market, easing off the rapid pace of the pandemic to a more typical market pace. According to Columbus Realtors, homes spent longer on the market in 2024, with an average of 28 days. The organization noted this was a significant increase from the 24-day average in 2023. Both single-family homes and condos averaged 28 days. Columbus Realtors said this longer average indicates buyers had more time to browse and consider options. What to know for the 2025 Columbus Crew season The study also found average home sale prices rose, and Columbus Realtors said it is still a seller's market. The median home sale price rose 5.9% in 2024, hitting a median of $319,900 and an average sale price of $365,257. It was also the first year since 2021 that the number of closed sales increased from the year before, raising 4.2%. Although it is a seller's market, there are some findings that benefit buyers. New listings raise 7.9% in central Ohio, providing more options for those looking to buy. Buyers were also more likely to purchase at a fraction of the listing price, with homes selling on average at 98% of the asking price. Although this is still a large percent share, it is lower than it has been in the past five years. How much liquor Ohioans bought in 2024 and what brands were most popular The data also broke down trends among specific school districts. Nearly 10,000 closed sales occurred in Columbus, and 6,225 of them took place within the Columbus City School District. The next most common central Ohio district with closed sales was South-Western City Schools at 1,621. Olentangy, Hilliard and Westerville followed, with 1,330, 1,200 and 1,104 closed sales, respectively. The most expensive neighborhood to purchase a home in was, by far, New Albany. New Albany Corp. averaged $1,183,864 in sales prices for 2024, and the New Albany-Plain school district still surpassed others at $931,403. The next most expensive areas included Bexley ($688,783), German Village ($668,948), Upper Arlington ($658,487) and Dublin ($624,776). The least expensive neighborhood for home buyers was Washington Court House with an average home sale price of $185,996. Whitehall was the next least expensive with sales prices of $192,842, followed by Valleyview at $196,314. The next least expensive neighborhoods topped $200,000: Lancaster at $225,353 and Newark at $228,243. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
USA Today
15-02-2025
- Business
- USA Today
Massachusetts homebuyers hope mortgage rates ease, inventory loosens in 2025. Will they?
Massachusetts homebuyers hope mortgage rates ease, inventory loosens in 2025. Will they? Show Caption Hide Caption President of Columbus Realtors breaks down homebuying and selling Columbus Realtors President Scott Hrabcak explains how new real-estate rules impact homebuyers and sellers. Real estate experts say prospective homebuyers could catch a slight break in 2025 as inventories marginally increase, but demand will still remain high for single-family homes. Through the first 11 months of 2024, the total number of single-family homes sold in Massachusetts totaled 34,784, a 1.6% increase from the previous year's historically low sales, according to The Warren Group, a Peabody-based provider of banking and real estate data. But last year's statewide median sales price through Nov. 30 was $616,925, up a robust 8.2% Mortgage rates declined during the fall, which helped prospective buyers. But the average 30-year mortgage rate has since moved up, from a little over 6% in September to closer to 7% today. According to Nicole Rideout Hartwick, president of Gibson Sotheby's International Realty, 2025 will bring an early and busy spring market. 'Almost 80% of buyers were sidelined in the fall across all price points due to the election, as well as the perception that interest rates would improve in the spring,' she said. 'This will bring that much more demand and competition to the market.' Realtor says new construction can't keep up with demand Sales of high-end properties — those selling for $3 million or more — softened in the fall with the election, Hartwick said, but that's typical. 'We expect to see that come back in early spring," she said. "New construction can't be built fast enough for demand and that will continue to rise. Newer construction priced below $1.5 million is in huge demand, as the largest group of millennials enters their prime homebuying years.' Stewart Young, principal and luxury real estate agent at LandVest, agrees there seems to be a lack of new construction, despite demand for it. He said all markets — luxury homes, new construction, smaller homes and condominiums — are on the rise. 'Since 2021, high-end inventories and sales have been increasing with record levels in many New England markets,' Young said. 'I expect these trends to continue.' More real estate: Elon Musk's shadow looms over this tiny Texas town. Can it cope with the rapid growth? And while there's a preference for turnkey properties requiring minimal cosmetic upgrades, savvy buyers also see opportunity in buying fixer-uppers, he said. 'Buyers continue to value good schools, access to amenities and reasonable commuting,' Young said. Hartwick and Young both said suburban markets have been extremely competitive, with record sales prices. 'Within these towns, there is a definite preference to be in the town or village center vs. out in the country,' Young said. 'Likewise, in cities and larger towns there is a trend toward being able to walk to amenities.' The Boston market has remained steady and healthy, Hartwick added. How do interest rates and inventory look for 2025? Hartwick thinks interest rates will become more favorable in 2025. 'They are predicted to drop to high 5% and low 6% by the end of 2025, which will make a difference for a lot of buyers,' she said. Young was more cautious in his outlook. 'There are so many factors that will be in play with the new administration,' he said, in reference to Donald Trump's return to the presidency. 'I wouldn't expect a return to the record low rates of a few years ago. While financing is less of a concern in the high-end market, generally high interest rates are an obstacle for buyers.' Kim Williams, a Realtor with Gibson Sotheby's International Realty in Westwood, said the biggest obstacle for buyers remains low housing inventory, especially for first-timers. 'Hopefully, providing opportunities for existing homeowners to downsize will stimulate some additional housing options for first time buyers,' she said. Experts say that despite improvement, sellers maintain advantage Hartwick thinks the Greater Boston housing market will be steady and competitive across all markets and price ranges. 'Sales are expected to increase 5% to 8% nationally, and inventory is also projected to increase slightly,' she said. '2025 will bring opportunity for buyers and sellers alike, but preparation and proper representation are key, as the market will remain very competitive.' Buyers will benefit from increasing inventories, suggesting a more balanced market, but demand continues to outstrip supply, so sellers will still have the advantage, Young said. Climate change-type risks, particularly sea level rise, ocean storm surge and inland storm-related flooding, are increasing concerns for real estate owners and buyers, he added. 'Insurance costs are increasing, and coverage is decreasing or not available at all in high-risk markets," Young said. "Recent hurricanes in Florida are likely to increase these concerns. Buyers will benefit from improving inventories and will find exceptional deals for high-risk properties.' On the other hand, demand still outstrips supply, he said. 'Owners of high-risk properties will be wise to engage engineers to conduct climate risk assessments and develop preventive measures,' Young said.
