As the high-season of home buying begins, Columbus has been named the hottest real estate market in the nation by Realtor.com. And there are no signs of it cooling off anytime soon. Josh HIll, President of Priority Mortgage Corporation, says, “April is shaping up to be one of the strongest closing months that we’ve seen in the past couple of years.”
Strong job growth throughout Central Ohio, along with low interest rates, have created an increase in demand, but a short supply of homes on the market is driving up the prices, creating a true sellers market.
Hill notes that “…it is more important than ever that buyers partner with a competent lender early in the home buying process, before they’ve found the home they want to purchase. Having a pre-approval letter from a reputable lender can make the difference between getting a contract or losing out to the next best offer.”
The Realtor.com ranking reflects a combination of the number of days on the market and the frequency that listings are viewed, both of which are indicators of buyer demand. And while California holds the biggest number of spots in the Top 20, Ohio not only claimed the top spot, but also had Akron and Canton come in at No. 16 and 19, respectively. While Cleveland and Cincinnati did not make the list, both were among the large metros that showed the most year-over-year improvement.
According to realtor.com Chief Economist Danielle Hale, “Columbus is superaffordable, with a median $249,900 compared to the national listing price of $300,000, which attracts a lot of younger buyers.” Despite hearing of a possible shift coming, Columbus real estate agents are confident that the market is going to stay hot.
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