Columbus-area home prices reach record in 2019

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Central Ohio home prices jumped 7.6% in 2019, climbing above $200,000 for the first time for the full year.

Driven by strong job growth, low interest rates and an influx of young buyers, the median sales price rose from $195,000 in 2018 to $209,900, according to figures released Thursday.

Prices continue to be pumped by a shortage of homes for buyers. At the end of the year, 3,886 homes were for sale in central Ohio, about half the number buyers could have chosen from just five years earlier.

Sellers remain firmly in control of the market, as homes sold in an average of 32 days and for almost 99% of their asking price last year.

"Central Ohio has been constrained by inventory levels that are still below historical norms," said Andy Mills, this year's president of the Columbus Realtors trade group. "With supply and demand continuing to favor sellers, prices have been rising steadily."

Higher prices and a lack of homes tempered overall sales. For the year, 32,099 Columbus-area homes changed hands, 1.8% more than in 2018.

Prices and sales also set records statewide, driven by gains in Columbus, Dayton and smaller markets including Cambridge and Zanesville. Home prices rose 5.9% throughout Ohio while sales climbed 1.6%.

Nationally, 5.34 million homes changed hands last year, unchanged from 2018.

Tribune Content Agency