Columbus home prices rose 5.1% in the fourth quarter of 2018 compared with the previous year, above the national average of 4%, but below almost all other Ohio metropolitan areas.
The median price of a Columbus-area home during the three months was $200,000, up from $190,300 a year earlier, according to quarterly figures released Tuesday by the
Nationally, the median sales price rose to $257,600. In the Midwest, it jumped to $196,900.
"Home prices continued to rise in the vast majority of markets but with inventory steadily increasing, home prices are, on average, rising at a slower and healthier pace," Lawrence Yun, NAR chief economist, said in a news release.
The San Jose, Calif., area, was the nation's most expensive during the fourth quarter, with a median price of $1.25 million. Rounding out the most expensive housing markets was San Francisco, $952,400; Honolulu, $812,900; Anaheim-Santa Ana, Calif., $799,000; and San Diego, $626,000.
On the opposite end of the spectrum, Decatur, Ill., was the least-expensive area in the fourth quarter, with a median price of $89,300. The other cheapest housing markets were Youngstown, $97,200; Cumberland, Md., $109,100; Elmira, N.Y., $111,400; and Erie, Pa., $113,300.
Median prices elsewhere in Ohio were: Canton, $131,000; Cincinnati, $169,400; Cleveland, $150,100; Dayton, $145,000; and Toledo, $120,600.
While the Columbus area is the highest-priced in the state, it also saw the lowest rate of appreciation of all Ohio metropolitan areas last year except Canton. The Akron area saw the biggest jump, with the median price rising 9.1 percent.
Out of the 178 metro areas included in the report, 163 saw prices rise in the fourth quarter compared with a year earlier, furthering concerns about affordability. A homebuyer putting 5% down on a median-price U.S. home would need to make $62,954, according to the NAR.
