October Central Ohio Real Estate Market Report
Josh Dawson
My goal is simple: to help you make better real estate decisions...
My goal is simple: to help you make better real estate decisions...
Homes Sold
100.9%
Sale-to-List Price
3,649
New Listings
3,860
Under Contract
4,088
Active Listings
3.592
Closed Sales
Top National Trends
Right now, nationally, we are on pace for a year-over-year 19.7% real estate price appreciation, which is much higher than the 4.3% long-term average. Expect price appreciation to calm down due to rising interest rates, and more supply coming to the market. But, don't expect real estate to depreciate.
Home sales are very difficult to forecast. Be careful of reports comparing this current market to the same time last year, as 2020 was anything but a normal real estate market. 2019 may be a better market comparison (our last normal market).
Mortgage Rates are hovering around 3% at the time of this writing (October 2021). Expect them to creep up over the next year, but they are projected to remain low compared to their long-term averages.
A homeowner who closed on a $350,000 purchase is projected to gain over $111,000 in equity over the next five years.
Price Deceleration
Right now, nationally, we are on pace for a year-over-year 19.7% real estate price appreciation, which is much higher than the 4.3% long-term average. Expect price appreciation to calm down due to rising interest rates and more supply coming to the market. But, don't expect real estate to depreciate.
Predictions are Hard
Home sales are very difficult to forecast. Be careful of reports comparing this current market to the same time last year, as 2020 was anything but a normal real estate market. 2019 may be a better market comparison (our last normal market).
Rates Remain Low
Mortgage Rates are hovering around 3% at the time of this writing (October 2021). Expect them to creep up over the next year, but they are projected to remain low compared to their long-term averages.
Ownership Helps Build Wealth
A homeowner who closed on a $350,000 purchase is projected to gain over $111,000 in equity over the next five years.
