As we prepare to head into a busy spring selling season, we thought it would be a good time to take a look at the real estate news making headlines recently. It seems that while the housing market and economy, in general, are normalizing, all indicators point to another year of robust real estate activity throughout the country and specifically here in Ohio.
Fastest-moving January for real estate says report; Columbus no exception
In the swiftest-moving January for the American housing market, Columbus saw houses stay on the market for an average of 43 days, a 9% drop in days from previous years. The report from Realtor.com said house sales in Columbus were at a median listing price of $300,000, up by 12.2% per square foot.
Real Estate’s Hottest Markets Right Now Will Surprise You—Especially No. 1
Based on early indicators, this year already seems slated to be a scorcher of a housing market, with the first weeks of 2022 pointing to an unseasonably active real estate market. Overall, America’s hottest markets this month highlight more affordable places outside of bigger, more expensive cities, with Columbus coming in at #15.
New-Home Sales Surge Higher as Supply Shrinks
U.S. new-home sales increased almost 12% to an annual rate of 811,000 in December. Regionally, the Midwest notched the largest percentage gain in new-home sales, with a roughly 56% increase.
Mortgage rates jump to 3.69% as economy normalizes
The average 30-year-fixed rate mortgage climbed to 3.69% for the week ending Feb. 3, up eight basis points from the previous week. Most economists believe rates will climb in the months ahead – but will still be close to record-low levels.
Cuyahoga County home sales prices jump 11% in 2021, further evidence of competitive buyers’ market
It is not just Cuyahoga County, though, as the Ohio REALTORS trade association said it saw growth in all parts of the state last year in terms of price, and most parts in terms of the number of sold homes.
In a highly competitive industry with all the pitfalls that can occur with financing, Ohio Real Title clearly stands out. We provide calm where sometimes it doesn’t exist because we believe everyone deserves an easy, successful transaction during a stressful time. This is who we are. Contact us today.