 | Central Ohio's housing market is healthy and stable. All real estate is local, yet the media often ignores the differences between markets and talks about national trends. That's why so many people are missing the message that central Ohio is faring well. In 2009 alone, 20,235 homes sold in central Ohio. Could yours be next? |
HOUSING MARKET TAKES A TURN FOR THE BETTER BY THE END OF 2009: Home sales in the last four months of 2009 were up 24.3 percent over the same time in 2008, according to the Columbus Board of REALTORS®. In the month of December alone, 1,464 homes were sold, 150 more than the year before.
STABILITY IS EVERYTHING IN REAL ESTATE! Columbus is ranked as the seventh-most stable market in the U.S., according to a first-quarter 2009 report from PMI Mortgage Insurance. Cleveland, Pittsburgh, and Indianapolis join Columbus in the top 10, with Dallas-Plano being ranked as the most stable market. Nearly half of the nation's 50 largest markets have an elevated risk that home values will continue to decline over the next two years. Columbus's risk is labeled "minimal."
Columbus ranks fifth in the list of Best Places for a Fresh Start, according to Relocation.com. The rankings were based on four criteria: popularity, job growth, home affordability and the rate of volunteerism.
Columbus was recently named one of the 66 markets in the country where it makes more sense to buy a home than to rent, according to an article on MSN.com. Experts from the National Low Income Housing Coalition and the Center for Economic and Policy Research are recommending that renters in many of the nation's largest cities consider buying a home. According to their study, first-time buyers in these 66 regions can expect to be "in the black" within four years if they take advantage of today's low prices.
BusinessWeek ranked the best affordable suburbs in the U.S. state by state. The winner in Ohio? PATASKALA! According to the article from BusinessWeek,"We evaluated suburbs on a variety of factors but weighted affordability most heavily. We also considered lifestyle (short commutes, clean air, low crime, good weather, and green space), the quality of schools, and the strength of the local economy. None of the places had populations of more than 60,000 or less than 5,000. Pataskala, a suburb 20 miles east of Columbus, is one of a couple of municipalities in the state that operate without an income tax. The city has three downtowns and a number of sites designated for new development. About 37% of residents are married with children. The average commute is 27 minutes."
Considering our healthy economy and job market, central Ohio housing is "undervalued," according to the Chief Economist of the National Association of REALTORS®. That's good news! It means that housing prices here are lower than what experts would expect them to be for such a healthy market.
The central Ohio real estate market has experienced a 40% increase in home prices over the past decade, and that positive trend is expected to continue.
With strong home sales in every central Ohio suburb, from Grove City and Pickerington to Westerville and Dublin, our metropolitan area continues to offer many choices for homeowners. This market is healthy all the way around - any way you look at it.
It was a good year to be Columbus or Seattle, according to a recent MarketWatch report on the best U.S. metro areas for business. "Thanks to a 26-point gain in its score, Columbus, Ohio jumped seven spots and into the top 10," the report says. "This region, home to the biggest U.S. university, has managed to avoid the Rust Belt troubles of Cleveland and other Ohio cities. Columbus is one of two cities new to the top 10 this year, rising from 14th place a year ago." MarketWatch ranks the cities based on number of businesses and the employee base, population growth, job growth, and unemployment figures. Columbus was ranked 7th, after Minneapolis-St. Paul, Boston, Denver, Washington, D.C., Richmond, and Charlotte. |
7 Things You Need to Know
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