Blatt said the housing market is slowing turning to a buyers’ market. He said instead of minutes or a day on the market, people might see homes on the market for several weeks.
“Don’t get me wrong. The demand is still there for sellers, but buyers who were putting in 15 to 20 bids to get a home might get some relief,” Blatt said.
The average sales price year-to-date stood at $236,530 and represented a 12 percent jump over 2021′s year-to-date numbers. The median sales price also grew, from $178,000 in 2021 to $197,950 through May 2022, an 11 percent increase.
There were 2,034 new listings added in May, up 13 percent from last year’s 1,792, while year-to-date listings tallied 7,792, a five percent increase from the 7,426 submitted through May of last year.
With growing interest rates, Blatt said the refinance market has slowed but first and new home buying loans still remain in demand.
“The interest rates still remain below the historical average and I don’t see it having a major impact on the local market,” Blatt said.
In Central Ohio, home prices hit a record high in May as the average sale price of a home reached $353,116 and the median price was $310,830, up 12.1 percent and 13.0 percent, respectively, according to Columbus Realtors.
The number of homes sold throughout Ohio in May rose from the pace set during the month a year ago, posting a 1.8% increase, according to Ohio REALTORS.
Homes sales in May reached 14,210, a 1.8% increase from the 13,955 sales recorded during the month a year ago. The average sales price across Ohio in May reached $277,452, a 13% increase from the $245,485 mark posted during the month in 2021.
“Ohio’s housing marketplace is continuing to stabilize, with sales activity in May slightly besting the pace set a year ago,” said Ohio REALTORS President John Mangas. “Average prices continued to spike, as buyers put their best offer forward in a still-competitive market with tight inventories of homes listed for sale.”