‘Frenzied’ Franklin County housing market trending even hotter

On Apr 11, 2021

COLUMBUS, Ohio (WCMH) – A tight housing market is getting even tighter with skyrocketing home prices in Franklin County, according to Franklin County Auditor Michael Stinziano.

New 2020 data released Thursday reveals massive increases in both median home sale price (the middle price of all homes sold) and total residential sales value (the price of a home on the open market).

Stinziano’s office’s 2020 year-end review shows the residential median sale value rising to $205,100 and the residential total sales value swelling to $5.3 billion. The median sales value shows an increase of 12.69% since 2019 and a 18.55% percent since 2018. The residential total sales value has increased 6.96% since 2019 and 14.19% since 2018.

Real estate expert Beth McCormick at The Ohio State University says Franklin County has “one of the strongest housing markets in the country.”

“These higher prices were driven by both increased demand and reduced inventory,” said McCormick, executive director of OSU’s Center for Real Estate. “While the pandemic had some effect on these factors, this trend of strong demand and higher prices has persisted for several years.”

McCormick noted the top suburban markets and school districts were:

Grandview Heights
New Albany
Upper Arlington

Hot real estate areas in Columbus included:

University District, including Clintonville and the Fifth by Northwest Area (reflecting major development projects at OSU)
Hilltop and Southside (a result of increased involvement by commercial and residential investors as well as first-time homebuyers)

Also boosting home sales were plummeting mortgage rates, said Michael Jones, 2021 Columbus REALTORS® President.

“2020 brought us record-low mortgage interest rates and a strong drive by many buyers to secure housing – in part due to the new realities brought on by COVID-19 – which gave rise to a multiple-offer frenzy not seen in the last 15 years or more,” Jones said. “As a result, for the first time in history, average sales prices in Franklin County exceeded list price.”

The report confirms the tricky logistics home buyers and sellers in Franklin County have already experienced first-hand.

“While we are grateful for a robust housing market, we remain steadfast in our mission to provide stable housing for all that we serve,” reassured Jones about the future of the Franklin County market.