Columbus homes for sale snapped up faster than anywhere in US, Zillow says

On Jan 3, 2022

This house on Wilstone Court in the Polaris area drew close to 150 showings and 30 offers over a three-day weekend last month.

Nowhere in the nation are homes selling faster than in Columbus.

In central Ohio and in the Denver area, 74% of homes that sold in April were in contract in less than a week, the fastest pace in the country, according to a new report from the real estate service Zillow.

The pace is well above the U.S. average of 47% of homes selling inside a week.

Another 9% of Columbus-area homes were in contract within two weeks, the report found.

“It’s no secret that homes have been flying off the market for months,” Zillow reported.

“But the already rushed pace of home buying in the face of limited supply and sky-high demand that has characterized the market since last summer has only intensified with the onset of this year’s busy spring home shopping season.”

Chris Lancaster understands.

The Coldwell Banker agent listed a home on McNeil Drive in Blacklick on Friday for $254,900. Over the weekend, he showed the home to about 100 potential buyers before his clients signed a contract Sunday evening for close to $300,000.

That home wasn’t an outlier. Last month, Lancaster listed a home on Wilstone Court in the Polaris area for $244,900. Over the weekend, about 150 prospects toured the home in 15-minute increments. By the end of Sunday, Lancaster’s clients chose from among 30 offers for the home, picking one for $297,500.

“I’ve been doing this 22 years, and this market is probably one of the worst I’ve ever seen,” Lancaster said. “If you’re a seller, it’s great. If you’re a buyer, it’s horrible.”

Following Columbus and Denver in the percentage of homes sold within a week were Salt Lake City (71%), Cincinnati (69%) and Kansas City (69%). In Cleveland, the only other Ohio city in the report, 59% of homes sold within a week.

Competition for homes has greatly intensified during the pandemic. According to Zillow, at the start of 2020 — before COVID-19 — less than 20% of U.S. homes went into contract within a week. In April, nearly half did.