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Ohio housing market posts gains for fifth consecutive month in November

Dec 22, 2020

Sales activity in the Ohio housing marketplace in November rose 14.2 percent from the level of closings that occurred during the month a year ago, according to Ohio REALTORS.

“Activity throughout Ohio’s housing marketplace posted strong gains in sales levels and average price for the fifth consecutive month, despite the challenges posed by the ongoing COVID-19 pandemic,” said Ohio REALTORS President Chris Reese. “It’s increasingly evident that Ohioans appreciate that housing is a solid, long-term investment.

“In addition, buyers are eager to take advantage of the historic low mortgage rates to achieve their housing dreams. Moving forward we remain hopeful that we’ll see a rise in the number of homes listed for sale and an increase home construction to meet ongoing buyer demands.”

Sales in November reached 13,551, a 14.2 percent increase from the 11,850 sales recorded during the month a year ago.

November’s average home price of $217,576 reflects a 14.4 percent increase from the $190,154 mark posted during the month last year.

Through the first 11 months of the year, sales activity has posted a 3.1 percent gain from the level posted during the same period in 2019. Sales from January through November reached 147,844, besting the 2019 mark of 143,417 sales during the period. The average sales price for the January through November period reached $211,962, a 9.5 percent increase from the $193,510 posted in 2019.

Around the state, 14 of the 16 markets tracked reported upswings in average sales price in November, while 12 posted gains or match the prior year’s tally in sales activity.

Data provided to Ohio REALTORS by Multiple Listing Services includes residential closings for new and existing single-family homes and condominiums/co-ops. Ohio REALTORS, with more than 35,000 members, is the largest professional trade association in Ohio.

CLICK HERE for a market-by-market analysis of sales activity throughout Ohio.

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