This article was written by Karin Waterschoot-Perez of Plum Tree Realty.
Columbus has received national recognition as a healthy housing market, and buyers are still reeling in the benefits despite rising interest rates. Sharon Woods has experienced those same effects.
The Greater Ohio Policy Center recently reported that metropolitan Columbus has enjoyed a rise in population, workers, household income, and home values over the last two decades…and these results have significantly outpaced other Ohio cities during the same period. This data, coupled with continued economic development in Central Ohio, bodes well for the current and future state of property in our area!
As of the time of this writing, homebuyers in Columbus and its surrounding areas currently have about 3,400 homes to choose from. Per the MLS (multiple listing service), a total of 71 properties were sold in Sharon Woods between January–November of 2022, boasting a median price of $281,500. The highest sale price during that same period was $390,000!
In comparison, 2021 saw a total of 94 homes sold in Sharon Woods, with a median sale price of $239,250 and a top sale of $325,000.
Prices are still strong at the moment, but with interest rates on the rise, not every property is eliciting a bidding war. The market in Columbus is finally normalizing, with more inventory available to choose from than we’ve seen in the past 2–3 years. With this more balanced buyer-to-seller ratio, buyers have more room to ask sellers for repairs, warranties, or even concessions or price reductions in some cases.
As you can guess, pricing your home right is crucial if you hope to sell in this ever-changing market. Properties that don’t go into contract in their first few weeks are still seen as stigmatized thanks to the breakneck pace of the market we recently emerged from. Sellers should plan on taking time to declutter, improve curb appeal, and apply a fresh coat of paint to make their homes more appealing to buyers and to stand out from the competition.
If you are interested in learning more about this unique market, contact a local realtor. Sharon Woods has several great ones!
0 Comments