The Boiling Home Sales Market in Columbus and the Affordable Housing Crisis
The home buying and selling market has been as good as it gets in Columbus in recent years, and The Dispatch has chronicled it. From accelerating price increases to robocalls from investors to the disappearance of the $200,000 starter home, the home sales scene has come a long way since 2020 (and really, a few years before that). that). Cash is king when home equity has swelled and stock market returns are looking good (at least until mid-May, that was). So that means investors are plentiful, and repeat mortgage buyers are finding it even harder to land the home they love, even as interest rates rise.
Here’s The Dispatch’s coverage of home sales, the area’s affordable housing crisis, resources for homeowners, and insight into life on the luxury home circuit.
Columbus’ Crazy Real Estate Market
When you combine a growing demand for homes as the Columbus area population grows with a limited inventory of homes for sale, you get the crazy real estate market we’ve seen since 2020. Buyers compete, jumping into a contract just minutes after seeing a place, offering tens of thousands of dollars above the asking price, forgoing inspections and being willing to pay even more than an appraiser says the home is worth. (Readers, please note that real estate professionals do not recommend some of these practices, but acknowledge that they are the number of buyers winning deals in this feeding frenzy.)
These trends and more are covered by Dispatch real estate reporter Jim Weiker, who reported that nearly one in four homes in the Columbus area were purchased with cash in January and February, continuing the pandemic rise. cash purchases. Read on for its coverage.
What’s Happening in Columbus Real Estate?
‘I want a family there’: Owners battle investors by refusing to sell to them
More homebuyers in Columbus are paying cash, continuing the rise of the pandemic
Whitehall real estate is white-hot. Buyers say properties are affordable and convenient
Long-vacant Value City property in northeast Columbus could become a housing factory
Is Upper Arlington Really Ohio’s Most Expensive Suburb? So says Travel + Leisure
HER Realtors to Become Howard Hanna After 66 Years of Service to the Columbus Area
Should corporations be limited in the number of homes they can buy? Ohio lawmaker says yes
House dating from 1825 among the sites on the list of endangered monuments in Columbus
Behind the restoration of the Circus House in the Victorian village of Columbus
Couple restore endangered Frank Lloyd Wright-inspired home in Blacklick
The Affordable Housing Crisis in Columbus
Home prices in Columbus have been rising rapidly for years amid rising demand and weak supply. And in the past year alone, skyrocketing mortgage rates and house prices have pushed up the cost of buying a typical Franklin County home by about $500 a month, or more than 50 %, compared to a year ago.
Over the past year, interest rates on a 30-year mortgage have gone from 2.94% to an average of 5.375%. At the same time, the median price of a Franklin County home rose from $220,000 to $260,000, according to the Franklin County Auditor.
That means a typical Franklin County buyer who puts down 10% down would pay $1,310 a month in principal and interest today, up from $828 a year ago, a jump of 58%. These payments do not include taxes, home or mortgage insurance or other monthly housing costs.
The Growing Affordable Housing Crisis in Central Ohio
Here’s more coverage of the region’s growing affordable housing crisis:
Columbus housing authority lays off up to 47 workers by outsourcing voucher program
You are not eligible for social housing, but you cannot afford to pay more? Try Darby Crossing. This multi-million dollar affordable housing development on the Far West Side of Columbus is the latest in a series of efforts to address what officials call a housing crisis in Greater Columbus.
New homes sold for over $500,000 near Children’s National Hospital. More to come?
Columbus East Side apartment complex owner ordered to fix more than 280 code violations
Judge Fines Colonial Village Apartments Owners $50,000 For Failing To Fix Code Violations
Obetz wants to offer tax incentives for housing; Franklin County says it will hurt social services
Resources for Columbus Owners
You have a house, now what? You have to take care of it. From keeping mulched landscaping beds to keeping your taxes straight, there’s a lot to know. It might not seem like it needs explaining, but did you know that there is actually a right way to mulch? In addition to controlling weeds, mulches help retain soil moisture, moderate soil temperatures, prevent soil erosion, and provide soil organic matter. Organic mulches offer many advantages over synthetic, but they require more maintenance. Here’s what you need to know about mulching.
Tips to help your home
Long waits remain for homeowners looking for renovators
Gardening: How to Control Poison Hemlock, One of North America’s ‘Deadliest’ Plants
Ask the Expert: 6 Tips for Creating a Tick-Free Zone in Your Yard
Gardening: Spring lawn care should include weed control, reseeding and fertilizing. Gardening: Invasive Asian jumping worms are wreaking havoc on Ohio soils.
Gardening: A deceptively beautiful Bradford pear tree becomes an invasive nuisance
What the Federal Reserve’s decision to raise interest rates means for your wallet
Ohio Commuter Tax: Should You Claim a Local Rebate if You Work From Home?
Soaring Fertilizer Prices Hit Farmers, Small Businesses and Homeowners
Gardening: Want bigger, sweeter fruit? Our 10 tips for pruning fruit trees can help you
Nature: “Mammals of Ohio” features facts, figures and more about Ohio’s furry dwellers April Tasks: Things owners should do this month, inside and out the outside!
Gardening: 5 Varieties of Witch Hazel to Consider Based on Scent and Color
Most Expensive Home Sales in Columbus
A few times a month, the Dispatch’s data and feature editors compile a list of the most expensive home sales, as reported to recorders in Franklin County and surrounding counties. From 1970s super-ranches along the Scioto River to luxury new-builds in New Albany to character-rich Tudor homes in North Bexley, the area has no shortage of beautiful properties. And they, like the rest of our housing inventory, are getting more expensive every day. Still, buyers are lining up for the chance to own their 5,000+ square foot piece of paradise, complete with a pool, dual showers, lush professional landscaping and, of course, a tony school district.
Where have the most expensive homes sold in central Ohio?
Most Expensive Homes Sold in Greater Columbus and Recorded in Late March
Top Selling Homes Sold in Greater Columbus and Recorded in Late February
The 10 best luxury homes for sale in Columbus offer indoor pools, wine cellars and family suites
The best-selling properties in Greater Columbus that were recorded in April
Top Selling Homes Sold in Greater Columbus and Recorded as of Mid-March
Top-selling homes sold in Greater Columbus include $1.7 million property in Delaware County
Top-selling homes sold in Greater Columbus include $915,000 property in Delaware County
The best-selling properties in Greater Columbus that were recorded in early April
Best-selling homes in Greater Columbus include $1.65 million property in Franklin County
Best-selling homes in Greater Columbus include $1.75 million property in Franklin County