In recent years, the housing market has gotten red-hot in central Ohio. The average home price in the Columbus area rose 9% from 2017 to 2018 and houses are sitting on the market for half as long. Columbus is also the only large northern city to grow more than 10% from 2010 to 2017. This should all be good news, especially for home sellers, but the demand is simply too high for the current supply.
The number of homes on the market is nearly 22% lower than 2017. So, sellers can be prepared to sell their home in just shy of 2 months, on average. As for buyers, be prepared to move quickly and make competitive offers. According to US Bank, mortgage loan business is up 40% compared to 2014. The average loan amount has also increased from $171,000 to $232,000.
So, you might ask - where exactly are all of these homes being sold? Some of the traditional winners, like Bexley, have actually decreased in average home price. The biggest winners, for the most part, are areas closer to Downtown Columbus. Millennials with good jobs along with college students interested in nightlife have made the downtown area a competitive marketplace. Here are some neighborhoods with the biggest gains from 2017 to 2018:
Located in East Columbus between Bexley and Reynoldsburg, Whitehall saw the biggest increase of average home price - an impressive 17%. Unlike some of the others on the list, this is not very close to Downtown, so the actual dollar amount isn’t as high (just shy of $100K), but the percentage increase is hefty. Not only that, but the average time a home sat on the market was just 16 days!
2. German Village
This quaint and historic part of the city has exploded in popularity in recent years. With shops, German restaurants, German architecture, and pubs, this part of South Columbus has drawn younger and older people alike. It has easy access to Downtown and all of the pros of living in a city but still has a quiet neighborhood feel. Prices have skyrocketed in recent years - 11% from 2017 alone. The average home in The Village sold for roughly $489,000.
3. Grandview Heights
Originally part of Columbus’ first suburb, Marble Cliff, Grandview Heights is located on the North Western edge of the city. Average home prices have increased by 13% from 2017. The average home sold for $386,000. This is close to downtown and the popular Short North district but still is a suburb. It attracts younger families.
4. Downtown Columbus
Downtown itself is increasingly gaining popularity as well. With a busy city life, OSU campus to the north, and German Village to the South, this area attracts young professionals and college students. Prices went up 3% this year and the average price was $355,000.
5. Upper Arlington
Just past Marble Cliff, this is a quiet and popular suburb neighborhood. It is sought out among families and has good schools. Home prices rose 5.5% and the average price of a home is $451,000.
This one is the farthest from downtown Columbus but prices are steadily increasing nonetheless. It is located past Upper Arlington Northwest of Columbus. Prices have increased 9% from last year and the average price of a house in Dublin is $414,000. Though further from Downtown than Whitehall, home prices are 4x higher!
Gahanna has good schools, police department, fire department, roads, shops, restaurants, trails, and a park. It has very low crime rates and has gained a lot of popularity over the past couple of years. It is a quiet suburb located Northeast of Columbus. Prices have risen 12%, averaging around $262,000.
8. Minerva Park
This is another popular town in Central Ohio. It is Northeast of Columbus and has a whopping gain of 15% from last year. Average home prices were around $238,000.
Closer to Springfield, this town has also seen a recent boost and is popular among families. It is a quiet suburb that has seen not-so-quiet growth - over 15%! The average home in London sold for $174,000, making it one of the more affordable options on the list.