"Home unit sales in April 2021 reached 12,986, an 18 percent uptick from the 11,006 sales recorded during the month last year. The average sales price across Ohio in March reached $236,800, a 16.9 percent increase from the $202,595 mark posted during the month in 2020."
This report is showing that the real estate market is hot. What is driving this real estate market?
Two things are causing this Inventory and Interest Rate. That is what will be driving this market for a while. I think at least 5 years. Median priced homes were almost stalled from 2006-2016.
Builders could not build a median priced home and make money during that time. Imagine not building a mid priced car for 10 years.
"“Despite historically low inventory, we’re still seeing strong numbers in both homes sold and average price,” Task said. “We’re hoping as we continue to move out of the pandemic, more inventory will become available, and we’ll continue to see strong home sales trends. Both Ohio Realtors and the National Association of Realtors are working with industry partners in collaboration with local, state and federal governments to explore ways to solve the current inventory shortage.”
With all that being said, do not expect the real estate market to slow down anytime soon.
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Thank you