According to the Columbus Board of REALTORS® Multiple Listing Service, the average price of a home sold (year to date) is only one percent lower than it was in 2006. The November 2007 median home price is up 2.1 percent from last year at $170,808. This is good news as overall the median Central Ohio home price is slightly down from 2006. Home values however have not been dimished – they remain strong.
Statistics still support a buyer’s market with about ten homes on the market for every one buyer. In a balanced market you’d see about 6.5 to 7 for every one. New listings in November 07 dropped about 18% from the previous month which helps to facilitate a correction.
Image courtesy Columbus Board of REALTORS® Multiple Listing Service (MLS) which serves all of Franklin, Delaware, Fayette, Madison, Morrow and Union Counties and parts of Champagne, Clark, Licking, Fairfield, Hocking, Knox, Logan, Marion, Pickaway and Ross Counties.