Some home asking prices drop in Columbus

Central Ohio’s manic housing market has its limits: One out of eight homes that sold in July had dropped their asking price.

According to figures from Columbus Realtors, 12.6% of homes that sold in the Columbus area last month dropped prices, well above the year’s average of just under 5%.

“As Realtors, we recommend pricing a home at market value, usually a value that will appraise,” said Michael Jones, president of the trade association. “If the current market supports a higher value, we’ll see that in the offers.”

This doesn’t mean home prices themselves are declining, only what buyers are asking. The median sales price of a Columbus-area home in July was $275,000, up 12.2% from a year ago. Through the first seven months of the year, central Ohio home prices are up 13.1% from 2020.

Homes, on average, also continued to sell above their asking price in July in central Ohio.

But the rise in price drops indicates that even in such a hot market, sellers can’t get everything they ask.

Possibly contributing to the decline

in asking prices: More competition. During July, 4,612 central Ohioans put their homes on the market, 21% more than a year ago.

Those homes, however, were snatched up quickly, in an average of 11 days, a record low. Homes under $350,000 sold in an average of 9 days and those between $350,000 and $500,000 sold in 12 days, according to the Realtors group.

“It’s possible we’re seeing a change in the pace of housing activity as we head into the fall,” Jones said. “The welcome increase in inventory is giving buyers more choices, as well as a little more flexibility to consider their options.” jweiker@dispatch.com @Jimweiker

AL BEHRMAN/AP In this 2009 photo, a sold sign is posted outside a home in Cincinnati. Nationwide, home resales are up 9 percent from January, on a seasonally adjusted basis, while new home sales have climbed 17 percent.