Homes sell faster than national average

One of seven areas with sales in less than 20 days

Columbus-area homes sold in an average of 18 days in March, far below the average in other U.S. metro areas, according to a new report from Realtor.com..

Columbus is one of seven metro areas among the 50 largest metros where homes sold in less than 20 days during the month, according to the report.

Pacing the nation was Denver, where the average home sold after being listed nine days. Also fast-paced were Raleigh, North Carolina, where homes took 11 days on average to sell, and Rochester, New York, where they sold in 12 days.

In some parts of the Columbus area homes are selling in less than 10 days, including in Whitehall, where they have sold in an average of seven days so far this year.

The Realtor.com report provides more evidence that the Columbus housing market remains on fire. The median price of homes listed in Columbus in March was $329,000, up 12.4% from a year ago.

Despite the sharp rise in Columbus home prices over the past two years, however, Columbus remains far less expensive than much of the country. The median asking price of a U.S. home was $405,000 in March, the first time it has topped $400,000.

“Despite the $405,000 price tag, March data reveals we are starting to take some steps towards a more balanced market,” Realtor.com Chief Economist

Danielle Hale said in a news release. “Buyer demand is moderating in the face of high costs, and we’re beginning to see more homeowners take price cuts on their listings."

According to Realtor.com, 6% of U.S. homes reduced their asking prices in March, up slightly from a year earlier. In the Columbus area, 5.6% of homes listed in March had dropped asking prices.

Demand is also expected to be dampened by mortgage rates, which rose to 4.5% this week for a 30-year loan, the highest level since the end of 2018.

jweiker@dispatch.com