Ohio housing market posts healthy gains in sales activity, average price in 2020
The Ohio housing marketplace was remarkably resilient in 2020 as the sector surpassed the prior year’s levels in sales activity, average sales price and total dollar volume, according to Ohio REALTORS.
Homes sales reached 161,960 in 2020, a 4.3 percent increase from the 2019 year-end level of 155,274. The average sales price across Ohio in 2020 reached $212,517, a 9.9 percent increase from the $193,339 mark posted during 2019. Finally, total dollar volume in 2020 reached $34.4 billion, a 14.7 percent increase from the 2019 level of $30 billion.
“Ohio’s housing market was able to overcome a host of significant, unforeseen challenges throughout 2020 en route to posting healthy gains in both number of homes sold and average price,” said Ohio REALTORS President Seth Task. “Despite the onset of the COVID-19 pandemic and the persistent complications posed by the tight supply of homes listed for sale, Ohioans still opted to make a move in 2020 due in large measure to the historic low mortgage rates.
“Ohio’s REALTOR community is proud to have played an integral role in helping people navigate the complexities of the home buying process and, most importantly, being trusted partners in making the dream of home ownership a reality,” Task continued. “We’re grateful that Gov. Mike DeWine deemed real estate to be an essential service last spring which allowed the profession to continue meeting the needs of our clients and customers at a time when the importance of home has never been greater. Our members quickly changed our practices to keep buyers and sellers safe and will continue to do so throughout the fight against COVID.”
Sales in December 2020 reached 13,927, an 18.4 percent increase from the December 2019 level of 11,767. The market also posted a gain in average home price in December, reaching $217,825, a 14.3 percent increase from the $190,506 mark posted in December 2019.
Around the state, 15 of the 16 markets tracked experienced an increase in average sales price for the year compared to 2019. In terms of sales activity, 14 local markets posted year-end increases compared to 2019.
Data provided to Ohio REALTORS by Multiple Listing Services includes residential closings for new and existing single-family homes and condominiums/co-ops. Ohio REALTORS, with more than 35,000 members, is the largest professional trade association in Ohio.
CLICK HERE for a market-by-market analysis of sales activity throughout Ohio.
