If you’re considering buying or selling a home in Central Ohio or Southwest Florida, staying informed about the latest market trends can help you make the best decision. Let’s dive into what’s happening in these two dynamic regions as of late 2024.
Central Ohio Market Highlights
The Central Ohio housing market continues to show signs of strength and resilience:
- Increased Sales Activity: October 2024 marked a 7.6% increase in closed home sales compared to the previous year, with 2,539 homes sold. This reflects growing buyer confidence and market momentum.
- Growing Inventory: New listings totaled 3,047 in October, contributing to a significant 27.8% rise in overall inventory. There are now 4,880 homes for sale in the region, giving buyers more choices than in recent years.
- Rising Prices: The median sale price in Central Ohio reached $315,000 in October, a modest yet steady 3.3% increase from October 2023.
What This Means for You:
For buyers, the increase in inventory means more opportunities to find your dream home, but competition remains strong. For sellers, the market’s sustained price growth makes this a good time to list your property.
Southwest Florida Market Highlights
In Southwest Florida, the market is equally active, offering opportunities for both buyers and sellers:
- Expanding Inventory: September 2024 saw a 37.3% increase in homes available for sale compared to the same time last year, with 4,288 properties on the market. This includes both single-family homes and condominiums.
- Pending Sales Stay Strong: With 622 contracts in September, pending sales are up slightly (1%) from 2023, indicating steady buyer interest.
- Modest Price Growth: The median closed price rose to $588,560, a 2.4% increase from September 2023, showing that home values are holding strong despite the growing inventory.
What This Means for You:
For buyers, the expanded inventory provides an excellent opportunity to explore options before the busy winter season. Sellers can still command strong prices, but accurate pricing is key in a competitive market.
Key Takeaways for Buyers and Sellers
- Central Ohio: A balanced market with growing inventory and rising prices means buyers should be prepared to act quickly, while sellers can benefit from strong demand.
- Southwest Florida: Increased inventory is giving buyers more negotiating power, but sellers can still find success by pricing their properties strategically and showcasing them effectively.
No matter your goals, partnering with an experienced real estate professional can help you navigate the market with confidence. Whether you’re looking to buy your first home, sell your property for top dollar, or invest in a vacation home, the right guidance can make all the difference.
Looking to make your move in Central Ohio or Southwest Florida? Contact us today to discuss how we can help you achieve your real estate goals!
