Home sales in Westerville are moving at a rapid pace, selling in half the time they did just a year ago.
In February, homes within the Westerville City School District were on the market for just 12 days, according to a report from Columbus Realtors. During the same month in 2021, homes were on the market for 24 days.
While this is welcome news for homeowners who are thinking of putting their homes on the market, it’s hard to find something positive about Westerville’s real estate market for prospective buyers.
The median sales price of a home in Westerville was $321,500, compared to $260,000 in Feb. 2021. The average sales price was 364,675, up 33.5% from last year.
Across the entire Columbus area, more buyers than ever are making all-cash offers on homes. The share of all cash buyers jumped to 24.3 percent and conventional financing dropped to 59 percent during the first two months of 2022, according to Columbus Realtors.
“As competition remains fierce and home prices continue to escalate, offering cash to purchase a home is a strategic move for some buyers,” said Sue Van Woerkom, 2022 President of Columbus Realtors.
Also of note, homes in Westerville continue to sell for more than list price. In February, homes sold for 4.5% more than asking. That’s a 2.1% increase from 2021.