More homes, bigger prices in Westerville real estate market

AJ
AJ April 15, 2022
Updated 2022/04/15 at 7:37 PM
person in stripes long sleeves holding the for sale sign
Photo by Pavel Danilyuk on Pexels.com

WESTERVILLE – More homes are on the market in Westerville, but they’re listed for more money and selling at a premium.

According to the Columbus Board of Realtors local market update for March 2022, the median listing price of a home in Westerville is $342,450. That’s an 8% jump from March 2021. Taking into account all areas served by Westerville schools, the median price was $320,000 (+10.4%).

Homes also continue to sell well above asking price. On average, Westerville homes closed for 8.7% more than the list price. The average sale price was $366,962, while the median was $382,500.

Five days was the average time from listing to sale.

There were 55 new listings in the city, and 144 new listings in the school district in March. Both represent sharp increases over February.

The sharp increase in sales prices in Westerville seems to match a similar rise in the rest of central Ohio.

With interest rates now topping 5%, buyers in this market will pay more every month for a mortgage, on top of the high sale price.

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