Ohio Housing Market Forecast 2022 – Spectrum News 1
COLUMBUS, Ohio – Ohio’s competitive housing market is expected to carry over to 2022.
What You Need To Know
- A forecast by Realtor.com ranks Ohio as the fifth hottest housing market in 2022
- In Columbus, there are 1,900 active properties on the market
- In the city of Delaware, there are only 55 active properties on the market
- Delaware County has only 168 active properties compared to 281 under contract
A Realtor.com prediction ranks the Buckeye State as the fifth hottest housing market heading into 2022.
Local real estate agent and Delaware County Board of Realtors President Stephanie VanGundy said there are several reasons Ohio is such a popular place to buy a home.
“I think it’s what’s provided to our community,” said VanGundy. “There are restaurants and activities close by and I think that’s really important to the generation purchasing property now.”
VanGundy said in Delaware County, there are only 168 active properties compared to 281 under contract. This includes shared condos and single-family shared homes. It excludes land sales and new construction.
In the city of Delaware, she said there are only 55 active properties on the market.
When it comes to Columbus, there are 1,900 active properties on the market.
“The average active properties we would have on the market is 13,000 to 8,000 actively available,” said VanGundy. “So when you see 1,900 that’s just kind of scary and it’s why we’re seeing what we are in our market.”
When it comes to advice for sellers, she said creative loans, like “bridge loans,” are becoming more popular.
A bridge loan is a type of short-term loan that typically allows a person to borrow money for one to three years until permanent financing is obtained.
For first-time buyers, she said being educated goes a long way in a competitive market.
“You really need to be able to be educated in the process in how to purchase a home in this market because it is a market where you have to move fast.”
VanGundy also said not to shy away from making offers on homes.