Forecasters Predict a Strong Housing Market in the Greater Columbus, Ohio Area Housing Market
The new year is here and with it returns all the real estate Nostradamuses coming out of the woodwork and providing their predictions for the 2020 real estate housing market. A market many “seers” of real estate are particularly interested in is the Greater Columbus, Ohio housing market.
Greater Columbus, Ohio Housing Market: 2020 Outlook is Strong
The National Association of REALTORS® recently published their forecasts and predicts that the Central Ohio housing market will continue to grow and “outperform in comparison to the 100 top metro areas in the U.S,” said Jessica Lautz, vice president of the National Association of REALTORS®.
The current data on Zillow shows Columbus, Ohio has seen a 7.8% growth over the past year, with a current median home value of $168,277 and will continue to grow at around 5%. Many forecasters are bullish on this market for many reasons:
Growing Job Market
Coined by experts to be the next Silicon Valley, this tech-fertile market is seeing a massive uprise in VC funding and emerging start-ups. The cheap living costs (compared to San Francisco) and developing downtown scenes are helping fuel this expansion.
Low Interest Rates
As interest rates drop, it’s making it easier for young families to purchase homes in this already inexpensive area. The expectations of future interest rate drops make home ownership that much more enticing.
Being located almost smack dab in between overpriced markets like Chicago and New York is helping push companies to easily relocate their headquarters to places with lower costs of living.
Rising Cultural Scene
This hot market is partially being fueled by the expansion of the downtown areas, especially in major metropolitan areas like Columbus. This increase in activities and overall social atmosphere makes places in Central Ohio that much more enticing.
When Will a Correction in the Greater Columbus, Ohio Happen?
To say a housing bubble is not looming would be irresponsible on our part. Considering the fickleness of macro and microeconomic factors, anything is possible. For one, homes for sale have been in decline in the area, but Lautz believes this to be an issue with pricing for first time home buyers. Adding further, this “lower housing supply up against strong buyer demand as well as record home equity would cushion the effects of any recessionary activity we might see,” Columbus REALTORS® President John Myers says.
As long as the area does not see overbuilding in comparison to demand over the next 2-3 years, this “buffer” should combat a recession and continue growth into the future.
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