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Regional Spotlight: Home Prices Rise in Ohio, Illinois

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Regional Spotlight—Both Ohio and Illinois are seeing price gains in the marketplace, according to the Ohio Association of REALTORS® and the Illinois Association of REALTORS®.

Up and Away in Ohio

The sale price of a home in central Ohio year to date (January through November) stands at $174,130 which is 3.7 percent higher than homes sold during the same period of 2012. The average sale price of a home during the month of November was $169,655, an increase of 2.8 percent over sale prices one year ago according to the Columbus REALTORS® Multiple Listing System (MLS).

November home sales came in at 1,812 which were 10.3 percent behind sales in November of 2012. Even so, sales for the year (January through November) are up to 25,191 – 17.8 percent higher than 2012.

“It just so happens that home sales last year marked a record for the month of November,” said Chris Pedon, 2013 president of Columbus REALTORS®. “Given our lower inventory levels, it’s not surprising sales took a bit of a hit last month.”

The number of homes and condos for sale in the Columbus region is just over 9,600, almost five percent lower than inventory levels a year ago.

“Inventory levels usually drop off during the holiday season,” adds Pedon. “But we haven’t seen inventory levels this low since 2002 so competition is fierce. As we still have buyers looking to make a commitment by the end of the year, and I’d advise any homeowner looking for an advantage to consider the market today.”

According to the latest Housing Market Confidence Index (by the Ohio Association of REALTORS®), 88 percent of central Ohio REALTORS® describe the current housing market as moderate to strong, but 95 percent expect the housing market to be moderate to strong over the next six months. As for home prices, 74 percent expect home prices to rise over the next year.

Illinois Prices Show Strong Annual Gains

The Illinois housing market saw November median prices rise 7.4 percent over previous-year levels while statewide home sales dipped 1.8 percent, according to the Illinois Association of REALTORS®.

Statewide home sales (including single-family homes and condominiums) in November 2013 totaled 10,624 homes sold, down from 10,820 in November 2012. Housing inventory in November was down 19.7 percent compared to a year earlier, dropping from 77,109 homes for sale in November 2012 to 61,882 this year.

The statewide median price in November was $145,000, up 7.4 percent from November 2012 when the median price was $135,000. The median is a typical market price where half the homes sold for more and half sold for less.

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