Here’s everything you need to know about Columbia’s real estate market.
What’s going on in Columbia’s real estate market? Every now and then, we like to give you an update on what’s happening here, so let’s take a look at the latest numbers.
Inventory remains extremely low. This time last year, we were at one and a half months supply of inventory. Now, that number is down to only a month. This means there are a ton of buyers competing for not too many homes.
Since last year, our prices have increased as well. Median sales price increased by 14.2%, and average sales price increased by 13.1%. We think we’re going to see these types of numbers continue for at least the next six to 12 months. A lot of people are moving here from out of state, and it doesn’t look like that will change anytime soon.
All that being said, bidding wars have slowed down a little bit. This is probably just due to seasonal changes, but the average days on market has increased to 19. Last year, it was only 16 days.
If you have any questions about today’s topic, please reach out to us via phone or email. We look forward to hearing from you.