The Knox County Ohio real estate market is experiencing a home-buying boom in 2020 like we have never seen before. There are specific market and economic conditions that are driving the boost in home buyer activity and some of these conditions are very easy to understand. Here is a quick summary of some of the factors that have enhanced the Knox County Ohio housing market.
- Mortgage interest rates for most people are at record lows (between 2% - 3% typically).
- Lower interest rates means that buyers can qualify for a higher priced home than before.
- With lower interest rates comes lower monthly payments so many renters are buying homes at a record pace.
- As 1st time buyers buy a home, the owner of that property is now in a position with their currently home sold to upgrade and buy a larger and more expensive home.
- There are more home buyers wanting to buy today than there are home owners willing to sell and this has caused the available homes for sale to sell faster and for a higher price.
- Another factory specific to Knox County Ohio is that there weren't many new homes built in the last couple of years so that puts even more pressure on existing homes.
- Knox County Ohio qualifies for zero down home loans, low down payment loans and there are often first time home buyer programs that create incentives for renters to buy homes which creates even more demand for homes for sale in Knox County Ohio.
Here are some interesting facts on December 3rd, 2020 for the last 6 months
- 46.2% of the homes that are listed for sale in Knox County Ohio are under contract.
- The most active price range for available Knox County homes is $100,000 - 150,000.
- There have been 294 contracts on Knox County Ohio homes that have SOLD during the last 6 months with a median sold price of $174,500.
- Analysis of sold homes during the last 6 months was only 54 days on market (median).
- The median listing to sale price ratio in Knox County Ohio is 101.5% (slightly over list).
The graphic below features a wealth of information relating to Knox County Ohio home sale and the currently real estate market:
- 28 available homes for sale in Knox County Ohio in the entire MLS
- $0 to $49,999 has an average absorption rate of less than a month of available homes
- $50,000 to $100,000 average absorption rate of less than a month of available homes
- $100,000 to $149,999 average absorption rate of 1.3 months of available homes
- $150,000 to $199,999 average absorption rate of less than a month of available homes
- 200,000 to 249,999 average absorption rate of .3 months supply of available homes
- $250,000 to $299,999 average absorption rate of .2 months supply of available homes
- $300,000 to $349,999 - There are no homes currently available in this price range
- $350,000 to $399,999 average absorption of rate of 2 months supply of available homes
For reference, a balanced housing market typically will have an average absorption rate of 5 to 6 months of available homes for sale. The majority of price ranges listing above have absorption rates at 2 months or less making Knox County Ohio a seller's market.
If you are in the market for a Knox County Ohio home that is for sale feel free to click the link, view some listings and register to receive instant notifications featuring the newest real estate listings as they come on the market - CLICK HERE.
If you have questions relating to the Knox County Ohio housing market or if you are interested in buying or selling a Knox County Ohio home, give us a call at 740-397-7800 or send us an email at email@example.com.
The Sam Miller Team of REMAX Stars Realty SamMillerSells.com