CHILLICOTHE — There is good news for the local real estate market heading into 2022, real estate professionals say.
“Chillicothe is just as solid as anywhere else,” Jeremy Mills said. “I think we’re in this for at least another year minimum for sure.”
Mills owns the Rising Lodging and Rise Land Co. divisions of Rise Realty.
He said the Chillicothe market is a sellers’ market now, like many other markets are.
“Our buyers are really struggling and the sellers are doing great,” Mills said. “It’s just a matter of getting listings. Everything’s an inventory problem. It’s kind of an epidemic across the board.”
There are about 150 properties currently on the Multiple Listing Service, Rise agent Shawna Detillion said. She said they typically go into contract within the first week of listing and sells for about 2% of the list price. Detillion said it takes around 40 to 45 days to complete the average sale.
She said homes that are popular, or hot, can sell for about 6% over list price.
As of late December, there were 750 new listings in the Chillicothe area for 2021 in total. Sale prices averaged $184,667 and properties spent an average of 64 days on the market.
In 2019 before the COVID-19 pandemic hit in full, there were 820 new listings selling for an average of $132,900 and they spent an average of 89 days on the market.
Detillion said demand and low-interest rates have spurred the strong housing market.
“I think our younger generation is seeing the benefit of home ownership,” she said.
Mills said the natural resources of southern Ohio are also a popular attraction for buyers.
“We are a very sought-out after area,” he said. “Southern Ohio is very rich in wildlife. I sell so much property to out-of-state hunters. And out of town. You get people from Cleveland, Cincinnati, Columbus and surrounding states that will buy land here just for hunting. Our natural resources between timber and wildlife is very appealing.”
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Mills said in some cases people can buy 100 acres of property for $250,000.
Detillion said while the area is still a sellers’ market, she does see some normalization occurring in southern Ohio.
But Detillion said the market should remain strong in 2022 and remain a sellers’ market.
“Interest rates have stayed low for buyers, so even with increasing prices that’s given them some purchase power,” she said. “So interest rates remaining low has been really good.”
Detillion said 2020 and 2021 were some of her best years in selling real estate. She’s been in the business since 2006.
“I think that’s because home became more important than ever,” Detillion said. “And the saving grace was these low-interest rates and a range of options, especially for our first-time home buyers.”
She said “home’ has become more important than ever.
“2020 ushered in change and uncertainty,” Detillion said. “Real estate remained strong and has shown significant and consistent growth through 2020 and 2021. Supply and demand has led to a seller’s market. Simultaneously, buyers have more purchasing power with low-interest rates and a vast variety of loan programs and options available.”
This article originally appeared on Chillicothe Gazette: Local housing market is strong going into 2022, real estate agents say