LIMA — Home prices in Allen County and the west central region rose by an average of 7.3% in the first eight months of 2020, a positive trend for sellers as low-interest rates sustain demand for borrowers despite the coronavirus pandemic and recession.
The West Central region, which includes Allen, Van Wert and Hardin counties, saw a 4.1% increase in homes sales from January through August compared to the same period in 2019, according to the Ohio Association of Realtor’s monthly report released on Tuesday.
The average sale price now stands at $154,700 in August, up from $143,812 this time last year.
The trend does not appear to be slowing, either.
Some 237 homes sold in the West Central region last month, a 10.7% increase from last August.
Tim Stanford, a real estate broker with Superior Realtors in Lima, attributed the trend in part to Ohio’s stay-at-home order, which created pent-up demand in the spring when home sales typically pick up.
“Today’s the first day of fall, and it feels like we’re just ending spring and going into summer,” Stanford said. “You just continue to see activity.”
Statewide, home prices have increased 7% in the first eight months of 2020 to an average of $208,077, even as sales are down 2% compared to the same period last year, according to Ohio Realtors. The average sale price in Ohio last month reached $222,797, a 12.3% increase over the previous year.
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