Market Conditions for Hilliard, Ohio Reported by Roberta Kayne, REALTOR, CRS, ABR Updated December 28, 2011.

Current Market Rating: 2 1 2 3 4 5 Buyer's Seller's

Current Price Trend: 3 1 2 3 4 5 Falling Rising

Hilliard: There are approximately 521 single family and condominium properties for sale. Average list price for homes currently for sale is $214,430 with an average of 154 days on market for the active properties. There are 105 homes in contract or contingent status.

HOME SALES REMAIN ELEVATED IN CENTRAL OHIO

November marks the fifth consecutive month of increased home sales in central Ohio this year after the first-half of the year struggled to keep up with increased sales from 2010 due to the home buyer tax credits. According to the Columbus Board of REALTORS®, 1,406 homes sold in November which is seven percent more than the previous year.

Additionally, the number of residential homes scheduled to close was up over 37 percent, from 1,341 last year to 1,843 last month (November 2011).

We're finding that sellers recognize the challenges of today's market and are realistically pricing their homes to sell. Buyers are responding well to the pricing and, of course, the record low interest rates. It's still a great time to buy a home.

Homes in central Ohio this year have sold for an average of $157,032, down 2.5 percent from the average sale price in 2010, but up over five-percent from the average sale price in the first quarter of 2011. The average price of a home sold in November was $153,673, up 3.1 percent from the previous month ($149,082).

The number of homes listed for sale last month (1,949) is 20 percent less than listings added to the market in November 2010 (2,439). The total inventory of homes available for sale in central Ohio was 12,675 at the end of November, which is down 27.5 percent from one year ago.

As a result, the month's supply, a measure of inventory that estimates how many months it would take to sell the entire home inventory, fell 28.5 percent to 7.4, down from 10.3 last year.

A healthy month's supply for our market would be around 6.5. So the decrease in inventory is a positive sign of market recovery. Plus, based on the concept of supply and demand, when we have too many homes on the market, homes are more likely to sell for less.

ZIP Code: 43026

Location Characteristics: Geographically, the Hilliard area is between Big Darby Creek on the west and the Scioto River on the east.

Originally called Hilliard's Station, the town grew around the railroad route of the Piqua and Indiana Railroad station, which bisected the former Hilliard farmland. Hilliard's Station served as an ideal shipping point for agricultural products going to market and supplies coming to the farmers in the area.

The original Hilliard area was platted by John Hilliard on September 1, 1853. Until the mid 20th century, the railroad station and Main Street were the town center. In 1854, a post office was established in Hilliard's Station and the word Station was dropped from the town name.

The Village of Hilliard became incorporated on July 13, 1869 with a population of 280 residents. In 1886 the first railroad station was located on the north side of the tracks, west of Main Street, and remained there until 1962 when all railroad services ceased. The original train station has been restored and remains in Hilliard's historical Weaver Park. The original platted area contained a mix of residences and businesses of varying ages and architecture.

The construction of three large residential subdivisions in the 1950's brought explosive growth to Hilliard. The connection to the Columbus regional sewer and water systems in the 1960's opened up the area to development. The Village of Hilliard gained city status officially from the Secretary of State of Ohio, by attaining a population of 5,633 on December 12, 1960.

With the completion of the I-270 outerbelt in the 1980's, a second wave of explosive growth came to the area. Land uses in Hilliard continue to be a mix of residential and commercial development. A rich heritage of residential structures and architectural styles can be found in the historic district along Norwich Street. The City of Hilliard looks towards the future by continuing its economic development efforts with commercial growth while retaining the charm of its historic district and continuing to maintain the friendly atmosphere that make Hilliard a great place to live, work, and raise a family.

For further information on the history of Hilliard contact Northwest Franklin County Historical Society, 4162 Avery Road, 777-4852


For More Information:

• Visit My Web Site
  
• View My Newsletter
  
• Ask Me A Question