County home sale prices up, selling faster than 2015

• There were 1,430 homes sold in Licking County through seven months, up 8.8 percent from last year.
• The average price for homes sold this year in Licking County is $173,959, up 3.7 percent from 2015.
• Licking County homes spent 57 days on the market this year, versus 74 in 2015, a 23 percent drop.

NEWARK - Licking County home sales and sale prices have increased this year, and homes are selling much faster than a year ago, according to the Columbus Realtors Multiple Listing Service.

There have been 1,430 homes sold during the first seven months of 2016, up 8.8 percent from the 1,314 sold in 2015. In July, however, sales decreased 4.8 percent, from 252 last year to 240 this year.

The average home sale price was $185,222 in July, up 7.8 percent from a year ago, and $173,959 for 2016, up 3.7 percent from 2015.

Homes spent 35 days on the market in July, compared with 56 in July 2015. Through seven months, homes averaged 57 days on the market, down from 74 days in 2015.

"Our Licking County housing market continues to grow both in average sale price and number of homes sold," Licking County Board of Realtors President Lisa Stewart said. "This is a great time to be in the housing market. On average, homes are selling quickly and interest rates are still historically low."

The inventory of homes and condos for sale in Licking County was 578 at the end of July, with a 2.8 month's supply of inventory. There were 302 new listings that came onto the market in July.

The Licking County Board of Realtors is a member of the Ohio Association of Realtors and the National Association of Realtors.