January 2023 - Chillicothe Real Estate Market Update
Market Update on New Listings in Chillicothe
In 2022, Chillicothe had the lowest number of new listings in years. Just 170 homes were listed for sale in Chillicothe in 2022, compared to 227 in 2021 for about a 25% reduction. Between 2015 and 2019, the average number of new listings in Chillicothe each year was 285, over 100 more than last year.
Sold Properties in Chillicothe
The number of properties sold in Chillicothe in 2022 was 167. This number is about 20% lower than the previous year, and the lowest in 8 years in Chillicothe. This is not a reflection of a decrease in demand but a decrease in supply in spite of the steady demand for housing in Chillicothe.
Average Sold Price in Chillicothe
In 2022, the average sold price of a home in Chillicothe was $162,154. This the highest it has been in years, about $5,000 above the average sold price in Chillicothe in 2021. The average sold price in 2020 was $153,631, and in 2021 it was $157,233. The average sold price has steadily increased since 2019.
Chillicothe's Median Sales Price
Chillicothe saw a record-high median sales price of $149,695 in 2022, about an 8% increase from 2021. In just 3 years, the median sales price in Chillicothe rose $31,537 from $118,158 in 2019 to $149,695 last year. When compared to the average median sales price from the previous 7 years, the median sales price in 2022 was about 14% higher. The steep climb of the median sales price has slowed some, but homes are retaining their value nonetheless.
Average Days on the Market for Chillicothe
In 2022 in Chillicothe, the average days on the market (DOM) was 28. This was by far the lowest we have seen in Chillicothe in recent years, a clear indication of the high demand for homes in the area and the presence of many motivated buyers in the market. Just 4 years prior, the average DOM in Chillicothe was 93, which is nearly 4 times the average DOM in 2022.
Median DOM for Chillicothe Homes
The median DOM for homes in Chillicothe in 2022 was 15. This is 7 days less than in 2021, and half the median DOM from 2020. Just 4 years prior in 2018, the median DOM for homes in Chillicothe was 67. This data makes clear that demand for Chillicothe homes has steadily increased and sellers are experiencing record low numbers of DOM for the area. Even with changing interest rates and steady home prices, properties in Chillicothe are selling quickly.
Average Number of Properties for Sale in Chillicothe
The average number of properties for sale in Chillicothe in December 2022 was 14. This reflects a decrease in inventory of 8 from December 2021, when the average number of properties for sale was 22. We have seen a steep decline in the average number of properties for sale every year, one of the metrics that place the Chillicothe real estate market firmly in the "seller's market" category.
Supply vs. Demand - Chillicothe Absorption Rate
While it is true that interest rates are up and we are seeing a slight cooling off in the market, this doesn't mean supply and demand have balanced out. Chillicothe sellers remain in a great position to receive strong offers quickly when they list their homes.
Real estate professionals consider anything less than 3 months' of inventory to be a seller's market, and in Chillicothe in December 2022 there was just 1 month of inventory on the market. If you are considering selling your home in Chillicothe and are concerned that the best time to sell has passed, rest assured that you are still in a strong position as a seller.