Long known as a premier destination for luxury Central Ohio real estate, New Albany is making the news again for just that!
According to a recent article I was reading, million-dollar houses are becoming an increasingly popular trend on the local housing market.
If youâ€™re in the market for a luxury home with all of the latest and greatest interior features, then I recommend you continue reading to learn more about this trend.
The Luxury Homes Youâ€™ll Find in New Albany, Ohio
The recent article I was reading took a look at the top 10 home sales of 2014 in Central Ohio.
These homes, which sold for more than $1 million, featured nothing but the highest quality interior amenities, including pools, enormous closets, paneled libraries, gourmet kitchens and more.
These homes were sold in our beloved community of New Albany as well as nearby communities like Dublin, Delaware County and Upper Arlington.
In all, there were 78 central Ohio homes that sold through the Multiple Listing Service for more than $1 millin, which is the most thereâ€™s been since 2006.
Still, itâ€™s quite short of the 93 million-dollar homes sold in 2005.
Hereâ€™s a look at this elite subsection of the Central Ohio real estate market:
- Between 2000 and 2012, New Albany and Dublin accounted for 46 percent of central Ohioâ€™s million dollar sales.
- During that same period, Bexley and Upper Arlington accounted for less than 19 percent of sales.
- In the last two years, however, the market share for million dollar homes in New Albany and Dublin has actually dropped â€“ to 27 percent.
- Meanwhile, Upper Arlington and Bexleyâ€™s shares have doubled to 36 percent.
- Experts say that this shift demonstrated home buyer preference in pre-World War II mansions versus newer homes. It also highlights a desire to live in mature neighborhoods.
- Upper Arlington accounted for a lot of the recent growth in luxury home sales. After all, in the last two years, 36 homes have sold for more than $1 million in the city, compared with only 4 two years ago.
- During the last two years, home values have increased 16.5 percent in Upper Arlington and 16.8 percent in Bexley. Prices have increased 14.3 percent in Grandview Heights and 21.7 percent in Worthington.
- Meanwhile, during that same period, prices increased 7.7 percent in Dublin, 9.8 percent in New Albany and 9.3 percent in Powell.
Experts say that this trend toward luxury homes in the suburbs can partially be credited to the fact that more people are desiring more space, comfort and privacy for their loved ones.
And suburbs like New Albany give residents the best of both worlds. After all, not only are residents enjoying that level of privacy and comfort but theyâ€™re also fairly close to jobs as well as stores and entertainment.
What Do You Think About This Recent Report on Luxury Real Estate?
I would love to hear your thoughts.
We believe knowledge is power here on the local housing market and thus, we are constantly striving to provide you with the most up-to-date information on trends in the area.
If you would like to take that a step forward by actually working directly with a real estate agent as you navigate the market, then please contact us, Kate & Tony Thomas, today.
We would be more than happy to assist you by answering any questions you might have as well as providing you with some fantastic home buying tools.
Until next time,
Kate & Tony