2020 has proven itself a year of ups and downs and surprises around every corner. One of those surprises is the recent boom of the real estate market that began in June. With extremely low interest rates playing a big factor, the market is set to stay the course in 2021.
If you’re reading Discover Grove City Magazine, you already know Grove City is a great place to live and more and more people are beginning to recognize that and are moving in.
“Grove City enjoys a well-recognized reputation as a truly diverse community filled with small-town charm,” says Kyle Rauch, Grove City Development Director. “The whole region has seen an increase in people coming to the area. The population of the state is declining, but people are migrating to central Ohio, and people are recognizing the assets of Grove City and moving here.”
Since 2000, the median home price in Grove City has increased by more than 150%. In 2020 the median home price was $191,057. This follows the national trend of home values increasing during the pandemic.
In 2020 alone, there were 574 single family home sales and 131 condominium sales in Grove City. Factoring in the relative standstill of the real estate market starting in March when things began to shut down due to COVID-19 that lasted until June when everything began to open up again, those numbers look really good.
Looking ahead to 2021, there’s a lot of room for growth and development. Of course, Beulah Park is a big part of that plan, but that’s not all Grove City has in store.
In addition to the significant construction in Beulah Park, new residences will be underway at Farmstead, Browns Farm, Trailview Run, Meadow Grove Estates North as well as possibly in the Pinnacle Quarry and Hidden Meadows.
“Over the past year, we’ve done a lot of projects with various developers,” says Rauch. “Various developers are doing site work, and for those sites, whether it be single family homes or condominiums, the environment should be good for construction in 2021. And, not just in one specific area of the city, but in every part.”
Rauch says the forecast for new units that will be under construction or in the pipeline in 2021 will knock 2020’s numbers out of the park: there are more than 700 single family homes and more than 200 condominiums in the works.
“In total, we have about 2,200-2,500 units that will be in the pipeline in the coming years, the next 10 years or so,” he says. “Grove City continues to be a strong market for residential development and has been since the early 2000s.”
Sarah Robinson is a contributing editor. Feedback welcome at feedback@cityscenemediagroup.com.
