Need for more housing on the rise as population increases, homes sell fast in Springfield

SPRINGFIELD — Even with mortgage rates at more than seven percent, Ohio is a top region for fastest property sales.

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As reported on News Center 7, Springfield is one of the top five fastest-selling markets in the County.

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Sunny Dhingra owns Always Sunny Real Estate in Springfield and says that the Springfield real estate scene is one of the hottest in the country.

“If it is the correctly priced and a good home in a good neighborhood, it’s gone,” Dhingra said.

A recent study by Premier Online Marketing says on average, homes in the city are selling in 30 days.

Dhingra, who is the former chair of the Greater Springfield Partnership, says the city has gone from one of the most affordable in the nation to a hotbed for high-end industrial jobs, bringing the need for housing with it.

“The biggest challenge we’ve had in the country is finding people to work. So the chamber has worked with jobs Ohio, and a lot of things that all came together, which is what brought Springfield,” Dhingra said. “Now, when all these people come and start making more money and inventory is all already tight, then you have more buyers competing for the same inventory.”

There are existing plans to address the inventory issue. Several new construction projects on the east side of the city are underway with more expected to come.

“We haven’t had a new major construction project in Clark County since 1962 so these new homes, and these are varied prices, starting at 200 and going all the way up to eight, $900 million state homes. So that’s going to help, and that’s also going to increase our population because more and more people will live,” Dhingra said.

Dhingra added that he doesn’t see this trend slowing down anytime soon. He says if you are in the market for a new home in Springfield, get with a realtor and be prepared to move quickly.

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